Dow Intraday Charts 4 May - 7 May

ChartMan

Legendary member
5,580 46
New week.
No breakout for the exp. triangle... yet... But for the high peak today, it could have been read , almost , as a bear flag with 3rd cycle failure. Still looks like winding up though, with PD still holding. Trouble with that is, that if it doesn't break to the upside, as the PD builds, it will only have one way to go. So if it's gonna go, it has to be sooner rather than later.
Not keen on these thumbnails....
 

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ChartMan

Legendary member
5,580 46
You could be forgiven for taking the big ND exit at 365. Unusually, it went one more peak to 385. The really hard paart was being long at the start.... OK coming off the PD bottom, but the pullback to 270 was a bit steep to stay in... Shorting the top should have been a bit of an easier choice...
 

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Finirama

Established member
552 3
Hi CM,

Took the PD at 270 due to previous support at 264 over the last couple of days. Unfortuanetly got stopped out and got back in at pullback to 100ema and retest of 300.

I'm posting the 1 hour chart showing support/resistance points where i'm keeping an eye on for PD/ND.
 

melsmail

Junior member
24 0
Hi CM
There is a ND just after the start lasting about 25 min but only has two peaks. Another PD at 8.30ish lasting about eight min only two peaks again. Are these best ignored or are they tradable in your opinion.
Both would have given the desired result.
Cheers and thanks for a great thread Mel
 

lockstock

Well-known member
400 4
Agree about the thumbnails- yer need the text with the chart- toggling between the two is a bit of a bind.

Can see why the've been introduced though- they take a lot of space up on the server.


Looks like we are going to bounce between 10,330 & 10,260.

Just broke support trend line at 10,320. So it might test that area next. ( imho)
 

ChartMan

Legendary member
5,580 46
This triangle is brewing, with the last low failing support whilst RSI is touching. Could mean we break tomorrow.... I make targets 400 and 460....
 

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ChartMan

Legendary member
5,580 46
Melsmail, the only tradable divergences ( with good certainty) are 3 peaks across a minimum of 25 mins. Others MAY work from time to time.IF youcan get alternative confirmation, then they may well be good trades as well.
A day of divergences, but with a narrow range, little profit to be had.
 

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tradesmart

Experienced member
1,286 22
The Dow Theory of Parallelism (did I make that up? ;) ) seems to be holding up for now........

But overall, I suspect that the big picture is tinged with bearishness........ :-0

ps - I like the new multiple image feature....... :cheesy:
 

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tradesmart

Experienced member
1,286 22
But standing back a bit, things look a bit more bullish (or is this statement just an excuse to attach another picture......I'm not quite sure.........:confused:)
 

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tradesmart

Experienced member
1,286 22
What a gift! – CM’s lessons coming together to produce a gem of a trade……

A descending triangle straddling the 100ma at the end of yesterdays session leading into a tank today, but a perfect chance for a short entry on the pullback to the 100ma at 10295 ish……

PD over 35mins giving an exit signal to lock in 80 points in just over 1 hour........

I love it when a plan comes together…… ;)
 

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ChartMan

Legendary member
5,580 46
Glad it worked for you, TS..... It didn't go how I thought... Still, the clue was in the pre-market action, dropping 60, a sign of what was to come.
 

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ChartMan

Legendary member
5,580 46
A case of beware the open divergence,even though it was across 34 mins, it wasn't a bottom. Yet the 22 mins PD that followed was.... Taking the short as 300 failed should have made a nice earner.
 

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ChartMan

Legendary member
5,580 46
Did I miss something from the textbooks? Anyway, this channel looks like 10k, although CCI is showing at lows...
Note this is 20 min chart today.
 

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