Dow Intraday Charts 28 Jun - 02 Jul

[eddyjo]

C.M. any idea what caused the drop?

 

[ChartMan]

100 points in next to no time, jumping in as 432 went. Good vol divergence on ES helped pick the first major low at 16:14, but from there on in the going got tough with little clue to what may happen.I've said it before, that in strong moves, the pulbacks move out from 20 or so to 30 and so it was today. Thing is , can you stand the profit loss of 30 points?.....Maybe, if you've already clocked a 100+ and dumped half.... I got the bottom, but only by a bit of luck, taking a gamble on totally O/S on RSI and CCI. No divergence to help but there was divergence in vol on ES but was only across a few minutes- inconclusive, but there we are.

 

[eddyjo]

looking at the 1min chart i see abearish H/S.

 

[eddyjo]

the DMI/ADX showed it was trending down from approx 15pm to 19pm.

 

[ChartMan]

No idea of what caused the drop.... or the continuation today. Not even a whisper of a rise, straight into the drop again.

 

[ChartMan]

Nice if you got in at the off..... The rise off the bottom gave target T1 from the pullback that got nowhere near the mark and then a day of sideways drifting and whipsawing for the unwary,

 

[eddyjo]

yes the D.M.I. was showing whipsawing from just after 3pm, do you think a reverse H/S on a 1min chart has any significance?

 

[eddyjo]

CM, I have downloaded Sierra charts and I would like your advice on choosing a data feed,I have looked at I.B. and M y Track, does it matter which one? does the cost compare?

 

[ChartMan]

MyTrack will cost you £50 a month all in , including the 'hook in' fee to sierra. If you trade with IB, you can have it all for free ( subject to min. no. of trades. IB uses MyTrack for it's feed ( I think)

 

[eddyjo]

Thanks, I will have to go with My Track because of I.Bs £25,000 rule for day trading.

 

[JonnyT]

Hi eddyjo,

It is not IBs rule it is the SEC. Any US Broker has to abide with it.

This only applies to trading stocks.

You can trade futures with something like £2000 with IB

JonnyT

 

[oatman]

I think IB is $2000.