Dow Intraday charts 05/Jan - 09/Jan

tradesmart

Experienced member
1,286 22
It's true CM - those with great insight have agreed that the Dow will close at 10564 tomorrow........ :cool:

from my point of view, it would be good if it went up a 100 or so, before dropping to this level.... ;)

well, they generally do sell the good news don't they........? :cheesy:
 

joffliver

Junior member
31 0
I have seen a number of TA experts refer to a chart similar to below. I was just wondering what others made of this.

Does TA that is based on a number of years data still hold water?

These 'experts' seem to to think that we are at a critical point, especially being so overbought and so far away from the MA.

As a relative newbie to trading, is it right to assume that there is indeed a correction on the way, or will the MA just catch up? :confused:
 

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ChartMan

Legendary member
5,580 46
Only hindsight will tell you if the pundits were right. Trade today what you see today, and not what someone else says may happen tomorrow.
 

One Eyed Shark

Well-known member
257 13
Trade Smart

Hope you did not get burnt on that drop @ 13:30

I presume you are trading futs, if so did your trailing stop work?

Only curious because I have not used an auto trailing stop before on YM , if it works on big moves it can open up a few possibilities for me.
 

tradesmart

Experienced member
1,286 22
OES - had a change of plan and exited at 10575 before the news, when the futures were going nowhere - smelt a rat!! :mad:

Normally when it's going to be good news, the futures are a least up a bit in anticipation.....

I'm convinced that the data is leaked to the market in someway - maybe something else Elliot Spitzer should look into?!

The NFP data looks bad - perhaps this will spark the retracement we've been looking for......? :-0

ps - auto stops and limits work fine
 

tradesmart

Experienced member
1,286 22
Looks like a 'spike and ledge' pattern to me on the 1min chart, that rossored posted details of earlier in the thread.....

Nasdaq now in the green again after quite a decline earlier....

You can't keep a good bull down.... ;)
 

mombasa

Established member
561 1
looks like a bear flag or a triangle on 5 min
 

ChartMan

Legendary member
5,580 46
HOD= new ter, howler of the day. Might be more up, yeh, right. Still I did say take care with the 5 day divergence... Clearly no use as the drop was due to figures, not TA...
Now we've got to start guessing all over again as to where we can find some channels, or even if this is a top , or a correction.
 

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tradesmart

Experienced member
1,286 22
Well, the 'spike and ledge' did deliver - 8 points for me! :confused:

so, went short when erstwhile support at 10520 collapsed - got out at 10464 and then watched it tank further to 10445! :(

now, what was my Dow comp entry this week 10464...(ish)?! :mad:

I wish :cheesy:
 

ChartMan

Legendary member
5,580 46
If you managed to pick the bottom at 500 ( reasonable guess) there was a quick 50 points , going through T1 up to yesterday's support at 550. treading water, waiting for a short entry , came as the triangle broke to the downside. then a sweaty ride as the price went up to resistance, down to support and then finally dropping off the edge. 4th slope change to signal it's done, and pick your exit. The first touch of 464 gave 3 reasons- 4th slope cut, 3 pk pd and the fact it was 64 and a likely bounce. OK so it dropped a few more.... could have gone back to 80+ too- you just don't know at the time and have to take what you are given. You can't trade hindsight, as far as I know, but you can learn from it.
 

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ChartMan

Legendary member
5,580 46
Hey TS ! You Da Man. Out at 464!!!
I misstyped my comp entry too - meant to be 464. :cheesy:
Mighty minds think alike and fools seldom differ. What's it to be?
 

tradesmart

Experienced member
1,286 22
Well CM, I'm going to have a beer or three this evening and brush up on my typing skills over the weekend...... (maybe you'll be doing the same! :cheesy: )

I'm sure our fine judgement isn't at fault.... :confused:

just read an insight into why once the selling really starts it appears to have a 'snowball' effect, taking the indexes down further than you would think:-

"S&P sell programs triggered stops"

I guess that goes for the other indexes as well.....

now I know.... :cool:
 
 
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