Day trading the DOW 31/03/03

JonnyT

Senior member
2,560 22
<i>I'd need the wages because I don't trade for a living.....</i>

Then you should be...

JonnyT
 

gsethi

Junior member
12 0
Bull/Bear flags

Could you please tell me what you mean by bull or bear flags. I am new to TA but I have read a lot and never come across this, many thanks.
 

Bill G

Member
92 2
Re: Bull/Bear flags

gsethi said:
Could you please tell me what you mean by bull or bear flags. I am new to TA but I have read a lot and never come across this, many thanks.
Go to Picture gallery on the home page and then to patterns then to flags and wedges, a good picture and explan how to calculate targets.
Bill
 

Guesty

Member
55 1
Johnny T,
where ya been man, :rolleyes: Chartman was posting analysis of the Dow real-time last week, cos i was using his analysis to back up my trades. :cheesy: :cheesy: :cheesy:

Oh, by the way, thanks for that Chartman, it has opened my eyes to the 'way of the Dow' :cheesy:
 

Dino

Junior member
15 0
I'm a novice but I reckon that was a bull flag between 14:30-16:30 with a target of circa 8130.

Made a few points on the breakout but it ran out of time, market closed before target reached. What does this mean ? Are all bets off or should we expect continuation tomorrow ?

Please feel free to tell me that I am talking a load of ***.

Dino.
 

ChartMan

Legendary member
5,580 46
Dino, please be a bit more specific- are you referring to today's chart and is that UK time or USA time.....? Which breakout?
 

ChartMan

Legendary member
5,580 46
Some decent points to be had today, along with a few boring bits, with a nice surprise at the end :)
The early bull flag at 15:00 signalled a good entry on the break but soon became quite volatile, requiring a sharp eye to get out and short before taking on the "safe" long ( 3 options around 8020). The triangle set the target for the rise to 8090 which was duly delivered and also set up the firs part of the Negative Divergent top. As it turned out , there were multiple exits possible here, all within a few points..... ending with the fourth peak.
The safe enrty short was soon confirmed after that and a rapid drop to 8025 followed. The only cluse for a possible early exit here was the RS switch in CCI and RSI.
 

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ChartMan

Legendary member
5,580 46
Watch this up channel - it could just develop into a bear flag, target -180 from the dropout. 7800 ish.... Support 8020 res. 8120
 

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Dino

Junior member
15 0
Chartman, I was referring to Tuesday's chart and I meant US times.

Looking at your 1 min chart it looks more like down-sloping expanding triangle than a bull-flag ( I was using a 5min LYCOS chart). Interesting how things appear different at the time - I think it is very easy to see what you want to see with TA patterns.

Anyway I think the play was still good. The pattern I was looking at was from the high of 8100 down to 8025. It eventually broke above the upper trend line came back to touch it then shot up to 8080 before the market closed. I think this break & re-test was a reasonably entry point. Interestingly it coincides with a break & retest of the 100 ma at the same point although it was still within MA + 20, so may not have been a good entry using your criteria.

Your comments always welcome.

Dino.
 

esiotrot

Active member
157 0
Chartman
were you using 50ema on your 1 min chart?

I used the 100ema through the day and I was hoping to compare your analysis with mine.

As it happens the only difference between them is timing of the crosses!
 

ChartMan

Legendary member
5,580 46
Doh. That's what happens when the feed screws up and I have to reset everything:( Here's the chart again with 100 EMA correctly shown....
If nothing else, it goes to show that chosing a value for an indicator is largely unimportant..... which is something I've always thought.
 

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olwenh

Active member
112 0
chartman,

if you're about, any pointers for today? i'm really struggling with this today. missed the move at open as i was out & don't like the idea of long or short.
 

ChartMan

Legendary member
5,580 46
Me too, sierra/mytrack data error again...... be patient and wait for the 7pm breakout
I'm long from 879, (ES) best I could do.
dow stop 8270 if you're long.
 
 
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