Dow Intraday Charts 26 Jul - 30 Jul

smarwood

Junior member
45 1
Hi CM

Looking at your Strategy rules, is it possible to have Divergences continued over the weekend?

I've attached a chart, please could you comment.

Thanks

Spencer.
 

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bracke

Experienced member
1,286 12
I have been lurking this thread for a few months and have seen ChartMan replying to a number of questions.

Is there a definitive list of ChartMan's do's & dont's on the thread or has anyone compiled one and is willing to make it available?

Regards

bracke
 

bracke

Experienced member
1,286 12
tradesmart said:
Brackers,

The 'luck of the lurker' is with you.........!.............see http://www.trade2win.com/boards/showthread.php?t=5785

Regards

Thank you for your reply tradesmart it is much appreciated.
I could say that it was not so much luck,more the sun shining on the righteous but that would undoubtedly bring forth a torrent of verbal raspberries, so I wont.

My thanks to ChartMan For the original thought, Newtron Bomb for putting it all together and Tradesmart for pointing me in the right direction. Reads like one of those award ceremonies,perhaps I should also thank my computer for letting me access the information.

Now all I've got to do is read it, apply it and bank the cash



Regards

bracke
 

tradesmart

Experienced member
1,286 22
Nice one Brackers.........

Talking of banking cash, some good trading opportunities today from RSI divergences on the 1min chart, and with PD developing over 7 days on the 60 min chart, and a test of the lower trendline at 9915 ish; the level which provided the launchpad for the last rally at the end of May - will be watching for signs of a decent bounce after the recent falls…….
 

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TraderTony

Active member
180 1
I made a right dog's dinner out of today....

Got short today at 9975 at 10:12 and after a testing move against me it looked good reaching about +60 when there was a big single PD at around 11:50 but I held on. Stop held and it moved down again but never hit either the LOD or the 9900 level (which I half expected). I then realised the large triangle was likely to dictate the immediate action and got stopped out for +10 once it broke out to the upside.

Did anyone else take a similar short but exit at a more healthy level? CM, would you have exited sooner or was it worth holding on for another move down?

Then went long at 9957 (13:39 est) on pullback to 100ma from the upside. Quickly looked to be in trouble as it failed to move back to the upside with any momentum. I soon suspected this move up was a fake out before a probable move back to low of day/9900 level later in the day but let the trade play out only to be stopped for -31 right at the low point of the move before it took off to the upside!

With no discernible trend with an hour to go I quit for the day to finish with a 21 point loss.
 

tradesmart

Experienced member
1,286 22
mm - as attached......?!............certainly a tightening wedge consolidation suggesting a 'winding-up' for a possible breakout to the upside............

TraderTony - commiserations...!.......a difficult choppy day, and with the tightening range, probably best left alone 'til the breakout.......
 

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ChartMan

Legendary member
5,580 46
3 day div should turn this soon. Looks to be keeping off the lower support line too. So a pop through 64 and we'll be away.....
 

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hammer

Active member
185 1
Hi guys,

Good trading day? Could have been but i personally missed out on alot of the opportunities.

At 1 there is an opp to go long off the double bottom with ND and the breaking of the trendline with target 9960.

At 2 we see a head and shoulders with target of 9920 which fell short by a few points. I didn't personally take the trade, didn't like the reward to risk ratio.

Those for me were the only 2 clear trading signals of the day, after 6 i preferred to stay out. Could of however taken the long at 3 with PD and see how far it would have taken you. Move up the stop to break-even after the first wave up to protect yourself and then ride it out to the close.

Those are my thoughts, if anyone got any more insight to the second half of the day let me know i would be interested to learn.

Thanks
hammer :cheesy:
 

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ChartMan

Legendary member
5,580 46
TT- you should have taken the single PD for +60. Having tested 32, and bounced back to 15's, for the move to continue, I would expect 00 to be tested after 32- that didn't happen. Also check RSI strength from 16 to 32 and then from 32 to 15 ! It's telling you something..... Sometimes waiting for a 3rd trough can be a mistake... as in this case. It turned out to be a "W" bottom - quite common. At almost 100 off the top,it really wasn't going to go much further..... Tough call.
Plenty of H&S / bump top ND's.Will that 3rd one drag us down tomorrow?
TT's long looked promising, but as he found out, was to fail. I can't say I wouldn't have done the same.... certainly the 100MA did us no favours today, nudging outside the 20's leaving losing trades in it's wake. Trade of the day was to take the open divergence left over from the weekend. Not my cup of tea as it was a gap up open, which can skew the TA . Not in this case though as it tumbled from it's 10K re test.....
I wonder if tony ( or anyone) had got in around 10K, would they have still held on with nearly a ton in the bag at the second calling of 16? A tough day.
 

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eddyjo

Active member
185 3
Hi Hammer, After your second trade the chart went into a trading range so apart from some dicey scalping I think you did the right thing, I suppose the double bottom at 2.30-3.30 with the PD was the only possible trade, Lets see what CM makes of it.
 

smarwood

Junior member
45 1
Hello everyone.

I was wondering if any of the people who follow chartmans thread, and were full time traders, would be interested in using the chat room, (ive noticed that of late no one seems to be in there), to discuss the day's events as they develop.

This would / could be beneficial to us all to

a) help relieve the boredom maybe...of a slow day

b) compare our thoughts of the way the dow is moving...

c) share our trades etc..

I don't mean this to be a "see whose best/ worst trader" just thought we could all share our real-time trading thoughts together.

I don't know if this has been done before or not, but i just thought i would throw it out into the open for general comment/ feedback.

Thanks in advance

Spencer.

ps Please dont all shoot me down in flames too quickly...... :cheesy:
 
 
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