Dow Intraday charts 12/Jan - 16/Jan

[ChartMan]

Target is 475....

 

[mombasa]

well, absolutely no chance of getting into that short when it broke - must admit was expecting it to break to the upside.

Maybe a short entry on the pullback?

 

[mombasa]

damn ! didn't see that h&s - ah well I'll sit this one out shall I?

 

[ChartMan]

10 min support at 450.... 64 test here.

 

[mombasa]

testing '64 - as soon as that RSI rises to a decent level I'm gonna short ........

edit : unless it's bouncing of course

10450 too close for comfy short.

more edit : def not short time - dbl btm and PD

 

[mombasa]

long from 10458 - stop at 10,444 - as close as I can get with the spreadbetters.

 

[mombasa]

CM, been thinking abt this a bit : 3 PD - this only seems to happen in the later part of the day, ie if one wants to go long on that - in the earlier part of the day, like today, seems a fairly safe bet to just wait for 2 PD and long - after a nice drop of course.

 

[tradesmart]

Is this a rare 'beer mug and handle' sighting (a bit like a cup and handle setup, but for those who prefer something stronger than tea! :cheesy: )

sighting cancelled if it tanks any further.....

edit - shouldn't have mentioned tanking should I - down it goes

 

[mombasa]

alwight CM, wot was wrong with my dbl / tripple btm, PD analysis then?

 

[oarsman]

Went long before the open so got spanked Wasn't that a H&S between 14.55 and 15.10? I thought it might have been at the time but ignored it as was convinced market was going up and if I had would have saved about 20 points. We now seem to be bouncing around the 32 - will wait to see which way it goes before going back for more.

 

[bgold]

It looks like bear flag, see how RSI climbs without Dow gaining points. As we speak, I think, another one in the making! However, PD in both CCI and RSI, so new low may be time to cover shorts. DOW bounced off the "magic 32".
Next target down: 390?

Well breaking as I write this. Lets see where the RSI end up at new bottom.
IyT just feels that this ride down is not yet over

 

[ChartMan]

Mom. 15:15 t0 15:30? for pd, timescale too short.

 

[ChartMan]

4 slope changes, RSI double 10. huge vol on ES. must be close...10 min support from y'day 383.

 

[tradesmart]

Long 10375 - 'V' bottom sighting

 

[mombasa]

aside from my initial short, have made all the wrong moves - all those lovely points I could have had .....

last trade today - long from 10395 - definate 3PD bottom, plus maybe inv h&s - time for a gamble ....

 

[Hooya]

Chartman, just joined T2W recently and always like to learn more
can you explain briefly you PD and MD and the relationship to the times you keep mentioning...or point me in the direction of previous post that will explain it thanks.

 

[mombasa]

nice one TS - beat me to it by 25 points

CM - yeh I know - I was gambling on short term PD bounce - ouch !

edit - Oh, BTW, I didn't tell u abt my long on '32 Stopped out at '415.

 

[ChartMan]

Hooya
From the history of intraday charts, I have shown that there are certain criteria for calling tops and bottoms, using divergences that have 3 peaks. One of the most important criteria is that there should be a minimum of 25 minutes between the 3 peaks. If it is a much shorter time, there will be a short term reversal, usually, but not a trend reversal. Calling the 3 peak divergences only signals the end of the major move. It does not indicate a "stop and reverse signal" although today, I think it will be a significant bottom. Time will tell.

 

[anmolway]

guys, why have you gone long, there isn't a 3pk nd

 

[tradesmart]

Good support call CM!

Mom, my immediate target is 10432 (and perhaps we can hope for 10464 later! )

edit - anmolway - the 'V' bottom is also a long signal - it indicates v.strong support and an immediate direction reversal....