The price action on the SPI was the same as in US markets:- Trading below the Weekly 50% level and in a 3-day ‘sell’ cycle on Monday and heading down, but the major moves in the SPI were occurring overnight because of US weakness so day-traders were missing most of the major moves in the market.
The expectation is that the market is now heading down into the November 50% level @ 6363
Expectation of 1-2 day upward moves before Weekly 50% levels and 5-day 50% levels will be resistance and follow the timeframe dynamics lower.
__________________________________________________
Day-trading:-
Monday: I was bullish and I used the highs of the previous 44 point range @ 6728 as support and went long. It moved my way for a short time but reversed down and headed down 44 points and much more. I didn’t trade shorts. (stopped out)
Tuesday: Exact same set-up on Tuesday used the previous R44 high as support @ 6617, and move 44 points.. (exit profits)
Wednesday: looking for a downside ‘gap’ to close, so the only thing was to trade ‘shorts’ or not trade all. The Upper pivot of 6721 along with the weekly 50% level 6716 was resistance, but the follow through downside didn’t eventuate to capture a full 44 points. (Exit profits)
Thursday: lower R87 spiral point and expectation that the gaps on the upside would fill, and then the higher Spiral point provided a 2nd trade down. (exit profits)
Friday: Expectation of the lower gaps to fill. It was either trade shorts or not trade at all above 6601. But when the R44 completed upside then a rotation back down into 6601 was expected and hopefully a continuation down confirmed with the break of the 5-day 50% levels, as was with the case in US markets. (exit profits)
And once again Monday will open much lower because of US weakness. For those 3rd lot traders, exiting end of day and not holding overnight we are all missing major moves.
All Day-trading can be found in the Day trading Report
