Dow Intraday charts 05/Apr - 09/Apr

ChartMan

Legendary member
5,580 46
I said Friday that I thought there was a bit more room for some upside, and we got it. Now we realy are pushing the top with RSi at 80+ Still not sure of where the channel is, but I favour No.1 line.
 

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ChartMan

Legendary member
5,580 46
Nice day for the patient ones among us... taking the PD bottom and an out at the ND top, then waiting for the next entry..... which seemed to take forever as the price rocked between 500 and 510. The entry clue came from the triangle in RSI adn refusal of the price to drop the 100MA and off it went. OK so it wasn't much, but an easy 50 points held into the close.
 

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mombasa

Established member
561 1
Anybody spot the bull flag on the 10 min chart? I did, after the close unfortunately :(

That gave a nice target of 10,550 odd - in theory you could have ignored the ND that CM mentions 'cos it was a trend day.

All very easy in hindsight - but it does pay to look at the TA on the longer timeframes
 

MGBRoadster

Member
91 0
Pivot points

I only switched the pivot tool on after the event, but Res1 seems pretty close
 

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ChartMan

Legendary member
5,580 46
This has 650 written all over it.Now we have 3 highs, there's a good probability that the channel is now correct, at last... Plenty of room for more upside.
 

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ChartMan

Legendary member
5,580 46
Amazing...today's action was virtually identical to yesterday's. I thought we were going to drop with the pre-market action, but no, it recovered... long off the PD bottom and a close on the ND top , but only a few points in the bag and very boring....
The "loose" triangle in the middle failed to make T1, no wonder it dropped back to support....
 

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frugi

1
1,827 126
Excuse the foolish chart but sometimes if I feel excessively bearish or bullish flipping it can help gain a more rational perspective. The line at roughly 10650 corresponds with ChartMan's target and I reckon it is the 'line in the sand' for the next big move. The failed cup and handle (okay I may be using excessive artistic licence in denoting the pattern thus, but thought it was worth a mention) could lead to 11200-400 depending on where that parallel line is, if we get there. There, that's my bearishness temporarily assauged! Let's see what happens at 10650...
 

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ChartMan

Legendary member
5,580 46
So much for plenty of room to the upside :( A big drop to channel support and a dropthrough, but post close is back up to 530 ish, well above channel support.
 

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ChartMan

Legendary member
5,580 46
No trading for me today..away at Thorpe Park with the Grandkids :)

Not an easy day, by the looks, unless you got onto the early short and took a few points.The loss of 532 looked a good entry, but the quick PD was an example of how unreliable it is coming off the opening action. The triple bottom and well O/S RSI proved a good closing point. But what of the rest of the day? A minefield of whipsawing action to catch a lot of people out, except those with the ultimate in patience and discipline.....
And a clue for the rapid rally off 470? Not that I can see... but huge O/S in CCI adn the H&S in RSI should have given an ideal short entry....into the close for some half decent points.
 

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mombasa

Established member
561 1
CM, noticed there was RSI divergence on the 60 min chart - seems to be a good pointer to the tops and bottoms over a longer time frame
 

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ChartMan

Legendary member
5,580 46
Hope you took full advantage of that, Mom. :cheesy:
Nice swift reversal, but is that it at CCI -250?
 

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ChartMan

Legendary member
5,580 46
Catching the short as 32 went gave a great ride all the way down under the 100MA. Finally pulling out after the PD bottom as 400 got clawed back.
 

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