Dow Intraday charts 03/11 - 07/11

lockstock

Well-known member
400 4
Bull flag or going down? Looks a little bit much for a bull flag, 10 min ind. in oversold territory. Are we looking for that majic 32 no that Chartman keeps mentioning??
 

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mombasa

Established member
561 1
well, if we bounce of 32 on monday then that'll be in keeping with the bull flag theory ......

time will tell as always.
 

ChartMan

Legendary member
5,580 46
Commented elsewhere, 'didn't do what we expected, did it'?
A few possibilities to consider. At least a d/top at 9900. Maybe a H&S with double apex. Maybe a correction to the down channel, still maintaining the slope. Maybe none of these as the market just wants to screw us...... OK, I admit it,I spent the day looking for a long :( I'm not telling you what I really think because I need the points in the comp next week. :D
 

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ChartMan

Legendary member
5,580 46
Depending on where you take the mouth of the open triangle you get T1 or T2...You could argue that T1 just made it, around 9832. The whole day just foxed me. First it looked like a false break to the down side,then a break and hold on 64, then I gave up. Or so I thought. Then I saw the PD bottom and decided to wait for the 64 break, which of course never happened, instead just dropping into the deeps. Did it make any sense to you?
 

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tradesmart

Experienced member
1,286 22
Foxed also CM! - broke the rules and scored with a futures long 9870-9930 and then got greedy and blew half my winnings on an ill conceived long which I had to pull......... :mad:

Well, we have had plenty of warnings/examples that they were 'buying the rumour and selling the news' recently!

and that 'double top' clearly had major significance.......

They'll probably 'buy the news' next week when the price has dropped a bit....... :cheesy:

Regards, TradeSmart

ps- US quote:-

"I'm coming out feeling pretty good ... normally on Friday you get some profit taking," said Bill Roe, portfolio manager at Melhado Flynn & Associates. "People are still somewhat cautious -- and the more cautious they are, the more confident I am that the market is going to go higher."

hmmmm........
 
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marky

Active member
104 0
Hi Guys
We all read the market slightly differently no big moves but what i saw was two small triangles and the double top also i have just started looking at pivot points and have to say most days they work fairly well as you can see the market found support forming a triangle then broke through and again found support on the next level looking back historically there never more than a handful of points away from each turning /support/Resistance area .
Best regards mark
 

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neil

Legendary member
5,167 748
Lockstock

Nice chart re divergence but:

Where would you open a trade and why?
or
If no trade, why not?

Write in black ink only. :cheesy:
 

lockstock

Well-known member
400 4
Hi Neil,

Well I was in at 9926 short, thought people would be selling into any spike today(yesterday), other than that ( not showimg on my chart) a double top at c.9910.

Also as the chart conveys, higher prices, lower indicators.

Also a 5min deadmans crossover on lower time frames & on this one a sharp move thru' the 100ema.



Cheers.
 

neil

Legendary member
5,167 748
A+

Nice one....I used 2min chart and 34ema...lower highs and in at 9857.

I like your logic, it shows how signs add up for a move.

And CM's 100ema still points the way.

But I can only give you 9 out of ten in case it provokes envy :cheesy:
 

lockstock

Well-known member
400 4
A move up anyone? Just got in so not trading. Looked like 9,760 was a safe entry point with a tight SL.
 

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mombasa

Established member
561 1
i've been shorting up until an hour ago - does look like support at 9760 - but i'm chickening out now - don't wanna lose my gains today - lets see what happens later.

plus that little dbl top at 780 and weak RSI/price doodah put me off.
 

tradesmart

Experienced member
1,286 22
LockStock,

Went long at 17.00 9760 and close for 10pnts at mini D/T that Mom mentioned.

Now long again 19.30 9760 - seems to have more omphh this time - might make a bounce to 9810ish before more down?

Regards, TS
 

lockstock

Well-known member
400 4
Yep,

Had to be a quick in & out trade CCI was falling, yet price went to 9780.

I have a set up on D4f where I just have the 10 & 50 ema (INDU)
& nothing else on the chart, just 2 lines, it's amazing how clear trading becomes & how it saves you from making stupid knee jerk trades.
 
 
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