Dow Intraday charts 11/08 15/08

Blaaaaast ! After a day of going nowhere, the DOW closes 16 points above my target in the last few minutes. :( Still , I managed a few points and an out at the top.... well, what I thought was the top at 9316, expecting it to fully drop back and close at 9306 . :cheesy:
Oh well. Such a boring day deserves no comment whatsoever. However, it is interesting to note , that even in the face of minimal volumes, the ND top still performed, with a small rollup into the close- often a Friday feature when trying to close at HOD, even though this wasn't HOD. After such a dreary session, ir sure felt like it. If you got 50 points today, I reckon you did well, with the best entry at the RS Switch and taking the double bottom.
 

Attachments

  • dow 15-08-03 1 mina.gif
    dow 15-08-03 1 mina.gif
    21.7 KB · Views: 259
A nice test of channel support in the 15 min chart. Trust the channel until it breaks.The odds will be in your favour.....mostly. So DON'T ignore a 10/15 min channel break.!!!
Note that the trend lines are good for 10 min as well as 15 min.
Now we have a choice. Today's peak failed toreach resistance, producing a double top, icreasing the chances of the channle support failing. The opposite opinion is that there is a bull flag forming, that may break to the upside.
 

Attachments

  • dow 15-08-03 10 mina.gif
    dow 15-08-03 10 mina.gif
    31.3 KB · Views: 204
Top