My view of the markets is that they are reasonably effiecient [most of the time] and that they move on news. News will change the preceived risk, quantum, or timings of the future cashflows of the various instruments. I favour a gauge theory of price movement instead of an absolute or technical approach as it keeps it a lot more simple. I'm a discretionary trader and use the following four setups: 1. Trade news - ie I take a position on the recaction to the news biased towards a fade but not exclusively. 2. Mean revision - Take a view that without news the market will not trend and moves can be faded. 3. Futures volatility - Moves in the A/H futures markets are usually volatile and have a tendency to correct as the markets get closer to open. 4. Fear and Greed - When the market makes extreme moves time to fade. Doesn't happen all that often IMO. The only thing I'm trading a the moment are SnP futures, as in NZ the sun shines while most of the world sleeps. And I do not make a good vampire. I do intend to trade the FTSE100 and ASX200 in due course, but for now its the SnP. I'm not too proud to take 2pts....... but would prefer at least 5 SnP Trades for August to date Date Pts 1-Aug 6 4-Aug 5-Aug -14 6-Aug 5 7-Aug 12 8-Aug Total 9 Cheers