SPI Trading 15th January 2008 part 8

12:55

Exitted last @ 6206 neutral positions

no more trades today....

SPI Trading 15th January 2008 part 7

12:20

partial exit 5984 and leaving 1 lot open with stops @ 5966....

the R22 trio is in a 'sell' cycle and system is short, so it looks like consolidation for the time being....

SPI Trading 15th January 2008 part 6

12:09

Market has moved off its lows, pushed down into an R22 low and hopefully it can continue higher into the close....

Re-entered @ 5974 partial exit 5985...

holding from 5961 and 5974.... stops now below R11 trio @ 5966....

looking for R44 completion @ 6000 and then holding 1 lot.....

if stopped out no more trades today....

SPI Trading 15th January 2008 part 5

11:43

SPI has sold off from the 5-day 50% level and has continued down in the January lows @ 5962 (major support)

In fact the move down was a perfect 87 points into 5956….

Entry 5961

partial exit at 5976

holding with stops @ 5959

FOREX GBP/USD 15th January 2008

GBP/USD overall trend continues down with this Week's lower targets already mapped out using the Weekly and Monthly higher timeframes.

Yesterday the Risk level was the 90 pip high and sell down into the 90 pip low with hopefully a continuation down into Tuesday...

If short say in shorts......

They only thing that concerns me about the drop lower not occuring on Tuesday is the 'rises' in the forward day on Wednesday....

Basically if it starts rising on Tuesday back up, I wouldn't try and short GBP...

I won't be trading Longs because it's not rising up from support using timeframe levels...

SPI Trading 15th January 2008 part 4

10:58...

Silly me, should have used the 5-day 50% level with much more acknowledgement than hastily jumping out of the trade so early, especially a failure at the 5-day 50% level....

I won't trade again today, next trade tomorrow..

SPI Trading 15th January 2008 part 3

10:21

Exitted all contracts @ 6011 to be nuetral for today...

Using the R44 high as a Risk level 6009....

No more trades today

SPI Trading 15th January 2008 part 2

10:14am

SPI push upwards before reversing 11 points and moving down towards a 22 point reversal.

We can already see the difference in the R44 spiral tops, last week there wasn't any higher moves early, each spiral top pushed down...

I'm not sure how the rest of the day is going to pan out, below 6031 and expectation the R44 will complete...

A 22 point down move could even attract buyers and push the market upwards towards 6052+

Entry 6036 partial exit 6026 (breakeven stops)

looking for r44 completion

SPI Trading 15th January 2008

8:30am

Market supported around January lows and expectation that market is moving into a sideways Weekly pattern...

The push down into the Weekly low yesterday @ 5920 and reversal has seen the market reverse back to the 5-day 50% level @ 6031....

A higher open today has often favour 'selling' the open (higher spiral) with the expectation the there would be a 44 point down move and follow the overall trend down. This is still a possibility today in a downward trending market, but as I mentioned in the Weekend report, the expectation of this happening this week will drop because of Weekly rotation....

Risk 5-day 50% level 6031.


Note: Lower Weekly open and a 2-3 day reversal can take price back towards the 3-day highs, but today I’m focusing on the First Risk level and trading it either direction, with any upside towards the next level up towards 6052-9...

FOREX GBP/USD 14th January 08 part 3

GBP is following the Trend down:- This week’s trend target is 1.94020, with further weakness down into 1.93320 during January…

On Monday, the focus was use the 90 pip spiral top and trade down, once it completes the 90 pip bottom @ 1.95575, it could move into a 90 pip rotation pattern (swing back upwards) or it will hopefully continue down on Tuesday towards the lows following the overall trend…

This analysis is valid unless price breaks above the past 3-day highs on Tuesday.

As I’ve mentioned before I don’t know how long people hold their trades for, but if you are in it for more than a day trade, the strategy remains, partial exit on or just before the 90 pip completion and hold with stops above today’s highs, and then out any open positions whenever and whatever higher timeframe level, as shown in the chart above…..