Dow Intraday charts 14/Feb - 18/Feb

[ChartMan]

New week and a trip to 700 perhaps....

 

[tradesmart]

Choppy price action today, with a downside bias – about what I would expect after Fridays’ big move up…….

The Dow is sitting on top of 5-waves up from the 10400 ish lows, and a c.400 upside move in just over 2 weeks - a very nice move for those of a bullish disposition....(like me... )

I’m speculating on an consolidation around current levels, with an upside bias overall to possibly test Decembers’ resistance highs at 10875 ish, and this is hinted at by the target implied from the major consolidation around 10700….

A failure to test 10875 could clearly give the bears something to chew on.....

 

[frugi]

Now then Mystic Meg we're certainly in an uptrend but I'm a little worried that the Naz, Russell, Transports and Value Line did not make new highs on Friday when the Dow and SPX did, apparently on rumours of Kim Jong being removed (false of course, but a good excuse for a short squeeze.) Bifurcation usually warns of a top, especially given the 5 waves up, but perhaps we will struggle to test those highs first. I think not, for what it's worth, but failure to reach a consensus of value makes a market after all

There's almost a little Wolfewave on the 10 min (given some artistic licence) with a descending target currently around 680 which I'll keep a casual eye on in the event of a quick fall.

 

[tradesmart]

but I'm a little worried

understandable.........

 

[ChartMan]

Only 875? I see 900.... :cheesy: Plenty of room to get there by the looks.

 

[ChartMan]

Ouch! If you made any point today, take a bow.Nasty is not the word. This is when you need to stick with the 100MA rules.100% boring, yes, but an entry anywhere today, the 100MA rules would have kept you in at next to no loss .( unless you went short at 775..... )

 

[wellshot]

spread betting yesterday =almost impossible

to make a profit!!
interactive brokers, or www.twowayfutures.co.uk .however, has a spread of 1 point= very possible!
my musings/trade stratergy for yesterday
was yeserday an ABC flat corection in the making? or is it [E] [the low is in for today] and the up later in the day a leading diagonal [wave 1 or A] of the next move up?
??

 

[ChartMan]

Nice move up and still room to make 900, especially with that bull wedge.No divergence that I can see, except a possible 3 day ND on RSI, which would allow for a move up to the third peak at 900 ish. :cheesy:

 

[ChartMan]

Better day ,with a couple of good entries to be had , the easier being the long off O/S.

 

[frugi]

Hmm, wonder if we're due some better ranges?
If the 10 day ATR dips below 80 points, volatility increases soon after. Well, lately anyway

 

[TraderTony]

Unable to intraday this week as away for half term but what a range on Monday - I have never seen one like that. Good luck to all for the rest of the week.

 

[wellshot]

TraderTony..

looking forewardd to your posts next week..have a good one!

 

[Bigbusiness]

Unable to intraday this week as away for half term but what a range on Monday - I have never seen one like that. Good luck to all for the rest of the week.

Tony,

I haven't seen many like that but thanks to ChartMan's work, it isn't that hard to find another day like Monday:-

http://www.trade2win.com/boards/attachment.php?attachmentid=8852

 

[wellshot]

trading styles

what suits one may not suit another
i'm posting these for a few days in the hopefully not mistaken belief that they will be of interest to some.
i make notes every night..it's the only way for me..
i used to anticipate where the dow was heading in the daily, 60 min etc and found it demoralising as i was always looking to have my projections made real and, as a result, often found myself fighting real time price action..most on this board, however, take much delight in such things [probably better traders!..calmer human beings, more balanced etc!!]
so i'll post for a littlw while longer..it can take an age!
happy trading to all
wellshot

 

[ChartMan]

I know what you mean WellShot. Predictions/Opinions can seriously damage your wealth!!! But it does no harm to be aware of the various possible limits/action for the following day.I yhink they need to be tucked away in the back of one's mind as a reference......
Your posts are most welcome and extremely informative. I'm sure many appreciate your efforts, as I do.Those charts/comments are just pukka.

 

[wellshot]

ta

I know what you mean WellShot. Predictions/Opinions can seriously damage your wealth!!! But it does no harm to be aware of the various possible limits/action for the following day.I yhink they need to be tucked away in the back of one's mind as a reference......
Your posts are most welcome and extremely informative. I'm sure many appreciate your efforts, as I do.Those charts/comments are just pukka.

will post more ta for the encouragement

 

[wellshot]

bigger picture

hmm!

 

[tradesmart]

Great charts and comments Wellshot…..!

Monday’s 860 chart target was met as near as dammit - didn't quite get to the December highs at around 875 which may have some implications....(?)

But now the lower trendline originating from the 10400 lows is having a severe test, and a clean break could clearly result in some degree of retracement; still within the bullish context imho

But for now, the Plunge Prevention Team (PPT) are keeping the bears at bay……

If/when the bears win, the immediate triangle target is 10750…….

PS – Thanks to Charlie Miller for the ‘Plunge Prevention Team’ reference…. :cheesy:

PPS - Should have mentioned that a break to the upside could hit the aforementioned 875....

 

[wellshot]

i promised myself i wouldn't do this

but this is an alternative count [my preferred one] and balances earlier on..
no more predictions!!!! feeling ill at the projections,.... go with the flow wellshot..go with the flow!
ta tradesmart, too.

 

[tradesmart]

posted on Wellshot's chart...
expect NEW HIGH.....

I do, and had pencilled in "by the end of the first quarter" but now concede that it might come sooner.....!

The Nasdaq has bounced off of a bull flag which now seems to be propelling the whole market higher.....

me earlier:-
didn't quite get to the December highs at around 875 which may have some implications....(?)

Yeh.....!.......