Dow Intraday charts 26/Jan - 30/Jan

[mombasa]

hmm, maybe I should have hung onto me shorts

 

[One Eyed Shark]

Mom

Agree poss Inv. H & S though would be much happier long off a double bottom at 440

 

[One Eyed Shark]

Nasdaq is the key at the moment, until it starts to print some strength Dow/SP are going to be stuck in the ranges they are in at the mo

 

[mombasa]

One eye - i guess that calls some range trading then - damn just missed going short on that dbl top !

40 point range at the mo - get that right a few times and it'll be a good day

 

[frugi]

Frugi in swing trade guise (following recent discovery that he ain't quite ready to day trade yet!)...

ES head and shoulder pattern is quite impressive with the neckline break confirmed spectacularly by volume. I'd like to see the target of 1120 met before covering shorts/going long. Or, a struggle back up to 1138, would be a low risk opportunity to add to shorts.

I think the bearish desc tri in the ES 5 min also points to 1120.

Beginning to wonder if the top is in, actually, but I'll let the system decide!

 

[tradesmart]

Good luck with the swinging short Frugi! - patience will be rewarded imho......! :cheesy:

It's a bit difficult to read at the moment - all three major indices are showing PD RSI on the 10min charts, but the price has yet to follow - maybe we'll have a breakout soon........

very choppy on the Dow......

 

[mombasa]

so, which way do we reckon that triangle gonna break?

With the PD, i reckon north.

 

[TheBramble]

Perhaps more importantly, WHEN?

Looks dead in the water (17:45 GMT)

 

[mombasa]

yeh - i did think of that too

RS switch anyone - looking good - long from 475

 

[tradesmart]

The choppiness signals indecision - always dangerous! - but a clean break through the 100ma would be positive and the triangle target is 10550, but plenty of resistance in the way before it can get there....!

well, as I glance back to my charts we have the answer - I'm long

edit - good call Mom!!

edit - was I saying something about dangerous? - false breakout - trade pulled

 

[JE2000]

TS how did you work out the triangle target of 10550?

 

[mombasa]

hmm, don;t like the dithering above the 100 MA - if it drops below, I'm closing.

edit - closed for a few - phew !

staying out for now 'cos I don't know what the hell's going on ....

 

[tradesmart]

JE - height of the triangle - about 35 - added to the top level - about 10515 - (CM may comment later.....!)

 

[mombasa]

in hindsight, shorting @ the dbl top @ 520 and following the 100 MA rules would have done the trick today eh?

Isn't hindsight great

 

[One Eyed Shark]

Every index continues to print L/H's and L/L's , you can look at this in two ways.....

1. Weakness across the board which will run for the rest of the day.

2. We are printing a ( limo ) bull flag of which we have seen a few recently.

Don't think there is enough out there to call this market in any given direction at the moment ( Scalpers Paradise , MACD has worked a treat on YM).

I'm done for the day, beer calls :cheesy:

 

[mombasa]

not so fast one eye - dbl bottom maybe now?

 

[frugi]

Revised triangle target may be around 1117. Think the doji closing below sup has confirmed the b/o?

 

[mombasa]

wish u hadn't said that frugi - am long from 10,448.

 

[One Eyed Shark]

Frugi- i'd call that a flag, maybe gone too far for a triangle ?

Mom- Beer wins, though would be looking for the bounce off 440 ( maybe tied in with bull flag ?????? )

 

[frugi]

One Eye,

Know what u mean tis a little stretched, but if you extend the lines out to the right to where they meet it looks to me like the breakout has occured 2/3 of the way along - classic!