Tuesday, 17 April 2012

Moving Day

Today's post can be found here: http://marketletters.blogspot.com.au/2012/04/moving-day.html

Just to re-emphasise my action plan today, here are my trading thoughts for the SPI:

My SPI range today: 4305 to 4335. Outlier levels 4298, 4290 and 4340.

My Core SPI day trading ideas today:
i)SHORT fade 4315 early with tight stops. This is right into yesterdays highs and decent overhead resistance. If we fail to sell from here then we know that a breakout back up to 4335 is on the cards so flip to long.

ii)BUY a breakout above 4315. Look for a strong 5min candle above this zone. Target 4330s.

iii)BUY a retest of 4300/4298. Any early weakness into this support zone should be bought with tight stops.

SPI 5mins:

SPI 15mins: