Dow Intraday charts 15/09 - 19/09


Legendary member
Looks like it could be an RS switch on price and CCI...


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Aweful day to trade. What happened mid session? My Sierra charts is about to expire and I can only log on in trial mode.... Looking for a hold of 9440 ish and breaking to the upside, to confirm RS switch on the 10 min charts.


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This is so useful. :cool: I've just got a couple of questions if that's OK.
I spotted the triangle at the start of the day but ended up with a different target. The mouth is from 9490 to 9455 a difference of 35. The apex of the triangle would be just under 9480 giving a target of ~ 9445.

Just after the minimum at around 4pm there was what looked like a bear flag [not very clear I admit] which would have given the 2nd target at 9435? Does this qualify as a bear flag?

I'm not quite sure where your entry signal is after 17:20. The price moves above the ema but is this alone sufficient to enter a trade or should there have been a prior signal with the ema crossing as confirmation 'safe' entry?

On a more general note. When looking for pd or nd do you always look at RSI/CCI maxima not minima?

Thanks in advance.
wj, to me that bear flag looked like a pull back that failed to deliver - dbl bottom and divergence so I closed at that point. However on a longer time scale it did deliver but I wasn't prepared to risk it since it was at resistance @9450 (I think). In theory I should have waited for the full 3peak PD to complete. It could have easily turned into a big rally like so many other days. What do you reckon CM? Was there a case for staying in?

I went long on what I though was an inv h&s after it crossed the 100MA - took so long to do anything after that that I closed at breakeven - out of sheer boredom :(
WJE, I calculate my targets slightly differently to normal conventions. On triangles, I add the mouth to the break point. Bull Bear flags nearly always have 2 full cycles. Anything less will usually just be classed as a pullback. Crossings with pullbacks to the 100MA are usually enough to secure a good entry. ( NOT always though).
ND tops produce maxima in RSI, PD bottoms we look for minima.
MOM, when there is clear weakness in the market, boredom often forces a close...... only to see the market take off in your direction. :cheesy: A bit like today really......
Great delivery on the CCI RS Switch from yesterday. Sweet.


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What a shocker. I've not seen anything like this before. Huge range in RSI for a 10 point swing in the price..... The clue to the big move was the expanding triangle in both RSI and CCI. Hope you were on the right side.....


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Thanks for the charts and response once again CM.

One day I'll get this right. Saw the RSI nd after the open and went short when the price reached just under 9500. Of course nd is a signal to exit the trade not enter a new one Doh!

Mistake 2. Saw the expanding triangle after the FOMC statement but conviced myself it was going short. Reversed the trade but by then the damage was done. :(

I suppose if it was easy everyone would be doing it.
Right, tomorrow I'll get it right! :confused:
Oh yes nearly forgot.

Your comments about large swing in RSI for small movement in price: I've noticed this happens out-of-hours when price swings are small the RSI still responds with big moves. I suppose it is because it is 'relative' strength i.e. a comparision of the latest move to what went before?
Don't take any notice of out of hours goings on, But the RSI statement is basically correct.
CM, tell me about it (the boredome & closing bit - icing on the cake is the thing heading off in the your direction after u close - &*^%$) - did it again yesterday - didn't want to stay in before the news either. Decided to go home at 19.00 and missed out. Maybe just as well, cos I wasn't in the trading mood and would probably have gone short like wj.
Once again this week your work has been very helpful and for me particularly your 15/09 1 min chart
Staying in channel but are we looking at an SR Switch? Tripple top too, but with RSI at 40 , there's room for another bash at 9600. Clear resistance at 9500 and horizontal channel support at 9400.


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Violent start turned into a nice entry of ND and double top at resistance 9595 for a safe short. Not many points to be had though, unless you were fleet of foot and got out at the double bottom... There was a mini divergence to help, but not an easy decision. Another bash at 9500 and another chance to try a short , this time with more on the table, not that you knew that at the time... A nice ride down , with the short confirmation coming with the pullback under the 100MA. Tracking the developing positive divergence needed patience as is quite often with PD, unlike the almost guaranteed performance of ND tops. Clues? Yes, The resistance line on RSI and CCI. CCI showed an early RS Switch, and a few minutes later, we got the same in RSI for a confirmed out at around 9550 as the price came off the double bottom. Even that was only worth a miserly 30 odd points and the following whipsaws may well have stripped you of your hard earned points in just a few minutes. Another hard day.


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I have just discovered your work chartman and I appreciate everything you are writing. I have exactly the same setup on my screen from yesterday. Thank you so much for taking the time and trouble. It`s back to basics and it feels good

You are a very kind person to give this amount of work so freely. Thank you

Thanks for the charts Chartman but just have a question.

I saw what looked like a triangle froming from the open to about 6:00pm with mouth of about 50pts which appeared to deliver target at about 7:15ish. I did trade it but now am thinking that it was just a happy accident :eek: since you have not mentioned it at all. Does this qualify as a triangle?

Appreciate your help.