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I have tried trading the CFD version of the SPI , but I can't say it was all that successful , I would like to meet someone who does just though hear how they do it .
I trade using 3 charts , 3 minute, 5 minute and a 20 minute , the 5 minute is mostly what I use for entries and exits , but been known to give the 3 minute a run every now and then , and I have tried fighting the direction of the 20 minute chart but end up black and blue , so hopefully I have given that away as a mugs game !
But happy to discuss what I know, and learn what others have found out.
stuart
Can you help answer these questions from other members on NexusFi?
Are we talking about the same SPI? The Australian SPI Futures contract.
Side note, I was born in Toronto Canada.
Give us a place to stand and a place to grow and we'll call this land ?
Ontario....a place to stand a place to grow...Ontaree...aree...aree....O!
I was actually born in Australia
Yes the SPI futures contract (not CFD). I'm trading it now too (as its after business hours here). I was hoping to find others in Toronto that trade it so we could meet up and trade together.
OK. Long or Short.
I would go short at the moment.
4295 is a major resistance area at the moment but coming up from below is a MA trying to push it above.
We'll see who is stronger ???
But watch for the 20EMA on the 5min. This is a big player.
Target is 4282 ish
An old thread so not sure if I this post will go un-noticed but worth a try. What's the Capital Gains Tax position for non-residents of Australia that trade either futures or stocks in Australia?
I'm based in Thailand, a British citizen, and am considering trading the ASE via IB - my US / global broker. However, I am struggling to find out whether I will be liable to Australian CGT on profits? I have no plan to even visit Australia - in any event it would be a 1-2 week holiday in the future.
I day traded SPI options, the swings can be incredible - and the way the MM's rip you off on the fills is pretty incredible too.
I honestly wouldn't recommend it.. the volumes are terrible and there are often gaps in the DOM during market hours. I've seen the thing move 20 points one way after someone slapped in a market order for 20 contracts.
Lunchtime chop is also terrible, it can have a 2-3 point range for a good 3 hours in a row, doing 50-60 contracts per bar on the 5 min chart...