Dow Intraday charts 08/09 12/09

What sort of min chart do you use as I can not spot a H&S but I do have difficulty spoting them
 
spoke too soon - it did deliver - closed at 9450 cos that's support - now waiting to see what happens next. Maybe a bear flag forming - heck, I keep spotting these and they never deliver for me - gotta get it right one day:)
 
9450 gone - missed it & now there's divergence and RSi very low - so I'm not doing anything apart from sitting on my hands to stop them trying to trade :)
 
yeh - rosso - wish I'd waited to see if there really was a bounce of 9450 tho now :(
 
Me too, I am a devil for jumping in shame I missed it today had a bad trade early on so did not chase it like usual. Just watching it for now. Can not stand it though when i see a missed opportunity kick myself. can you maybe point out the bear flag to me?
 
not sure whether it was a bear flag or not - there wasn't the 3 peak / 3 trough thing - have a look just after the first big move down - looks more like a triangle to me now.
 
Chartman

If it is not too much to ask please could you draw any traingles H&S & flags on your charts for a couple of days.
I understand you are busy trading but I think if they are ponited out I might learn to spot them. We can all live in hope that eventually the penny will drop & I will spot a sign.

Rustic
 
Rustic 1

I'm sure CM will reply when he has chance but in the meantime have you read the Dow strategy document by NewtronBomb and Chartman? It shows all these indicators. Highly recommended.

Its on T2w somewhere but I can't find it a the moment. Oops
 
I think I may be watching my charts too spread out therefore big candlesticks not much pattern if you know what I mean.

Rustic
 
firm 10 min down channel. Leg 4 of a 5 wave maybe? Bull flag too, coming off at rightangle to the uptrend. Looks a good setup for another ( final ) wave up?ND across the bottoms that will ( should) deliver sometime.... The fact that this drop has gone below wave one high means something to Eliott wavers..... I don't have time to look it up. No doubt someone will. :)
 

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Should have gone short on the d/top at 9500... but there we are. Range was poor, RSI was weak, so didn't expect anthing in the way of a big move. Wated for the bottom instead and did some commentary ( above). 9464 was a nice entry and it ran for a few points, but there was never going to be much in it. 20 points was a good bag under the circumstances. I did say that those that went long around 64 would have to mange the trade carefully to get something out of it. Another day to bank a safe small profit, no heroics. Not even a clear ND top to get out, but a mish mash of ND and H&S should have persuaded you taht the time was right- especially as 9500 resistance was a way off and not going to be retested.That should have given courage to take a reversal and short...... which would have been the best trade of the day. Getting two confirmation bounces under the100MA and a nice triangle to get T1 target. Cover or stay in? With a lack of range, taking what was on the table would have been sensible.Me? I waited for the test at 9432 before deciding and stayed in. Confirmed by RSI downtrend resistance touching spot on. Out at 15 as the RSI trend line was broken.
Rustic- when you go short, and 'close' the trade, it's called 'covering'.
9400 is the crunch line, being support from way back running through 18th to 29th August on 10 min charts. There's all sorts going on in the 10 min chart- double top, rolling top, poss. H&S. Still, as always trade what you see, and make sure you know where S&R is. With such a narrow trading range, that's a difficult call going back up.- I suggest 9436, 9470,9490 and 9500
 

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Chartman

what a sweetie you are ,thanks for marking your charts so well very helpful & your commentart yesterday was excellent as was everyone elses this board is friendly & helpful

Thanks

Hope you all have a good day trading


Rustic
 
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