Dow Intraday charts 01/Mar - 05/Mar

[ChartMan]

New week.

 

[tradesmart]

Friday’s chart action suggests the possibility of yet another big triangle alert (also echoed on the Nasdaq Comp/100 and S&P).

The recent sideways price action may well ‘wind up’ into an increasingly tighter pattern as the index looks to make a big break from the range, possibly in reaction to economic data released this week.

Pure speculation until confirmed of course………

 

[tradesmart]

Looking at the big picture from further out, the current lower consolidation has marked similarities to the ‘bottoming’ pattern established late Jan/early Feb which preceded a strong (but short lived) surge north……too early to draw firm conclusions (can you ever?!) but as excellent chart work posted recently by OES has also confirmed “if there is a plan we are most definitely sticking to it” ……so far..........

 

[jsd]

hmmm well not long now to see how it plays out, as we are nudging towards daily long term and weekly long term uptrend support lines, if i was position trading i'd be looking to short 10400, if opinion position trading short @ 10600-700 seems excellent value, target 9900, for assessment of fundamentals 12months forward,(likely to be nervously hopeful, next stop 9000 aug/sep 04) still seems to me that my opinion is saying nothing but a tax cut,plastic fuelled, uncertain "chuck money at it,fingers crossed, but we all suspect deep within that crisis of economy will be revealed upon the unvailing of the golden trojan horse"



jd

 

[jsd]

now can someone put the upside projection in place then we are "opinion" covered both ways.

jd.

 

[One Eyed Shark]

Take it that you think we are going down then JD :cheesy:

I am with TS and think this is going up , albeit slowly and causing the maximum amount of pain as it goes, 10800 is the next stop on the ride north though would agree below 400 and all bets are off.

Fundamentals tell me that there have been too many opportunities to take this market down in Feb if that was the direction it wanted to go, yet we are still in the up channel.

Also don't forget that for the next 8 months the Dow can be re named "The George Bush Election Manifesto"

One other point of interest, the 1st trading day of March has been an up day for 6 out of the last 8 years

 

[ChartMan]

a quick short for 10 then long for 19 and short again on ND....

 

[ChartMan]

and cover for 8

 

[tradesmart]

yeh, but how much per point CM £10/£100....?!

us novices need all the details......... :cheesy:

ps- good call anyway......

 

[ChartMan]

would have been more but sharky came on messengre so I had to close early
Still, he said he'd cover my loss... only 2 grand

 

[ChartMan]

I trade for fun, not a living, or get rich quick so its pennies a point.

 

[tradesmart]

I get your drift CM - "go big or go home"! - exactly my own philosophy (relative to beer money that is..... )

looking at the 10min chart from mid Feb, definitely some evidence of a 'rolling bottom'( :cheesy or less controversially, maybe a 'saucer'...?

maybe we'll get that upside break later in the week........ :?:

 

[ChartMan]

10 min support slope has changed to bullish.... :cheesy:

 

[ChartMan]

32 test coming up... Bears left long ago

 

[ChartMan]

Some nice clear signals today, the trend slope change that I called and the fly through at 32 signalled a good up day.Whichever way you look at the res line, we broke out today.

 

[ChartMan]

No real need to type what you can read off the chart. Today was particularly easy with all the right signals ,except right at the end where I got caught out going short off the H&S top at 685. No chance to get out with the bias staying firmly positive..
If you needed real confirmation of up, it came by way of the mid session drop from 660 to 640, for an RSI OB to OS. ( 85 to 22).
So, EW's , is that 5 or 7 up today?

 

[tradesmart]

Quite a deep retracement after yesterday’s bullish excitement, but always expect the unexpected…… !

Looks like the lower line has held for now, so long at 614 in hope of a return to 640/660 ish…….

4th trade today, so keeping busy........

The market might wallow sideways ‘till Friday’s employment report imho......

 

[mombasa]

TS - I'm long too from 607 - don't have much time at the mo to stay glued to the screen so have decided to take 'wait for a really good setup' before taking a pos. Harder than is sounds 'cos I get really twitchy !

Once I have some more time, I need to sort out NB's intraday archives as well.

 

[tradesmart]

Mom – did I say something about expect the unexpected…..?!

That bottom line offered all the support of a chocolate teapot……..

I think this might come good for us yet though, so have added long at 598 on some trustworth PD and am holding an extremely large position (relative to beer money........)

620 (min) here we come………

edit:- we know who to blame now.......

Greenspan: At some point, rates will have to rise

now long from 570.....revenge will be mine.....

edit 20:36 closed at 10617 and a silk purse extracted from a pigs' ear - thankyou Sir G - revenge is sweet....

now for a pint of pigs ear..... :cheesy:

 

[anmolway]

TS what stop loss do you use or have you kept the position running and added another two positions.

Thanks