Dow Intraday Charts 17 Feb - 20 Feb

tradesmart

Experienced member
1,286 22
Well, as CM has oft noted, the Dow appears to like to run between parallel trendlines, as this view of the 60 min chart shows; and we’re still very much at the top of the range.

I see that the futures are up at 10685 at the mo’, over 50 points up from Friday’s close – they often seem to come back from a holiday in a buying mood…. :D

Some commentators are suggesting that Friday’s tank was unjustified based on unbalanced Consumer Sentiment Data – Decembers’ being inflated by Saddams’ capture and Januarys’ suppressed by the infighting of the Presidential campaign - so maybe we’ll see a bounce back today……..
 

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ChartMan

Legendary member
5,580 46
Yes, looks to have plenty of room for upside, with 10 min RSI sitting at 40 and teh price at channel bottom, the middle being 730 ish and the top 800+
 

tradesmart

Experienced member
1,286 22
Too early to play 'spot the channel'....!? :confused:

Optimists may want to call it a large bull flag...

Pessimists, a downtrend channel leading to a huge tank....

Make your choice...... :cheesy:
 

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rustic1

Active member
243 1
TS

I wander if when you post your charts you could include the next day then I could tell you whether it is a bull flag or tank down.

Kathy :LOL:
 

tradesmart

Experienced member
1,286 22
Ah, If we could see the future Kathy, what rich people we would be........... :-0

I'm certainly not getting rich on today's progress - just a small short from 10705 - 680, and I was lucky to get out of that without being whipsawed.......! :mad:

It's got to break this narrow range before I take another position - it's done virtually a return trip to Friday's starting point, but has so far made a lower high, so I suspect that it's going to make a big triangle over several days before deciding fresh direction - no dead certs though....

Will wait for the move, then try and get onboard.....
 

One Eyed Shark

Well-known member
257 13
Still too early for me to put the bear hat on, though the way I trade that can change within 30 mins.

Although we are seeing a lot of noise intraday, for me the trend is most definitely still up, we still continue to see H/H's and H/L's and we are continuing to nudge higher with some degree of measurement and rhythm, highs are moving in 50 point steps and trendlines from 10 min channels providing excellent support.

A break of 750 if on target should see us bounce 800 , but who knows....?

P.S. Only posting cos this must be the most god damn boring couple of hours on record :(
 

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anmolway

Active member
249 1
just wondering whether there would have been a buy after the triangle pullback on 1min chart at 10688 15:47pm - or was that too risky??

ALso spx had made a higher low when dow fell on support. and higher high when dow made lower high - within the dow triangle.
Indicating that the dow triangle was likely to break to the upside.

Hope this makes sense, and that i am not just observing nonsense.
 

tradesmart

Experienced member
1,286 22
OES – hey!, we’re still in the Shark Channel , and that’s got to be bullish… :cheesy: ! Every time it has made a new high for months, it has to retest it pronto, so 10750 is very likely on the cards……the line of least resistance still seems to be up, and with stocks still in the perceived ‘sweet spot’ of the low interest rate/expanding economy environment, why should things change…….?!

Mom/Anmolway – I’m not going long just yet as we’re very close to recent resistance, and I’m a bit fixated by the falling top line that I’ve first noticed today, which seems to be resistance so far…but there’s nothing to say that it won’t blow right through this later…….third touches on resistance lines often result in a breakout…….otherwise I’m looking at a potential pullback to the lower uptrend line at 10630ish to confirm a major triangle development…….

hedge....hedge.....hedge...... :cool:
 

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tradesmart

Experienced member
1,286 22
jsd - I'm now seeing an Inv H&S on the Dow/Naz/S&P 10 min charts......

Dow target 10750.......

edit 21.09 - more optimistic now - target 10800 (pity I didn't foresee today's action when I was selecting my Dow Comp entry..... :( )
 
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wellshot

Active member
110 0
hi all-not much to say at the moment...

but do others do this?!

looking to force?? patterns/wave counts and then not trading "what we see"?
[i.e. follow the market, not lead it !]
 

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One Eyed Shark

Well-known member
257 13
Got to agree with TS that we are looking at an inv H & S on the 5/10 and 15 minute charts.

Not only that but the intraday high for each of the last 3 trading days is 10735, now one guess at where the neckline of the inv H&S sits................yep 10735 :cheesy:

There are no guarantees in this game but if this one is going to pay it will pay tomorrow, so eyes peeled :eek:

I think we are owed an easy one after today ( if there was such a thing )
 
 
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