Dow Intraday Charts 20 Jan - 23 Jan

mombasa

Established member
561 1
I've made a load of bad calls today - the first short off the bear flag was good, then it all started going wrong after that 'W' failure (was long). Short again waiting for the 3rd PD.

Had the feeling this morning I was gonna mess it up - wasn't in the mood to trade - just as well I reduced my stake.

Cheers
 

tradesmart

Experienced member
1,286 22
I was very tempted by the failed double-bottom, but it didn’t seem far enough down…

However, 5 waves down on the 10min chart seems to have called a short term bottom (‘waves’ - a new discovery for me and I’m all excited about it……. :LOL: !)

Long from 528 – I don’t like this indecisive market phase and I’m not sure how far this is going to get – hoping for 38.2/50% fib retracement or will we see another ‘round trip’? (I’ll be very surprised!) - might have to pull for break-even.

I think this choppiness could go on for on for some time while the market prices in the surprises and disappointments of the earnings season… :mad: .
 

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tradesmart

Experienced member
1,286 22
We seem to have a decent looking double-bottom on the 10min chart and the Naz is in green.....have added another long..

I think we may well see some recovery this evening...

Mr Bush is making his 'State of the Union' speech later and I believe that the Dow has a patriotic duty to get out of the red...

but I won't be abandoning my stop-loss..... ;)

edit - out at 550 - patriotism somewhat lacking! :(
 
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ChartMan

Legendary member
5,580 46
Oh Dear. It looks like the bull recovery was very short lived. I'll take a stab at a new down channel.... Looks like a clear retest and failure of the upchannel support. RSI divergence delivered in two days. PD across the bottom may force some upside tomorrow and maybe this is just a correction. The last two PD bottoms have delivered on the next day....
Is this a sign of a bull driven market?- The ND tops taking much longer to deliver than the PD bottoms?
 

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ChartMan

Legendary member
5,580 46
Bad call on the RS Switch cost me some points :( I completely missed the "W" that failed to deliver. Eventually it did come good, along with the PD bottom. Did someone mention today might be a bad day? :(
If you don't understand the new shorthand...
DC down channel
UC = up channel.
ND Negative divergence
PD Positive Divergence
 

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mombasa

Established member
561 1
testing 520 S/R - also RSI divergence from yesterday. Sit on hands time.

edit : long at 10505.

closed at 520 - don't trust it. Will wait until 520 goeson an inv h&s
 
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tradesmart

Experienced member
1,286 22
Seems to have found support at 10490 - about the 50% fib level of the recent 10370-10615 move - long at 10495.

I think it's a time to take small bites of the big apple with all this choppiness going on - try to take a big bite and you could get whipsawed :mad:

yes CM, I noticed that divergence too; gave me a bit more confidence to go long.
 
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