Dow Intraday charts 29/09 03/10

ChartMan

Legendary member
5,580 46
Uncertain start to the week. From my comp. entry you will see that I think we go up, for what it's worth. So whilst you should never follow anyones guesses, it may help to see future possibilities. In that respect, I'm looking for signs of an up channel forming. That doesn't mean I won't be looking for signs of a down turn. Either way, I won't be prejudiced in the way I trade, just better prepared. You really must get to grips with where possible resistance and support levels are, for whatever direction the market moves. It's no good hanging onto a trade that's gone against you, only to find later in the day that you clearly let it fail major support or resistance and failed to hit the stop button. This is one of the most basic mistakes that beginners make. Holding and hoping.
Last week's close at a triple bottom set the mood for coming off a bottom and so it did, eventually. I can see a possible triangle forming in RSI and CCI so we could get a nice breakout.That would/should break the 9380 downtrend line at today's close.
9350 has now been tested as support and should hold good tomorrow. So if you are long and the price drops below 9350, YOU KNOW WHAT YOU HAVE TO DO!
 

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ChartMan

Legendary member
5,580 46
Shaky,uncertain start with a failed bull flag that could have sent us way down but in the end, it didn't. The bottom call came from the PD across the 25 minute minimum, confirmation coming by way of an immediate break back through 9300 and on. T1 is from the Inv. H&S and T2 is from the pullback around 9332. Both these were useful targets that were met, and followed on into an easy ND top, even though it was "stretched" more than usual. Should have been a nice 80 + trade. The rest of the day was relatively messy, with no clear cut opportunities. Staying long OR short, may have saved the day. 3 or 4 chances to get out at the 9400 failures and the same at 9350.
 

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china white

Established member
979 12
CM,

excellent analysis as always - goes w/o saying mate.... just a cupl quick notes on how trading was coming along on my end. In the morning, at 10:30 - I went short the B/D of the triangle - I did not c the failed bull flag, but the tri was quite nicely chiseled. Hastily covered at 9264 Dec fut - magic 64, but on futs :) - the rest is clear. The hint as to where cover longs came from 15 min Volume MA - petered out and went down at about 12:15. The only pt I wanted to make here is that it is really worth ur while to watch YM and ES at the same time - the 2nd attempt at 1005 (ES) at 15:00 was a risky ND - good to short and hold until an R/S switch (1 min RSI) developed on ES (sort of on YM as well, but I agree, it was less transparent) at 15:45. + potential cup&handle formation brewing => reverse to longs until the end. Lovely day with up to 180 pts on the table (w/o doubling).

I reckon its worth noting that today's lod was lower than Friday's but today's close was higher than Friday's hod (ES and YM). I keep on forgetting what this is properly called - its not key reversal its some other tag - but the msg is the same....
 

ChartMan

Legendary member
5,580 46
Their "free2 dow is INDU. The others will depend on your data feed supplier. MyTrack S&P fututures is ES`Z
 

ChartMan

Legendary member
5,580 46
Yes China, those that want the best advantage, need to keep an eye on NAS and S&P, maybe like the three wise monkeys?
 

JE2000

Active member
141 0
Is there a board where it will give details on how to change:
- chart background
- RSI settings (70 and 30 lines)
- Volume (buy and sell colours)
- etc.

Very new to the software and still learning.

Thanks in advance.
 

Newtron Bomb

Experienced member
1,602 86
sc
right click>studies>setting>adjust from here
 

JE2000

Active member
141 0
Does anyone know how to setup the 70 and 30 boundaries for RSI on Sierra. I have got everything else except that.
 

china white

Established member
979 12
CM. spot-on! u may argue that NDX or IXIC r different markets (not blue-chips, like YM or ES or SP100), however, they r more than often the leaders for the blue-chips. They usually B/O or B/D respective TA formations first. However, from my observations, they've got a higher rate of fake B/O or B/D on intraday scales.
 
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