No real opportunities to make big points today. Another open ND and stuck in a trading range between the magic numbers.
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dow 13-10-03 1.gif
Chartman. I've found your thread enormously helpful over the months. Thank you for that. Not really a TA thing but if things are going well in the closing session is there a rule of thumb for judging whether to close the position at the last minute or simply letting it go to settlement price? Or is it just not worth the extra hassle?
Regards
Regards
I hope it's a rising wedge, as I have a target in mind ( last week) of 9900.....
Kilnside- Holding till settlement ?. Do you mean after hours, or the Dec . Futs? I've never advocated holding overnight for daytraders. If your trading timescale is days, then I guess it has to be part of your TA as to whether you hold overnight or not. If, as I think, you day trade, I couldn't be bothered to hold into settlement. Take the cash and close.
Kilnside- Holding till settlement ?. Do you mean after hours, or the Dec . Futs? I've never advocated holding overnight for daytraders. If your trading timescale is days, then I guess it has to be part of your TA as to whether you hold overnight or not. If, as I think, you day trade, I couldn't be bothered to hold into settlement. Take the cash and close.
what keeps me bullish
I don't want to read too much into a light volume action on a holiday, however I believe today's session is good for bulls. 1st, 1039-40 was tried twice and held, which supports the idea that we've got a strong sup there now (both from last week's price action, and a longer-term importance of 1038). 2nd, both intraday horizontal level of 1044 and downward res line connecting the intraday tops were B/O at the close (see chart below).
Generally it was a nice trading day. B/O at 10:05; tri B/D at 12:50, supportive vol spike at 13:15; R/S switch on RSI + PD RSI + PD volume at 13:30; tri B/D + ND RSI at 14:40; TRIN PD at 15:15 confirmed by small downward res B/O several minutes later - all clear cut signals IMO. The only tricky part was the 1st PD on RSI 1 min at 12:08 where the author doubled his longs. It did not deliver and caused some stressful minutes
However, the tri B/D that followed was quite clearly spelt - giving u a chance to reverse.
I don't want to read too much into a light volume action on a holiday, however I believe today's session is good for bulls. 1st, 1039-40 was tried twice and held, which supports the idea that we've got a strong sup there now (both from last week's price action, and a longer-term importance of 1038). 2nd, both intraday horizontal level of 1044 and downward res line connecting the intraday tops were B/O at the close (see chart below).
Generally it was a nice trading day. B/O at 10:05; tri B/D at 12:50, supportive vol spike at 13:15; R/S switch on RSI + PD RSI + PD volume at 13:30; tri B/D + ND RSI at 14:40; TRIN PD at 15:15 confirmed by small downward res B/O several minutes later - all clear cut signals IMO. The only tricky part was the 1st PD on RSI 1 min at 12:08 where the author doubled his longs. It did not deliver and caused some stressful minutes
However, the tri B/D that followed was quite clearly spelt - giving u a chance to reverse.Attachments
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cme-es03z- 1 minute.jpg
and what scares a bull
60 min chart looks like a major bear flag with a ND on RSI. Well, two sides to a story....
60 min chart looks like a major bear flag with a ND on RSI. Well, two sides to a story....
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cme-es03z- 60 minute.jpg
Balanced view as usual China. I thought I was the only one that sat on the fence
My observation re the long term ND is this:- The dow will usually react to ND/PD within a few days (3 to 5 ish). After that, if it has not delivered, there is nowhere to go but up,( or down) RSI /CCI having fallen to lows that can't (!) go lower. There is a "W" bottom here , with a target of 9950...Time, as always, will tell.
My observation re the long term ND is this:- The dow will usually react to ND/PD within a few days (3 to 5 ish). After that, if it has not delivered, there is nowhere to go but up,( or down) RSI /CCI having fallen to lows that can't (!) go lower. There is a "W" bottom here , with a target of 9950...Time, as always, will tell.
I o an apology to every1 for the size of my charts....
Skim, u gave me an advice how to make 'em smaller. Tried it, moving the bar on QCharts to about 60%, still same behemoths.... any suggestions? many thx
Skim, u gave me an advice how to make 'em smaller. Tried it, moving the bar on QCharts to about 60%, still same behemoths.... any suggestions? many thx
just one more thing that crossed my mind. On Friday NYSE McClellan checked in at -3.51 which cud (with a prob of 75%) mean a negative mcclose on Tuesday. However, I checked the way the indicator is calculated - it is based on cash, and therefore does not acct for the last 15 min of futures trading which was very bullish as u wud recall. Therefore, I personally wudnt even look at this number positioning for the Tuesday's price action. Just a thought. Happy trading everyone!
China White, thank you for sharing your views. You've got my vote! Like Chartman's, they are very much appreciated. Thanks to NB's extract of Chartman's posts and daily study of this thread, I have been able to steepen my learning curve and thus (day)trading confidence. I do, hwoever, still struggle with some of your jargon and abbreviations. Perhaps you can help me with the ones in bold :
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Generally it was a nice trading day. B/O at 10:05; tri B/D at 12:50, supportive vol spike at 13:15; R/S switch on RSI + PD RSI + PD volume at 13:30; tri B/D + ND RSI at 14:40; TRIN PD at 15:15 confirmed by small downward res B/O several minutes later - all clear cut signals IMO. The only tricky part was the 1st PD on RSI 1 min at 12:08 where the author doubled his longs. It did not deliver and caused some stressful minutes However, the tri B/D that followed was quite clearly spelt - giving u a chance to reverse
Unquote
many thanks
Quote
Generally it was a nice trading day. B/O at 10:05; tri B/D at 12:50, supportive vol spike at 13:15; R/S switch on RSI + PD RSI + PD volume at 13:30; tri B/D + ND RSI at 14:40; TRIN PD at 15:15 confirmed by small downward res B/O several minutes later - all clear cut signals IMO. The only tricky part was the 1st PD on RSI 1 min at 12:08 where the author doubled his longs. It did not deliver and caused some stressful minutes However, the tri B/D that followed was quite clearly spelt - giving u a chance to reverse
Unquote
many thanks
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