SPI Trading 10th March 2008 part 6

SPI 13:13

SPI has continued back down into the Weekly lows once again.

I didn't short it down, but have gone long using a reversal bar @ 5164.....

Partial exit 5174....+10

This up swing is 22 points, which was my 'short' set-up (22 point rejection under the 5-day lows), but because I'm long and in the money, I'm going to hold it and run stops @ 5159....

And still trading above the Weekly lows....

SPI Trading 10th March 2008 part 5

SPI 12:05

SPI is back down into the 5-day lows @ 5181.... not a good sign to be breaking the 5-day lows this afternoon, as price will be under pressure.

I used the 5211 as support, and it was valid for two 14 point rotations earlier, but the 3rd trade was stopped out -7 , as it moved back below the spiral-point support, and has pushed down into the 5-day lows.

Personally I'm not interested in trading longs again around the 5-day lows, at this stage, even though it can be a robust support level, it just looks like it wants to go lower.....

22 point rejection under support is my 'short-set-up'

FOREX GBP/USD 10th March 2008

GBP/USD Weekly and Daily charts

GBP has moved above the March 50% level and has now hit the Quarterly 50% level.

A continuation higher this month and price is moving towards the Weekly highs, and as far as the March highs @ 2.0600.....

However, with a higher Weekly close the expectation is that price will rotate back down for 2-days before finding support and moving higher on the 3rd day.

A move UP towards Monday's highs is an expected pattern, above those highs and push towards the Weekly .618 @ 2.0329.

A rotation back down from either high and expectation price will come back and re-test March 50% level....

Support is the 3-day lows and Weekly 50% level in any UP trend...

SPI Trading 10th March 2008 part 4

SPI 11.00

SPI has moved upwards into the 'gap', whilst it's trading above the Spiral point @ 5211 @ 11am, the expectation price is moving higher.

There is going to be selling resistance around the lows of Friday... but I view today with an UP bias, because of the bounce off the Weekly lows, and the 5-day lows....

A re-test of the Spiral point @ 5211 is viewed as 'risk' support....

SPI Trading 10th March 2008 part 3

10:25am

Covered 5201 +26

Covered probably a bit early , as I think it's going to go higher, close gap and could go even further upwards.

Next trade will be after 11am when next Spiral point is formed and 'consolidation phase.....

SPI Trading 10th March 2008 part 2

SPI10:17

SPI has moved down into the Weekly lows @ 5165 and found support, along with Rising upwards from the r44 lows.

The only problem now is the 'selling pressure around the R22 high.....

Long @ 5181 stopped 5175 -6

Long @ 5175 partial exit 5180....

holding for an R44 range upwards, as long as price is above the 5-day lows the expectation is that price is moving higher towards the r44 and 'gap'

SPI Trading 10th March 2008

Please read the Weekly Report before proceeding....

SPI will open much lower today, and will be defined by the 5-day range @ 5181.

Above and the gap from Monday to close (44 points up)

Below 5181 and the Weekly lows and it's pushing down towards March lows this week.

Depend on where the market opens, but under the 5-day lows, I'd look for a 22 point rejection pattern to trade down.

Again the 'spiral point' around 11.00am should give traders a 'trend-bias' for the trading day until the afternoon, using smaller ranges.

Note:- Trading below the 5-day lows and patterns often only move in 44 point ranges.

We saw this on Monday and Friday last Week...

Weekly Report Update 8th March 2008

Index Futures:- Weekly Reports

Australian Index Weekly Report

US Index Weekly (DOW and S&P)

Please click Weekly reports to the right.......


'the stock report':- Australian Banking Stocks

http://aussie-stocks.blogspot.com/search?q=banking

DOW E-mini 7th March 2008 part 3

Short-covering rally coming into the close of the trading day.

DOW failed by only 11 points reaching a Buy zone.

Any short-covering rally on Friday will probably remain below the break of the Weekly lows....

Full US Weekly report later .....

DOW E-mini Trading 7th March 2008 part 2

Breakout of the Weekly lows, 5-day 50% level resistance, and price has moved down into support on Friday....

Support:- levels of interest for any short-covering with over 1 hour to go before market closes for the weekend.