Dow Intraday charts 7/Mar - 11/Mar

tradesmart

Experienced member
1,286 22
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.....( :confused: )
 

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ChartMan

Legendary member
5,580 46
Yes, sorry about that. I'm working all hours under the sun at t he moment..it slipped my mid. Thx.
 

TheBramble

Legendary member
8,395 1,170
tradesmart said:
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

Legendary member
6,535 1,127
tradesmart said:
treat yourself to an extra-large Benedictine later........ ;)

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

tradesmart

Experienced member
1,286 22
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....
 

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ChartMan

Legendary member
5,580 46
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:
 

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ChartMan

Legendary member
5,580 46
Looked a good day, until you look closely at the range.... tough going, with another drop down after a deep O/S on CCI.
 

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TheBramble

Legendary member
8,395 1,170
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

Active member
229 9
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

Experienced member
1,286 22
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.... :confused: )

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….. :cool:
 

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tradesmart

Experienced member
1,286 22
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….. ;) )
 

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TheBramble

Legendary member
8,395 1,170
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

1
1,827 125
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!
 

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ChartMan

Legendary member
5,580 46
Bull Flag? Not quite.... Triangle? Not quite...New down channel? Not quite... Indecision. :(
 

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