Dow Intraday charts 7/Mar - 11/Mar

[tradesmart]

ChartMan has normally started the weekly thread by this time, so I hope that everything is ok with him…..

I’ll ‘push the boat out’ in his absence and hope that we’ll hear from him later..

I’ll also take the opportunity to thank him again for all his good work – I didn’t know much about T/A before starting to follow Dow Intraday charts, but it’s a trading system that really works and you can apply it to stocks/commodities/currencies etc as well as indices……and make a fortune if you're careful.....

The daily chart is showing the breakout through 10875 resistance that happened last Friday, and I’ve labelled it a possible ‘magic’ breakout that I suspect will have upside potential to equal or exceed that of the previous magic breakout last November which saw a surge to the north of virtually 700 points.

The large triangle that has been formed since the October lows implies a long term target of 12100, and RSI and CCI are showing plenty of headroom for a serious upside move…..

In the medium term the 4hr chart shows a potential target of 11300 referencing the 425 ish height of the consolidation formed between November and this month…..triangles breakout on RSI/CCI confirming the upside move..

Today, I’m focusing on the inv H&S that has formed with the closing part of Fridays action on the 1min chart, which implies a target 11000 imho…

ECBOT has seized up just now, but I’m running a long position from 875 on Friday and just had time to close out two quick scalps for 20 points in the first 40 mins today…..

Ps – Good to see a bit of upside spark from the Naz today, which will help support the Dow imho….
Pps - ECBOT back online now, so in control.....( )

 

[ChartMan]

Yes, sorry about that. I'm working all hours under the sun at t he moment..it slipped my mid. Thx.

 

[tradesmart]

Yes, sorry about that. I'm working all hours under the sun at t he moment..it slipped my mid. Thx.

treat yourself to an extra-large Benedictine later........

 

[TheBramble]

treat yourself to an extra-large Benedictine later........

'Allo...je suis Fr. Etienne...Je suis chef d'Abee - Mes amies call me BIG STEVE" - can I 'elp you Monsieur Chartman?

 

[trendie]

treat yourself to an extra-large Benedictine later........

where are you going to find a corpulent monk this time of night

 

[tradesmart]

Non, Non Brambs - I meant the liquid variety.......!

(vous etes mechant...... )

and you trendie.......

ps - anyone noticed that bull-flag formed today..?....11000+ here we come....

 

[ChartMan]

Bull Flag?.... I see it more like the beginning of a tumble...back to that support line at 900, maybe.
It's not a benedictine i need, it's more hours in a day....36 would do. :cheesy:

 

[ChartMan]

Looked a good day, until you look closely at the range.... tough going, with another drop down after a deep O/S on CCI.

 

[TheBramble]

Agree with Chartman. 10850 in no time.

TradeSmart - I told you, that was an old picture and not to use it. I'm out of the habit now...

 

[pttrader]

I do think dow will decline down even further from todays low. I say long price for emini dow tomorrow 3-8 is 10905-10925 area if made first in session depending on what tape says at the moment to time exact entry. If high is made first I would look to short between 10990 and 11010 depending on tape action for timing entry.


PT

 

[tradesmart]

Triangle alert.......

Plainly the only way to resolve the indecision......

assuming a break to the upside, the target would be 11020.....

(edit later- break to the downside; 10850 might be in the frame if 10900 breaks.... )

ps - though on reflection, it looks like a ‘stop run’ fake out – the exchange MM's would know that there are a lot of long stops at 10900, so they use their selling clout to move the market down to take out the stops and create a bit more volume and thus increase their 'spreads pay'...an old trick but it always works…..

 

[tradesmart]

Determined bulls don’t give up easy and I’m impressed by the way that 10900 has held and the futs have recovered to 920 – I’m seeing todays action as loose ‘W’ bottom until proved wrong, and maybe it’s more that coincidence that the 50 ish height gives a target of 11000..

Btw – my Friday long from 10875 was stopped out at 10950 yesterday….great things trailing stops (I don’t trust the market bulls that much….. )

 

[TheBramble]

TS - I hardly think a mild retardation off 900 is sufficient qualification for stating it as 'held'.

During Matins today, Fr. Bouchevard explained how the Dow would fall. Please...pay attention TradeSmart.

It will either plough through 850 before the week is through or the Anti-Christ is amongst us...again...

 

[frugi]

Any decent broken triangle should allow a civilised test of her apex or lower line (930-40 tomorrow?) before beating the suitor back down to fill that inviting gap around 840. I wish ...

Target looks sound, mind. Ah, confirmation bias, I love it!

 

[ChartMan]

Bull Flag? Not quite.... Triangle? Not quite...New down channel? Not quite... Indecision.

 

[ChartMan]

Another tough day, range bound to 40 odd points...

 

[User]

I feel exactly the same chartman lol. longer term I believe we'll top out soon but short term can't really tell and the last two days action hasn't helped much!

 

[tradesmart]

It will either plough through 850 before the week is through or the Anti-Christ is amongst us...again...

I take it that you’re short Brambs…..

Fr. Bouchevard explained how the Dow would fall.

Oh, it’s just that hair shirt with matching underpants that he insists on wearing – brings on fits of intemperate bearishness….

TS - I hardly think a mild retardation off 900 is sufficient qualification for stating it as 'held'

Futs now up to 945 – that bull flag has been noticed…

ps - nice potential for a 'gap-up' today, and it doesn't like to leave too many unfilled gaps around the place - it's still got that one below 870......

(but of course, if things become very bullish, that gap could be left (for now..))

 

[TheBramble]

I take it that you’re short Brambs…..

I will be when it breaks thru 850.

 

[FetteredChinos]

I'll have the other side of that, Tony