DOW Intraday

ChartMan

Legendary member
5,580 46
Not a lot here today but.....I keep saying don't get in when the DOW is near 100MA on the 1 min chart.....wait until there is at least a 20 point excursion. I mis-called the triangle break this evening, just as it seemed to break out, RSI was good at 67,CCI was excellent at 123, yet it failed.- It was only 8 points above the 100MA - even the huge peak in CCI -180+, was not enough to stop the tank- ordinarily it would have flown.... At the CCI peak, the DOW was still only 18 points above the 100MA.
A safe entry is shown,after a short pullback, at 9792, 23 points below the 100MA. Shorting the bounce at 9800 would have been a risk too,BUT if you had nerves and recognised the breakout failure, you could have shorted the pullback at the lower triangle support line, which had turned to resistance at that point- second guessing the H&S as well. Not for me.
 

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