Dow Intraday charts 21/Feb - 25/Feb

[bansir]

nice channel breakout

Slow drift up all day with plenty of divergences.

Hi CM,
Yes, well behaved patterns today.
A potential channel breakout available too I thought, from the off with possible entries at pullbacks A or B. Target just met at 10,670.

A 90 point range on the day was fairly generous I thought considering yesterdays was pretty wide.

Best Regards,
Neil

 

[TraderTony]

Trades marked on chart (ts refers to alternative hypothetical exit using recent swing high/low):

b/e from 4 (+17 using trailing stops - it wins again!)
-4 for the day after commission
+190 for February so far after commissions (11 days of trading)

After today I'm away for a few days to the States and will be back on Wednesday.

 

[ChartMan]

Up off that bear flag support.... but where next I wonder. Possible H&S forming now, with 750 as the crunch line.Room to move it up, but not much.

 

[ChartMan]

Nice triangle break with divergence to give 70/80 odd, with just 10 point pullbacks.

 

[ChartMan]

Not much room to move up, eh? Well, the crunch at 750 was spot on. It looks like a "W", but I suspect that this is the start of a down channel, with my initial "guess" lines drawn in.We're as resistance, top channel now.....Looks like an RS switch? yes, but it's too high up, so discounted.

 

[ChartMan]

Self explanatory, another nice 70/80 point move, with the pullback going just outside the max expected 20 points.

 

[justyn]

So Wednesday's bear flag failed. How did that happen? Not like me to be wrong

And when the flag failed, as so often happens there was a good move the opposite way.

I'm keeping an eye on the RSI support line (attached) and I'm staying bearish and thinking we're headed down from here.

The daily chart is showing what could be a triangle as we test 850ish again. I guess we'll find out soon enough!

Justyn.

 

[ChartMan]

I did say why I thought the bear flag may fail.......