SPI Report 27th Nov part 6

14:20pm

Spi rallied into previous gap @ 6468..

Partial exit R22 @ 6448 (stop 6465 Entry)

Next Exit zone is double R22 range @ 6433 on the downside and exit for today:- (expectation of R44 reversal)

This price action today and completed Gap closure 3-ways today:-

Friday's gap @ 6383

Tuesday's gap @ 6425

Monday's gap @ 6468

Hopefully tomorrow the markets will begin to settle and follow the weekly trend of a lower open and moving upwards towards December 50% levels....

SPI Report 27th Nov part 5

13:52

High Probability pattern completed with R44 high and Gap closure @ 6425

There was 1 pattern I was looking for today, and this was the pattern.

The remainder of the day has now three scenarios (SPI part 2), which I prefer to let the day go by and trade again tomorrow.

Next Trade US markets Tuesday

SPI Report 27th Nov part 4

13:33

Partial exit @ 6396 next exit 6411 and take the day off.

Stops now at breakeven from entry.... won't trade again today if stopped out.


Note: 6390 pivot won't appear until the first 44 point range completes.

FOREX Report 27th Nov 2007

GBP/USD



GBP rising upwards from the November 50% level, but at this stage it looks more like it's consolidating into the end of the week and month with an UP bias.



The best trades are occuring around 90 point spiral bottoms, and yesterday's trade was a perfect example of using an 90 point spiral top along with the 5-day 50% level to trade upwards.

No set-ups for Tuesday unless the market comes back down 90 pips and aligns with the 5-day 50% level...

SPI Report 27th Nov 2007 part 3

12:55

How often has this pattern appeared on ‘gap’ trading….

Double R22 range up move, reversal back down into another R22 low and swing back upwards into another R22 top until it completes the R44 move upwards…..

Until it moves into an R44 spiral-top I favour trading longs, but I understand that the overall trend is bearish, but currently supported around higher timeframe 50% levels. I won't be trading shorts today because it hasn't completed the Spiral top,

re-entry 6379 partial exit will be @ 6396 R22 (stops below todays lows) and holding for R44

SPI Report 27th Nov 2007 part 2

Gap Trading:- Lower open and expectation for market to move into gap closure @6425. Spiral top 44 point highs @ 6414-6424 and longs are open to Risk.

11:00am

Risk level is now 6390 (pivot) for the rest of the trading day.

Yesterday’s gap filled @ 6383.

I don’t have a view for the rest of the day other than this lower open filling the gap on the upside.

Three scenarios for the rest of the trading day.

1. Continuation upwards into another R87 spiral top, this is confirmed with major support around the higher timeframe November 50% levels, and then continuation upwards for the rest of the week, as it moves towards the December 50% level. (Weekly Report)

2. Stalling day confirmed with major higher timeframe support levels and a consolidating day of 44-point swings after Spiral top confirmed

3. Gap filled and R44 Spiral top reversing back down and remaining below 6390 today and heading lower towards 6328 and 5-day lows.

See how the rest of the day plays out.

Partial exit 6402 (double R22 top)

SPI Report 27th Nov 2007

Yesterday followed the price pattern that we have been seeing for a number of weeks now:- the rotation back towards the 3-day highs and Weekly 50% level before the trend continues down.

Monday's Price pattern was what I was looking for to happen on Tuesday this week from a lower Daily open. We have the lower Daily open today, however the price pattern has already completed.

With US markets selling off on Monday, there is the potential that the Australian Market could make a move down towards 6251 and the Quarterly 50% level on any further weakness.

Personally I would rather see the next wave down occurring from December 50% levels, than just selling off this week.

Today:- Risk is going to be 6425



The R87 has a 'gap' open, normally the market will move upwards into the gap. It doesn't favour selling from open, however I do expect that 6425 is going to play a resistance zone today.

It's going to depend on where the market opens...

A lower open on 'gaps' will normally push upwards into the R87 gap or an R44 spiral top.

A higher open and gap closure and the potential for a downtrending day is a possibility as it follows the 5-day dynamic range...

Premium report to follow...

US report 26th Nov 2007 part 3

DOW and ES intra-day...

I was looking for a down day on Monday, but I didn't expect such a move down into the 5-day lows again.

Lower Daily close would naturally try and rotate upwards on Tuesday, but the strength of the trend is going to be defined by the 5-day 50% level on Tuesday...

Full report later...

US report 26th Nov 2007 part 2

US markets are still defined by the 3-day highs and Weekly 50% level, and this push lower on Monday is what has been happening on most Mondays over the past few week...

"Mondays:- Each week has seen Monday push lower, and if any up move in the markets is going to happen it happens on Tuesday. If this is going to do the same then the 3-day highs (blue channels) is going to push prices lower (random length-stalling day)

(Lower Daily close followed by an UP move from a lower Daily open the next day.(Weekend Report)"

The Lower Daily close and Tuesday's 5-day 50% level is going to be the guide on any reversal back towards Monday's highs once again.

A break below last week's lows and market path is towards the Weekly lows...

Full report later..

US report 26th November 2007

DOW and ES-minis

US markets rotating upwards from November lows and heading towards the 3-day and Weekly 50% levels. (follow from Weekly report)

Just like what has happened on the SPI today, you don't want to try and fight the trend if markets are trading above certain levels. (Weekly 50%)



A higher open on Monday will probably try and fade the open down. Any push down would normally occur from the Monday (blue Channel highs).

Any rotation back would be towards the 5-day 50% level and exit.

Day traders look for 45-51 point moves on DOW and 4.25 moves on ES (double Ranges) if short-trading.

Don't short above 3-day highs.