Dow Intraday Charts 4-7 Jan 05

[gollum]

seems CM is taking a break so hope no-one minds if i start this weeks thread. If the following comments are wrong feel free to let me know.... :cheesy:
A nice curve over the past week..
If bears prevail then looking for a target around 564. Failing this then would look for a channel between 632 & 740.

Can anyone help me out with instruction on how to post chart from sierra.! insert image button prompts me to add text to IMG/text/IMG ?? was expecting to download or be able to paste.

Tsmart- or others can I tempt you to add to my limited analysis..? a keg of leftover baileys perhaps :|

 

[justyn]

Looks like Chartman has hoofed it to the bahamas to spend some of the ££££ he has made in the last year

Well, the triangle broke and down we went. The 3 pk div top at the 680 resistance level and the pullback to 64 were both good short entries - and if you were trading futs and held beyond the close you could have picked up the best part of 100 points as we went down to 580 - almost to the triangle target.

Can't help you with your charts I'm afraid Gollum, I use Esignal myself.

Justyn.

 

[justyn]

If you take the triangle (flag?) I mentioned in my last post as a continuation signal then I would hazard a guess that we will see 420 on the next few days.

Justyn.

 

[ChartMan]

Yes, I'm still taking a break. My life has recently turned upside down ( some for the better, much better, some for the worse, not so bad). I now have to complete a property renovation in 3 months so my back is against the wall as I shall be doing it all myself.
Anyway, to post a chart from sierra, get the chart up, press 'ALT + print scrn' keys. Then open up paint or paint shop pro.Press 'paste'. This will input the chart into paint. then crop to size about 900 x 800 pixels and save as a giff somewhere on your PC- maybe 'my documents/t2w'.
When you post, scroll down and you will find a button called 'manage attachments'. Click on this.Then browse to 'MyDocuments/T2W' Click on the file and select 'open'.Then click 'upload'. This will load the chart onto T2W server.Now close the box.You will see that above 'Manage Attachments' there will be the name of the chart that you have uploaded. Finish your typing then press 'submit' in the normal way.

I see the 'rolling top' that has broken support at 650 and agree with 550/560 as target, with lower support at 450.Watch out for the 3 day PD in CCI which should come into effect tomorrow.We're not too far off 560, and maybe the magic 64 will provide the support and turning point.
I got my target of 560 from the bear flag on the 10 min chart over the last day and a half. I'd be interested to hear how you arrived at 560.

 

[ChartMan]

Bahamas you say? Sadly not. As for profits from trading, I made 6 figures.... :cheesy: but not from trading. It came from property development. I think I could count on my left hand the number of times I traded last year.Perhaps this year, when my current development is finished, I'll be able to 'semi retire' and turn my attentions towards becoming a proper trader.
In the mean time, I'm open to offers if anyone has a property that needs renovating/developing- especially if it's in the Bahamas..... :cheesy:

 

[frugi]

Good work Chartman - Sarah Beeny would be proud of you
Thanks for restoring the thread gollum, we were all missing it.

A bounce off 531 (YM) after a test of 610 is my prognostication That would set up a nice PD on the hourly. I think we see 425 tested in the next week though. Fortunately I'm not paid to be an analyst lol..

 

[gollum]

Hi, good see posters back.
I'd be interested to hear how you arrived at 560 Well on my chart there is a yellow dash line which is in my belief a strong resistance & support going back to 1-7 Dec(not shown) and on 9 Dec(resistance at 562, 3 spikes). Of course now you point out the bear flag i see it so maybe my analysis on its own was too simplistic. Still i have some docs from dbphoenix i have to read, to study flags, bases , triangles etc. But as you know CM time is the enemy(especially if you have stood in line at a B&Q checkout)
Hmm....Bahamas...Sarah Beeny.. Gollum drifts into dream state

EDIT- FYI -Jobless claims data out at 08.30.

 

[ChartMan]

Sarah Beeny.... can go over my property anytime. :cheesy: :cheesy:

 

[ChartMan]

Bear flag target not met on 10 min chart, but another one was produced today. 3 day bump PD now complete. Let's hope the bulls take hold tomorrow. :cheesy:

 

[TraderTony]

Good to see people back - I was getting worried

Well it has all gone pear shaped in 2005 so far. Somehow I got away with it on Monday but when Tuesday arrived I knew I didn't know what I was supposed to be doing - somehow the Christmas break had induced trading technique memory loss. Suddenly I was down three consecutive 10 point losses in under 15 minutes. Bearing in mind I only had three 10 point losses in the whole of December this was clearly not right. So what did I do? I started trading like a lunatic. I stopped recording by trades, saw entries everywhere, let winners turn into losers and basically had a meltdown. Somehow I finished the day with only a net 15 point loss but I knew something had slipped through my fingers and I felt very disillutioned. December was my most enjoyable trading month yet. This is the first month I need to earn money from this, but this has excited rather than worried me as I have been profitable for 4 straight months now and say taking some money out as the next stage in my development. Then on Wednesday I started off with three consecutive 10 point losers again. This was how it was at times many months ago - defying the laws of probability in a negative way. More crazy seat of the pants over trading and I finished 20 points by luck and nothing more. But on Thursday I got my com-uppance in spectacular style. Again, three consecutive 10 point losers. Then two breakevens on trades that each went over 15 to the good. Then a string of losers. At one point I was down 100 points - completely unchartered territory for me - before finishing down 70 points from over thirty - yes 30 - trades.

To say I need to re-group is something of an understatement.

Seeing the thread is back up may actually help as knowing I have to post my trades makes me much more sensible about what I am doing.

I hope 2005 has got off better for everyone else! I'm having a new New Year's Day today and starting again, sadly already 45 points down for the month. First step is reading my own posts from December to try to get back in the groove.

 

[mojazz]

Trader Tony,

Take heart from your experiences over the last couple of days, and try to recapture that consistency you've had over the last couple of months. You've done it before and I'm sure you can do it again.

 

[sall]

Trader Tony, It's s been kind of the same with me for the last week or so, but

 

[sall]

sorry, guys sticky fingers, so I was saying has been the same with me over the last week, but I am proud of myself to cease trading altogether after 3 consistent losses one of the rules which I NEVER Followed consistently before.I am more and more inclined to believe that this trading venture is more psychological then anything else. I have been going through the psycho- cybernetics book which I found on this site , sorry have forgotten the link , it's helping whether it will in the long run is another story.

 

[SOCRATES]

I don't get it, the Dow has been marvellous all week. There have been terrific opportunities for everyone,
scalpers, intraday traders, bears. Today has been very good too. What is the puzzle ? All of it is very obvious even if today particularly it has been very fast, with good ranges.

 

[sall]

Socrates, lady luck I belive

 

[gcb01]

Socrates, lady luck I belive

Oh oh! I think you're going to get a visit from the dark side??????

 

[gizmo]

Tony, let me echo what the others are saying. I am new to this game and admire your honest posting each day. You will soon be back in top form.

I only read but do find what you and all of the other's post extremely helpful.

All the best for 2005.

Gizmo

 

[ChartMan]

TT I hope you get yourself sorted soon...... Three strikes and out for the day is good advice..... Is it the pressure of 'having' to do it?
Anyway... 600 looks like holding for now, but plenty of rom to run to 550. PD seems to have failed to deliver.

 

[sall]

CM, spot on , that is exactly it, I don't know why I have itchy fingers, getting in too quick need to take a sauna followed by a cold shower or something, :cheesy: , hopefully I won't have to do it on every entry and exit ...besides , any other tips would also be useful.

Thanks in advance

Sall

 

[Bigbusiness]

I don't get it, the Dow has been marvellous all week. There have been terrific opportunities for everyone,
scalpers, intraday traders, bears. Today has been very good too. What is the puzzle ? All of it is very obvious even if today particularly it has been very fast, with good ranges.

"Very obvious", if it is so easy, I am sure you can give us a live demonstration in the chat room next week. Would be good to see if you are as good as you say you are.