Dow Intraday Charts 05 Jul - 09 Jul

ChartMan

Legendary member
5,580 46
Is this the bottom? Was all that vol on ES short covering? To continue off the bottom that CCI res. needs to be broken.a 240 break should see us to 280 , otherwise re-test 200 and down to 150 on failure....
 

Attachments

  • dow 06-07-04 10.gif
    dow 06-07-04 10.gif
    38.6 KB · Views: 276

ChartMan

Legendary member
5,580 46
W target came nowhere near before it developed into an H&S offering a good short...Right shoulder under the 100MA and a pullback to the support line added strength to the argument, allowing an easy entry around 250. Out at the second try at 203? maybe.... If not, definitely at 17:21 at 210 on the 3rd trough. Now looking for a long or short.... and the bad news was the bear triangle break, inviting a short with T1 as target. Not a good trade, but you don't know that at the time..... at least the break back through 200 failed, and with the PD at 192, you should have taken the opportunity to exit for a couple of points, and even a reversal....risky... better to wait and see what develops...taking a long at the 210 pullback with T2 as target from the prior divergent W bottom, exiting as the price reverses off the 10 min downtrend resistance line and divergence.
 

Attachments

  • dow 06-07-04 1.gif
    dow 06-07-04 1.gif
    26 KB · Views: 265

eddyjo

Active member
185 3
C.M. Is there any chance of a coaching session?
 

ChartMan

Legendary member
5,580 46
Interesting view of the daily INDU. Clear bull flag brewing. Look out for a clear reversal well off the support line for the classic early break out setup.That could be anywhere down as far as 9900 which happens to be horizontal support......
 

Attachments

  • indu dly 06-07-04.gif
    indu dly 06-07-04.gif
    20.7 KB · Views: 267

ChartMan

Legendary member
5,580 46
We got the break, but not very strong... It failed to make 280 but the CCIdid just break through resistance. With 3 higher highs and higher lows, we are off again.
 

Attachments

  • dow 07-07-04 10.gif
    dow 07-07-04 10.gif
    37.6 KB · Views: 215

ChartMan

Legendary member
5,580 46
You can see from the old 10 min res that when it broke, there was a nice run... It is important to know where the 10 min sup/res is...It may give you the confidence to increase your stake size a little, maybe...And had you done so, was there a place wher it would have made sense to add to your stake? And if you did,where would you start off loading? The magic numbers played an important part of the decision making today..especially as the "theoretical" expectation was to make 280 as a target on the break. The ND around 64 could only mean one thing.
 

Attachments

  • dow 07-07-04 1.gif
    dow 07-07-04 1.gif
    27.1 KB · Views: 500

flipper

Junior member
14 0
Hi CM and all

From yesterday you asked about adding to your stake. I assume you meant at the pullback to 232. didnt do it myself, too early in my learning stage. once i'm in i just try to get best exit (usually wrong).

However, many thanks for your postings, they really help me. like to compare my charts at the end of the day with yours. keep up the good work.
 

ChartMan

Legendary member
5,580 46
Yes, the pullback at 232. Don't worry too much about the entry yet (I mean don't jump in too soon) Far better , I think, having made the entry , to concentrate on managing it well.
 

ChartMan

Legendary member
5,580 46
Oh dear. Just as it looked to be turning.... This now looks like 10K...
 

Attachments

  • dow 08-07-04 10.gif
    dow 08-07-04 10.gif
    40.5 KB · Views: 163
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock