Trents Weekly Journal

[RobGiles]

Trent Rothall wrote:

it was similar to my reaction when i looked at IB yesterday and FXJ was down 33%, i was holding it in 2 accounts too! I think i’m ok tho because it was a split.

You’re all good Trent:

“The spin-off of Domain from Fairfax Media has been completed today, with Domain Holdings Australia now trading on the ASX under the ticker DHG.
 
Fairfax shareholders will have received 1 share of Domain for every 10 Fairfax shares held. Fairfax Media shares are now trading ex-entitlement. This has meant a natural adjustment in the pricing in Fairfax shares. At current pricing the merger has come on at a premium.
 
Fairfax Media continues to own 60% of Domain, and we remain positive on the shares, and the related ongoing value driver. We are also positive on Domain and we will be commencing separate coverage on the company.” (From an analyst I follow)

[SaidBitar]

wow because it was already a bad week for me in the ASX market but Fairfax was the worst loser.
i put order to sell it monday on the open

[LeeDanello]

Said Bitar wrote:

wow because it was already a bad week for me in the ASX market but Fairfax was the worst loser.
i put order to sell it monday on the open

I’ve heard the saying that shares have a personality but this one has a mind of it’s own.

[TrentRothall]

Said Bitar wrote:

wow because it was already a bad week for me in the ASX market but Fairfax was the worst loser.
i put order to sell it monday on the open

It will probably workout in your favour Said because you’ll end up with 1 share in DHG for every 10 as per Robs’s post

[RobGiles]

Trent Rothall wrote:

Said Bitar wrote:

wow because it was already a bad week for me in the ASX market but Fairfax was the worst loser.
i put order to sell it monday on the open

It will probably workout in your favour Said because you’ll end up with 1 share in DHG for every 10 as per Robs’s post

yep you’ve got to look at the 2 together and the net P&L…I was actually up on the day of the split up. The other thing is the DHG shares don’t hit your HIN or account until later in the month (forget the date) so my account is down by the value of the DHG shares, until they hit my account.

[TrentRothall]

Yep same rob it was a profitable trade/day for me. My account went up last night by what i’m assuming is the value of the DHG shares i’ll receive.

[TrentRothall]

Has anyone else noticed how often the LMT orders for MR systems land bang on or close to a line of either minor or major support levels? Happens a lot for me, and the ones that get hit are often the best trades that reject that level and close near the high.

Could just be my mind cherry picking these trades but it seems to happen a fair bit.

[ScottMcNab]

I guess the support level has a lot of buy limit orders sitting nearby ? Or perhaps buy stops are placed just above it once price approaches support ? I did spend a good month (unsuccessfully) trying to work out how to code a support level I could trade off

[LEONARDZIR]

Trent , that is a very astute observation. I also think it is real but don’t know how to code for resistance levels.

[LEONARDZIR]

I meant support levels.

[SaidBitar]

Trent Rothall wrote:

Has anyone else noticed how often the LMT orders for MR systems land bang on or close to a line of either minor or major support levels? Happens a lot for me, and the ones that get hit are often the best trades that reject that level and close near the high.

Could just be my mind cherry picking these trades but it seems to happen a fair bit.

If you can define what is major support level then it can be easily tested ( very smart comment )
If we assume it is the lowest low of x days and it was tested at least three times in the previous y duration then it can be coded like this
//define the lowest low in x duration and change it to a zone of 2%
LLzonelowerrange = LLV(L,x)
LLzoneupperrange = LLV(L,x)*1.02
Cond1 = sum(L>=LLzonelowerrange and L<= LLzoneupperrange ,y) >
//set limit order to the support level if the support level is in the range of 1 to 1.5 atr else use the normal limit order
Limitorder = Iif(LLzonelowerrange <= L- 1ATR and LLzonelowerrange >= 1.5 ATR , LLzonelowerrange, regularlimitorder)

This is how i imagine it can be tested

[TrentRothall]

looks promising Said, i’ll look into it. That code makes logical sense. It seems to happen at both major and minor support, even if it’s just a pull back to a old high in a strong trend

[TrentRothall]

Here’s one from today, not a perfect example by any means but it hashit the LMT on a few occasions over the past 12 months

Be interesting what happens over the coming days

[JulianCohen]

Better System Trader has a podcast that discusses support this week. Although he is talking about intra-day support I have a few ideas that I’m going to test off the back of it.

[TrentRothall]

Here s some code i added too

Haven’t tested anything yet in terms of system design but someone might use it for a scan

Code:

HHvp = Param(“HHV”,10);

BarLimit = HHvp;

Resistance = Ref(HHV(H, HHvp ), -1);
Breakout = Cross(c, Resistance);
BreakoutLevel = Ref(ValueWhen(Breakout, Resistance), -1);
Retest = Cross(BreakoutLevel, L) AND BarsSince(Breakout) <= BarLimit; Filter = Breakout OR Retest; AddColumn(H, "High"); AddColumn(L, "Low"); AddColumn(Breakout, "Breakout", 1); AddColumn(BreakoutLevel, "BreakoutLevel"); AddColumn(Retest, "Retest", 1); PlotShapes(Breakout * shapeUpTriangle, colorGreen, 0, Resistance,-12,0); PlotShapes(Retest * shapeDownTriangle, colorOrange, 0, L); Plot(Resistance,"HHV",colorOrange); _SECTION_BEGIN ("Chart Plotting"); //================================================================================= //Chart Plotting //================================================================================= SetChartOptions(0,chartShowArrows|chartShowDates); _N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) )); ""; "Chart Type -"; ChartType = ParamList("Chart Type","OHLC Bar|Candle|Line",0); SetChartBkColor(ParamColor("Background Colour",colorWhite)); UpColour = ParamColor("Bar/Candle Up Colour",colorBlack); DownColour = ParamColor("Bar/Candle Down Colour",colorBlack); Colour1 = IIf(C > Ref(C,-1),UpColour,DownColour);
Colour2 = IIf(C > O,UpColour,DownColour);
Colour3 = ParamColor(“Line Chart Colour”, colorRed);
TextColour = ParamColor(“Text Colour”, colorBlack);

if(ChartType == “OHLC Bar”) ChartOption = styleBar;
if(ChartType == “Candle”) ChartOption = styleCandle;
if(ChartType == “Line”) ChartOption = styleLine;

if(ChartType == “OHLC Bar”) ColourOption = Colour1;
if(ChartType == “Candle”) ColourOption = Colour2;
if(ChartType == “Line”) ColourOption = Colour3;

Plot(Close,”Close”,ColourOption, styleNoTitle|ChartOption|ParamStyle(“Chart Style”));

GraphXSpace = 10;
//————————————————————————————-

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