Dow Intraday charts 22/09 - 26/09

[ChartMan]

Looks like the ND pointed out last week has taken effect. New down channel in the offering and I've drawn in where I think it should be...

 

[ChartMan]

Another awful day to trade... guessing short and holding on for something was about all one could hope for... and catching the double bottom for an out on past resistance. Very tight range for most of the day, sitting between those two magic numbers. Helping the double bottom was some PD in RSI. Other than that, utterly boring
Pity the comp didn't finish today though :cheesy:

 

[robber]

What a pity I was patting myself on the back for spotting the triple top/ ND starting at 1620 and then seeing the DOW drop exactly as predicted. Pity I failed to spot that the divergence occurred in well under 25 min. Ah well all part of the learning process.

Neil

 

[rustic1]

CM

You will never beleive it but I managed 100 points yesterday only because I was still stuck in from Friday. Luck rather than skill. The only think I will say is when I am stuck in a market (only ever short in case it crashes overnight, I never stay in a market long)I can not trade so I have to watch & learn which I have been doing bit boring but I am last spoting a few signs.

"A breakthrough I hear you all say"

Thanks Again

CM

The top Blue line on your charts what is that? is it something on Sierra I should put in or something you have drawn in?

 

[ChartMan]

The line at the top is the 10 min resistance line. Draw it on the 10 min chart, then switch to 1 min and that's what you see.

 

[Austin&Liz]

Hi CM

Please can you clarify a few points for a beginner such as myself: can you explain what the acronyms "ND" & "PD" stand for. Also, when you refer to a "channel" I presume you mean the area between the two parallel lines on the moving average chart at the top - is this a correct interpretation ?

Thanks

Austin&Liz

 

[Newtron Bomb]

austin&liz

check out the dow strat . am sure most of your questions will be answered there.

HTH

 

[ChartMan]

Austin & Liz, the channel interpretation is correct- they are a pair of tramlines..... in which the price fluctuates, and will eventually break out, one way or the other.

 

[One Eyed Shark]

Hi CM

Read your notes on "Day Trading the Dow " ( excellent , thank you ", one question on the balance of power on triangles.

In the case of a bull triangle for instance, if it is sitting below the 100 MA are you saying that the a break out to the downside is the more likely outcome , with the opposite being true if it were sitting above the MA.

Hope you can clarify

 

[ChartMan]

That's what I'm saying. But I have to be honest, I have limited data to go on.

 

[ChartMan]

still in the channel, but I don't like today's higher high within the channel....
If I open up the chart to 15 min though, there is another picture. We can see a much broader up channel, and today's action bounced right off support.Broadly corresponding lows on RSI and CCI and price suggests we will go up. We'll see.....

 

[ChartMan]

Today's notes:-
ND at the open across 60 min delivers ( bear flag as well)
pD bottom across 50 mins delivers too, with an Inv. H&S target that was met.
Triangle break to the upside,balance of power above the 100MA, so expected break to the upside. Target met, in both price, and before the timeline ( vertical line from the apex).
With care, there were a few points to be had today. More importantly, was the good TA forms that performed well.
Note also there was a second confirmation of the triangle target. This was from the mini pullback at just below 9560, to give a target of 9575 as well.
9564 and 9532 providing good guidlines too.

 

[Rognvald]

CM
Really helpful analysis - it is useful to be reminded not to stick to one time frame to get a broader view!

 

[ChartMan]

"I suugest we'll go up".... In my defence, we did for about 20 minutes.. and then a downhill slalom, breaking that long uptrend support pointed out on the 15 min chart last night at 9523. Please don't tell me you didn't have that marked as support failure...

 

[ChartMan]

Bouncing off downtrend resistance, the H7S and the loss of 9564 was the key to a long haul down.... Not a lot to get out of today's chart, save the ultimate in weakness shown by RSI going from 20 to 50 fo just a point ot two move in the price. If that didn't persuade you to stay in the short, then there's no hope for you Then the test at 9464...
A nice example of those that trade CCI around zero- long above, short below- an easy 140+ points.
Looking back at the 10 min chart, we've touched the channel bottom so maybe we'll have some upside tomorrow.

 

[ChartMan]

And just for a laugh, those that went long today had a good time :cheesy:

 

[mombasa]

CM, u don't want to know and I don't want to think about it. Some days I just have a deathwish !

 

[oarsman]

CM

Having missed the whole 145 points I am somewhat hacked off, but then at least I didn't go long......

I missed the H & S though looking at your chart it is so obvious, but I can't work out the significance of 9564. Where did that come from? Was the fact that the price came back and touched the 100EMA twice before going south big time significant?

I am still learning about the RSI so the move from 20 to 50 passed me by. Would that have been a useful signal for a short entry?

Thanks

 

[rossored]

The pic looks a little different in YM futs : H&S didnt quite perform but absolutely flawless support/resistance switch on price a few minutes later, tri break complete with confirmation and it never looked back

 

[Austin&Liz]

Hi Everyone

Can someone please explain what "H & S" stands for

Thanks

Austin&Liz