Dow Intraday charts 2/Feb - 6/Feb

ChartMan

Legendary member
5,580 46
New week.

Hi Peeps monday first target high is 10506 droping back to 10478 and finish 10549 tuesday early high 10601 then sideways and down to 10538 wednesday down into thursday targeting 10419 looking to finish week at10418 level with retest of 10380 Tuesdays high may come late monday if we dont hit low monday as always trade what you see I will remain bearish below 10660 looking to sell the highs.

Posted by DC2000
 

tradesmart

Experienced member
1,286 22
Obviously hedging your bets slightly CM......... :cheesy: :LOL: :cheesy:

mind you 104118 seems slightly bullish....... :eek:

I can reveal my trading plan for the week:-

I am going to trade to Gordon Gekko's Dow Comp entry

he's definitely an insider................. :cool:

edit:- 104118 has suddenly become 10418 - is this bearish..?!
 
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tradesmart

Experienced member
1,286 22
Well, the 10 & 60 min charts both show a well defined triangle about 100 high – clearly meaningful and suggesting a good break from the choppy indecision of the last two sessions, since the massive 200point drop caused by a subtle change in the language used by the FOMC……..!?

The charts don’t drive themselves, and at 15.00 today we have a potential market mover, the ISM index data. Last Friday the Chicago PMI data was ahead of expectations and this is can be a good hint as to the ISM outcome – the futures are up today in anticipation.

The 60min chart notional downtrend lines have top and bottom levels at about 10550/10375 – both levels that have been mentioned as potential targets recently – what a coincidence….. :cool:

The ISM data will provide direction for today…..and it will be a solid move imho
 

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mombasa

Established member
561 1
TS - trouble is catching the bloody thing when it moves - usually with this kind of news its too late to enter a trade if u're sb'ing.

Might experiment with a buy and sell order just above n below triangle breakout points.
 

tradesmart

Experienced member
1,286 22
Mom, I'm just going to try to get on board when I see which way it breaks - there's usually some kind of pullback in a strong move north or south + it could be choppy before the news at 15.00....

Good Luck :)
 

mombasa

Established member
561 1
shorted at 490, covered at 65 on bounce and now waiting for potential bear flag on 10 min to complete.

edit : target 10410, but it has to breaj 445 resistance first
 

rustic1

Active member
243 1
Mom

How did you come up with the target of 10410? from the triangle I expect but could you put it in easy to understand terms?

Thanks
 

rustic1

Active member
243 1
Mom

It is the rough cal I do not understand? could you show it to me or put it down in the numbers.Is it on the 1 min chart

Thanks

Kathy
 

mombasa

Established member
561 1
take the pole on 10 min chart and add it (downwards) to the flag

edit : only thing is, now have PD as well on 1 min so might not make it.

should say subtract the pole from the flag :)
 

ChartMan

Legendary member
5,580 46
scrappy, but here it is- watch the PD..... and RSI O/S
 

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Finirama

Established member
552 3
Took a long @ 10,650 due the 3PD RSI.....to realise that it was not over the reuired 25mins!!! Stop out at 10,455
 

mombasa

Established member
561 1
CM - maybe - but I'm kinda wary of going long today - numbers didn't look good.

flat at the mo.
 

mombasa

Established member
561 1
good call CM :)

still price / rsi ratio looks weak on move up so am definately not going long for now.
 
 
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