Dow Intraday Charts 26 Jul - 30 Jul

[TraderTony]

Good idea on the chatroom CM.

Eighteen months ago I sold my business but have continued to work mornings running the company I sold it to (which turned out to be in pretty poor shape - but that's another story). This split role has enabled me to get a lot of trading experience whilst maintaining an income to support a young family. But yesterday was my last day (excepting a non-exec position) so from now onwards I will finally get to try out as a trader. I am under absolutely no illusions just how brutally difficult this may turn out to be but am very excited by the challenge and the opportunity. August will be a bit messy with holidays and children to look after (we added a new baby to a three and a five year old a couple of weeks ago!) but from September onwards it will be trading all the way.

Although I am new to the CM approach, I am very impressed by my results so far and I look forward to comparing notes with you all over the coming months.

Tony

 

[smarwood]

Hi All

Do i spy an expanding triangle in the 1 min?

 

[emasiello]

Chartman,

The chatroom sounds like a great idea, I've often popped in (t2w chatroom) but its always very quiet. I doubt I will make it much this month, but from September onwards I will be a regular.

Keep up the good work.

Enzo

 

[ChartMan]

Yes Smarwood.

 

[tradesmart]

Looks like a big triangle under construction while the conflicting pressures (record high oil price/+ve econodata) resolve themselves…….!?

Could be choppy trading ahead imho........

The apparent 'higher-low' on the daily chart has brought some optimists out:-

"The market, in our opinion, several days ago made a turn to the upside after five months of correction consolidation," said Al Goldman, chief market strategist at A.G. Edwards.

wow.........!

 

[carlosd]

I took a short on the nd at 11.10 ish est.

 

[hampy]

Good to see the interest in the chatroom. Despite work I shall probably pop in early on Monday for a quick hello, but due to school hols will be much more regular Sep onwards.
Off to buy a megaphone, don't reckon my voice will quite carry to Farnborough :cheesy:
Happy Trading

 

[smarwood]

Which way we going then after US GDP announcement at 13:30 EST??????

i vote down!!!!

 

[justyn]

That triangle is looking more defined now with 4 bounces off the lower line and three off the top. Could be good for a move of 80 points?

Justyn.

 

[ChartMan]

Who knows..... but I won't be in a trade.

 

[ChartMan]

It could be a dip n fly Justyn......
I have 10 min support at just under 100 so it would be a good short if it dropped.If it goes up, target is the 10 min res line at 220 ish.
So little vol on ES- no clues...

 

[melsmail]

Hi All
I have target for triangle down to 10975 backed up with big M ending at 10100. Wonder if either are correct or is it lunch time so lack of trading favouring down? M on both 5min dow and es.

 

[justyn]

Looking good so far - down to 10090 - whew you had me worried CM, I had entered the trade and worried that you had seen something that I hadn't!

 

[Pat494]

Hi,
The large triangle that started last night - could it end at 10050 ??

 

[melsmail]

Nerve gave out so closed short for a few points profit

 

[melsmail]

Hi CM
I watch the vol on ES but dont really understand it. If the buy line is higher than the sell lines I think may go up?. Any chance you could list a few rules if you have time?. Cheers and thanks for all the hard work you have already put into this thread. es

 

[eddyjo]

Its nice to see so many happy campers, this has got to be the most optimistic thread on the boards. Good Luck everyone.

 

[carlosd]

only one trade today short at 10144 closed at 10100.

For +44

Which is pretty good for me.

Carlos.

 

[justyn]

Well, out for a few points profit and might call it a night. Happy trading everyone, going to have a few beers and relax I think.

Justyn.

 

[ChartMan]

There's really only two things I look for on ES vol. One is 3 lower lows on volume, matched by 3 lower lows on black bars (down ticks) that correspond with a 3 pk ND on the dow. This is double confirmation if you're not sure about the ND.The other is called a "blow off bottom" where on a down tick with a long tail, you get a 2-3 x normal volume spike.This usually confirms a reversal. I'm not a vol wiz, so I just use those two basic things. Understanding volume is a complete subject in itself- practised by those from the darkside.