Dow Intraday charts 02/06 - 06/06

ChartMan

Legendary member
5,580 46
Yet another flying open, breaking the 10 min chart mid-uptrend resistance line and straight to T1 target after a perfect bull flag pullback. Getting in should have been straight forward, tracking/anticipating the flag. Again we have our familiar bump 3 pk ND top that fails to deliver, instead slowly continuing to develop a gentle up trend.
Four tests of 9k and then a failure signalled time for a short, the preceding tops forming a second ND 3pk top ( unusual) across 34 minutes. The resulting pullback to 892 gave a target of 8964.(T2)
8992 to 8964 gave T3 at 8936 duly met. Then on through to 8910 and a pullback to give a nice hor. resistance line.
Take note tomorrow of that line, and the one below it at 8900. From that ( 8930) , extrapolate another 70 points down to get 8860 as a support line. That doesn't look too convincing, so I'd suggest 8850 is the number...
 

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ChartMan

Legendary member
5,580 46
10 Min chart. Failed to break 10 min res trendline, and failed at 9K to continue the Inv H&S from target to continuation. RSI dropped into O/S territory could mean a push tomorrow. Room for a possible drop to 8850 , uptrend and hor. support, then off?
 

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china white

Established member
979 12
Japan's bulls charge again

Jeff Randall, City Editor

04/18/1993

The Times of London (Copyright 1993)

DEALERS in Japanese shares are increasingly confident that Tokyo's three-year bear market is finally over.

Stockbrokers believe the Japanese government's 76 billion (Pounds) package of public investment and tax concessions, unveiled last week, will underpin the Nikkei index at about 20,000 and could give Tokyo share prices the impetus to continue their recent surge.

Kiichi Miyazawa, the prime minister, said his spending proposals should enable the country to meet its official forecast of 3.3% growth for the fiscal year ending March 1994.

Having bumped along between 16,000 and 17,000 for the first two months of 1993, the Nikkei has risen by more than 20% in six weeks. It closed on Friday at 20,297, the first time it has ended the week above the psychologically important 20,000 level for more than a year. Investment houses that called the turn have enjoyed big capital gains. Among the new bulls of Tokyo is Morgan Stanley, the Wall Street investment house. Four weeks ago, David Roche, its global equity strategist, told his firm's institutional clients to "buy" the Japanese market. "We were not in for the first 8% of the recent rise," says Roche, "and some of our clients thought we had missed the boat. But the economic factors, such as very low interest rates, are right for further progress. We shall continue to recommend being overweight in Japanese equities up to 24,000."
 

ChartMan

Legendary member
5,580 46
Sorry , I don't have time to do an extensive review tonight..... Just take on board the importance of channel lines as I have said before... Yesterdays estimate of 8850 looking better that 8860 put me 10 points out. :(
The other lines held good... I see the channel narrowing now to 8860/8900.
There was a major TA faiure today- can you spot it?
Even if your TA is next to nothing, using the channel lines to trade off support /resistance will provide decent profits...
 

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oatman

Senior member
2,879 22
China white,

Where's Roche :eek: :?: and ummmm Nick whatisname :LOL:
 

Les Carlin

Member
58 0
Just as well

"There was a major TA faiure today- can you spot it?"

Continuation H&S from 18-34 to 19-12. Showed up well on ES. Didn't trade it as i stop by 5-30GMT

Les
 

bansir

Well-known member
494 42
the failed breakout at around 16:40 from 8930 s/r caught me out,
lost 18pts inc. the spread.
Made up a bit with 3 other trades, all small winners, finished at
-5pts.
I found it quite tough with the narrow day range, no decent targets i could see.
cheers,
neil
 

jonnyy40

Experienced member
1,329 11
I'll be paying more attention to this thread from now on. You mention watching 8900 on monday, yesterday it banged up against it like a glass ceiling before breaking through in last twenty minutes. I seem to learn better through chart examples - keep up the good work please Chartman.
 

oatman

Senior member
2,879 22
I thought the break up at about 16.20 through 8907 thru a few recent highs was a good 'un.

Cheers
 

china white

Established member
979 12
Oatman,

sorry m8, could not make head or tail of yr message - I must b still pissed up this morning.... :) what Roche r u talking about?

cheers
 

ChartMan

Legendary member
5,580 46
Maybe I had brain failure last night. :( I was thinking along the lines that the open looked like a quick 3 pk ND top, but RSI made 3 higher highs, negating that. Clearly just a Bear Flag. Gave you all something to think about I suppose. Looks like action right now will be causing a stir :)
 

jonnyy40

Experienced member
1,329 11
You've got a new student Chartman.I made some money today but if I'd understood what I was seeing I'd have made a darn sight more! I seem to pick things up more easily from charts so please keep up the good work.
 
 
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