Dow Intraday charts 10/May - 14/May

ChartMan

Legendary member
5,580 46
Nice bit of volatilty today and some good rewards, but is the PD going to deliver the double bottom .....?
 

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ChartMan

Legendary member
5,580 46
Interesting day with some good trades to be had off divergences.... so long as you didn't rush in. Getting in a short on the pulback to 0032 wa a good start. The hard bit was deciding if the low at 9973 was going to be a bottom... I'm always wary of the prolonged "open divergence" and today proves the case yet again. Don't be too hasty in calling a bottom..... They rarely fly off a bottom.... The Inv. H&S was the second clue and hovering around 64 was enough to cover and go long. That was short lived, with an ND top and a failure to break 32 again, but a good opportunity to stop and reverse ( not to be recommended....) with a cover on the PD at 9950. The last hour was tricky.... anticipating a 10K recovery ( big ,big mistake) but recovering off the low at 9932... what a surprise...
 

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ChartMan

Legendary member
5,580 46
So far,so good. The 10k battle rolls on. With all the doom and despondency around in the USA, it's a wonder it hasn't tanked... The multiple hits at 10,300 looked safe, but will this go the same way? Looks like 10,032 will be the magic number...
 

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ChartMan

Legendary member
5,580 46
A day of divergences and 100 MA bounces proved useful... Check the early bull flag break in RSI towards the close... Not many points, but a good illustration of an early entry off an indicator.Sometimes they pay well.:)
 

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melsmail

Junior member
24 0
Hi CM
Shorted Dow and closed at 9910 thinking 3rd peak on RSI bottom. After a blip up Dow continued down. Happy with trade but could I have mist something to cause me to close to soon.
Cheers Mel
 

tradesmart

Experienced member
1,286 22
Well, we saw what ‘fear’ can do, but when the ‘greed’ kicks in quite amazing reversals can occur…………..!? (doubtless aided by much short covering….! :LOL: )

I thought the selling was going to find a floor at around 9900 which was prior major resistance, but they have a habit of taking it to the next level down, and so they did today……..

The geometry seems to fit and with PD in many timeframes perhaps we’ll see some significant retracement of the recent falls…..(already at 10040!)

But I suspect that the lower high at 10560 ish and now a lower low at around 9860 might give a hint of the trend in the near term……… :confused:

Pic 2 – bit of a weird consolidation around the 100ma crossing (‘X’ marks the spot! :D ) which looked kinda bearish to me but the triangle on RSI kept me in, though was tempted to abandon ship at 9932 when the consolidation target was met :-0 . Fortunately decided to take a tea break instead ((sometimes its definitely more profitable not to screenwatch – its all too easy to find a reason to close far too early (greed/fear etc! :mad: ) but I make sure that I’ve got a stoploss set to protect profits!))

ps - excuse all the confusing cr*p level lines on the 1 min chart - I'm in the habit of projecting lines across every time I see S/R (It does help at times though!)

pps - "We have oversold conditions," said Tim Heekin, head of stocktrading at Thomas Weisel Partners. "We got to down to 1,075 on the S&P 500 and people just came in and started buying. It was purely a technical bounce." (wow....!!!!!! :cheesy: )
 

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ChartMan

Legendary member
5,580 46
Mmmmm back to the good old days with 350 points on the table! If this holds, we could get into the 200/250 area.
 

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ChartMan

Legendary member
5,580 46
Melsmail You should allow 20 points for "normal " pullbacks . I can't really fault the exit at 9910... There was a mini bear flag developing and had you held, even that broke the wrong way.. All I would say is that in strong bear trends, it takes a lot to make a reversal. In this case two shots at 9864 for support. Have you considered covering half and let half ride?
Getting long off 9864 provided an excellent oportunity to add at the 100MA pulback and again at the 9964 pullback. Out at the ND top and a small curse as it carries on up... An easy 180 and a perfect out, who cares? With adding, 300 + at normal size. :cheesy:
 

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bgold

Established member
532 5
ChartMan said:
Melsmail You should allow 20 points for "normal " pullbacks . I can't really fault the exit at 9910... There was a mini bear flag developing and had you held, even that broke the wrong way.. All I would say is that in strong bear trends, it takes a lot to make a reversal. In this case two shots at 9864 for support. Have you considered covering half and let half ride?
Getting long off 9864 provided an excellent oportunity to add at the 100MA pulback and again at the 9964 pullback. Out at the ND top and a small curse as it carries on up... An easy 180 and a perfect out, who cares? With adding, 300 + at normal size. :cheesy:

I unfortunately was out yesterday evening and missed this great ride. I do hope that moves like these will again raise interest in this excellent thread.
 

mombasa

Established member
561 1
yup - it is an excellent thread.

been applying a mix of CM's, China's and JT's bo strategy to forex on 5min - looks promising but too early to tell. Primarily looking at forex 'cos am finding dow to hectic at the mo with my current work commitments :(

Still, this thread is first place of call every morning.
 

FetteredChinos

Veteren member
3,897 40
you sly dog Mom, delving into the world of forex. :)

agreed though, The Big C's methods do seem to work pretty well on forex, but bigger stops are needed to let the moves pan out.

id like to thank him for helping so many people and so selflessy :)

hope the redecoration work is going well :)

FC
 

mombasa

Established member
561 1
:)

funny abt that big stop thing tho - always found it difficult to live with big stops on the dow - but am happy to do it on forex - just find that trends are more frequent and last longer the dow - or maybe that jsut since i've started looking at it.

also, the other thing is that since I work in the equites It dept of a large IB, I'm always biased to the bullish side (job depends on equities performing) so find it difficult to take a completely emotionless view on things. Forex - don't care which way it moves - as long as it moves.

Mind u - doesn;t mean I won't still be trading the dow as and when time permits.

Cheers
 

bgold

Established member
532 5
mombasa said:
yup - it is an excellent thread.

been applying a mix of CM's, China's and JT's bo strategy to forex on 5min - looks promising but too early to tell. Primarily looking at forex 'cos am finding dow to hectic at the mo with my current work commitments :(

Still, this thread is first place of call every morning.

Well I was writing "Are mkts setting up for another leg up? Do I spot a bull triangle/pennant in the shorter time frames? targetting 10150 in YM?" and than all action happended.

Now i see another flag for another 60pts tagetting 10100. Is this market going up in 3 steps?
 
 
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