DOW Intraday

ChartMan

Legendary member
5,580 46
Great day for going long in the last hour or so. Saw this once before quite a while ago but didn't document it. Following the chart, there was a possible inverse Head and Shoulders forming with the bottom at 9583.You had to wait for the drop from 9648 to 9606 and back up to get confirmation.. at that point the target can be calculated as 9648. The "Safe long entry point" comes when the downtrend slope line is broken at 9636. Here RSI is now 60 and CCI is 90 with both rising.Given the H&S target is 9649 and that 9650 is horiziontal support,the pullback from 64 to 50 should not have panicked you into closing prematurely.That should have kept you in until the dip at 9724, at which point it would have been sensible to close, given the drop in RSI and continued fall in CCI. on the other hand, for the brave, it makes sence to stay long, once in a trade, until CCI drops below 100, or RSI drops below 60.Neither was true at the close....so you could have braved it until 20:59 and closed at 9640 or so. Looking good for Monday, There must be a lot of people long over the weekend... It's a great pity ther wasn't confirmed positive divergence at the 9583 bottom...that would have been a great entry and worth around 200 points with a couple of position reversals- only for the brave with deep pockets. :)
 

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