Dow Intraday Charts 08 Dec - 12 Dec

[ChartMan]

there goes vol and 32. :cheesy:
not going to break..

 

[jaichopra]

my TA is not good,but could somebody tell me if an expanding triangular shape is bearish. i see it on the dow's hrly chart forming since yesterday regards . jai

 

[One Eyed Shark]

Struggling to find anything to trade so far today.

Was long off 9990 early on, but closed out when it failed to cut through 10k for a handful of points.

Where next ? the danger when it is as quiet as this is that you trade what you think is going to happen next instead of trading off what you see. In my case that is usually when I lose a bucket load of points.

 

[GeckoTime]

Guys dont you think a correction is imminent?? There HAS to be one, where it falls 100-150 points. At these levels it seems a tempting short (how much can you lose??) but then most of you seem to think it's in bull mode... ??

 

[One Eyed Shark]

Gecko

My sentiment exactly, that is what I think will happen.

Why don't I make it easy for everybody, I will take a position short then you can all watch it tank +50. :cheesy:

 

[tradesmart]

Jaichopra – I can see an reducing up-wedge triangle on the 60 min chart with ND RSI – a formation that often produces a downside break at it’s conclusion.

OES - as is often the case, the first hour or so brings the big moves (if you can catch them!) and after that it’s slow moving until the afternoon session, so there could be a good chance coming up…..

Gecko – there will be a substantial correction very shortly imho, but we might not be at the top just yet – I’ll trade it when I see it happen.

ps - looks like a reducing triangle forming on the 1min chart.

 

[ChartMan]

This might be a break to trade.... save the itchy fingers. And stop all that guessing...

 

[ChartMan]

Follow me, I'm the Pied Piper. :cheesy:

 

[JE2000]

Good call chartman. will watch the 10064 level and see what happens.

 

[tradesmart]

I was thinking that the triangle target might be 10055 ish....

is this bull....?!

Top price of the day:- 10055......!

This is very spooky and I can assure you that it was more luck than judgement............

(with a tiny bit of t/a thrown in....... )

 

[ChartMan]

So , are these the channel lines? if so the slope is weakening.A bit... At least 2 days, maybe 4 of RSI divergence.
Is today a bull wedge? At least there's a clear cut long entry Monday at 10,050. Once again the ES closed at HOD and good voleum, so someone knows where this is going..... :cheesy:

 

[ChartMan]

Triangle target failed on the first break - they are supposed to reach target by the time the two lines of the triangle meet at a point- 17:22 ish. No chance. Small divergence at the end for a nice out at 050.....
The nice call was on vol increase on ES by the way.

 

[JE2000]

chartman how did you work out the target of 10072?

 

[ChartMan]

Take the mouth height ( 10,025 - 9977+ = 48. Add that to the breakout point of 10,022 and you get 10,070. You don't need to be that accurate... but you do need an idea of what the target area is. +/- 10% on your target estimate will be close enough. So in this case 10,065 to 075.

 

[ChartMan]

Iv'e just see the number of "reads" for the thread this week- over 4K :cheesy:
I remember when 100+ in one week was an event!

 

[JE2000]

Thanks for that chartman, it seems very simple and no doubt useful. Does a time frame apply to the target.

 

[ChartMan]

The text book time frame is where the apex of the triangle is. Sometimes it makes it , mostly is doesn't dragging it's heels. Sometimes it clearly fails.

 

[tradesmart]

I didn't know that Santa had black hair!?! - must be all that soot as he comes down the chimneys......

Santa Rally or what!.............. :cheesy:

(be ready when they 'sell the news' when the initial burst of euphoria wears thin imho..... )

Friday quote from CM:- Once again the ES closed at HOD and good volume, so someone knows where this is going.....(Mystic Meg?!? LOL!)

 

[ChartMan]

Ordinarily, if the markets were open, there may have been a classic news spike, then a return to status quo. Will we now see the MM's suck in all the retailers and then bomb back to normal? That will be a far more orderly affair and a fantastic trading opportunity.