Dow pivot point

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For anyone who is interested

Pivot 9384.14

R3 9546.48
R2 9482.93
R1 9447.69

S3 9250.11
S2 9285.35
S1 9348.90

Cheers
Andy

 

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Bounce of R1.

 

[oatman]

Does that mean you sell at R1 with a stop above?

 

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Hi Oats

Just a guide to possible resistance and potential target. The trend is up, so a possible place to take partial profits. I look to R3 and S3 as major brick walls to bounce off of. I think we are now at 50% retracement from the last up wave which should be a good long entry level but its lunch time in New York the market has lost a bit of direction. I suppose the UN getting bombed makes people jittery. It's also sunny outside. I hear the pub calling me.

Cheers
Andy

Everyone has an opinion apart from me.

 

[oatman]

See you down there :cheesy:

 

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Bush is speaking so definitley out of the market.

 

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And now a bounce off pivot point, 9384. You should call me Mystic Smeg.

 

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A further bounce at 9351. Posted S1 at 9348.90.

 

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Todays numbers

R3 1013.33 9558.76
R2 1008.32 9501.92
R1 105.33 9465.41
PV 1000.31 9408.57
S1 997.33 9372.06
S2 992.32 9315.22
S3 989.33 9278.71

 

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Is it just me or is anyone else seeing and expanding triangle on this Dow top.

 

[mombasa]

yup, that's on signalwatch.com too.

 

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Looks bearish. How does one play it.

 

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Dow and S&P held at S1.

 

[mombasa]

go short on break of 9350 dow says ed - i'm trading intraday as per CM's rules - if it breaks 9350 i'd increase my stake. Right now it's nowhere near that level (9396) - looks like a long - yup it is !

Hmm, or maybe not 🙁 target not met from pullback - mind u could be a bull flag forming - best to wait i guess.

 

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Thats Ed Downs at Nirvana. I do not like he trading style but he has been doing it for a long time so it must work for him. Does he say go long above 9450. You could have a trading range today of 9350 to 9450 and he would not enter one trade.

Cheers
Andy

 

[oatman]

There's a lot mileage in trading thru new highs and lows but momentum is a crucial factor.

 

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Hi Oats

I know where your coming from but I like to try and enter the trade before the break out with the bias in price in my favor. Therefore if it all goes pete tong, I do not suffer an excessive loss.

Cheers
Andy

 

[mombasa]

yeh, i could never live with his style either - CM's way is perfect for me. Ed's not doing too well recently with this range bound trading. Mind u there was a time when his way generated 600+ points in a few days ! Range is 9350-9450.


BTW, definately looks a long now. But, I'm not trading today 🙁

 

[oatman]

You've gotta be flexible. I was trading Ftse future on P&F breakouts. It was killing me. There were no breakouts. I'm trading the Dow now , bigger range. 😆

 

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Mombasa

Have you seen the old momentum on the thirty and sixty minute charts. Looks a bit negative to me. If it can stay above the 9400 level, would like to take a few cheeky points on a long entry.