The 60 min chart shows a nice double bottom with the price already breaking out of the recent high. Will it come back to test 11200 is a question. The current rise is on low volume and this may suggest that it will.
The price is still under the 200 period MA and this may be the ceiling for a while.
The price is still under the 200 period MA and this may be the ceiling for a while.
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chindl
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hungvir said:Thanks much for the explaination, Chris! I appreciate your willingness to share your strategy. And don't worry about impulsiveness. If you call your posting impulsive then what word would describe mine
I still plan to trade the DOW for the last two hours so I'll talk to you later if you trade it today as well.
Cheers,
Hung
Not sure whether there'll be anyone left in the offices in NY this afternoon to get much volatility. You never know though. May well see some downside next week, but that's another discussion for EOD, gonna have some din dins now!!!!! If you do the last couple of hours then keep us posted.
Chris
It's true that there's no such thing as volatility in the last three hours or so. When I left the computer an hour ago I had a point profit and now it's moving up and down between 3-5! Just reduced my limit buy order to just 11278. Will get out and do other more valued added things.
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chindl
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Hey Hung, you do get frequent volatile afternoon sessions, just not on a Friday of a long weekend. The big players left Thursday evening and that may have something to do with the push past 200 on Thursday afternoon. Today has consolidated 200 somewhat, but I still feel that we could see some more downside, especially with Crude easing back up along with the metals.. Have a good weekend.
Chris
Chris
The DOW ended the day at 11278. The highest it went today was 11283 just after I exited the trade. But I got 16 points out of a 20 on offer so I can give myself 9 out of 10 in terms of Exit, 8 out of 10 in terms of Entry and 5 out of ten in terms of Efficient money management. (I really like my invented acronym 3E
.
And I have found a place to hide all my losses to date My British Passport that just arrived this evening. Well, think of it this way. I won't have to pay visa fees for the next 100 years thanks to it and it will amount to hundreds of pounds. And with my Vietnamese passport I won't have to apply for visas for a number of countries that require British citizens to apply for one (like Myanmar = Burma?).
Good weekend to all! I have more reasons to love you traders all this evening, don't I?!
Hung
. And I have found a place to hide all my losses to date
My British Passport that just arrived this evening. Well, think of it this way. I won't have to pay visa fees for the next 100 years thanks to it and it will amount to hundreds of pounds. And with my Vietnamese passport I won't have to apply for visas for a number of countries that require British citizens to apply for one (like Myanmar = Burma?). Good weekend to all! I have more reasons to love you traders all this evening, don't I?!
Hung
Vaco
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hi guys,
good day for me today dow closed above 11250 as i was hoping, expecting what the hell might i say predicting :cheesy:
took the profit on half the position 11274 so thts 64 pts today for 15min screen time (the buety of eod trading)
I expect the dow to wobble sideways next week before a break to the upside late into the week or the week after.
Enjoy the long weekend (i wont I'm working)
good day for me today dow closed above 11250 as i was hoping, expecting what the hell might i say predicting :cheesy:
took the profit on half the position 11274 so thts 64 pts today for 15min screen time (the buety of eod trading)
I expect the dow to wobble sideways next week before a break to the upside late into the week or the week after.
Enjoy the long weekend (i wont I'm working)
chindl said:
Hi Chindl,
What time scale are you using? I quite agree with your opinion on the daily chart but, there again, I ain't making money! Are you with Fins? If so, compare the Dow daily chart with the hourly. I can see why the shorter term traders are bullish but overnight trading is hairy stuff!. FTSE and the London shares are the same. I am of a shorting mentality, at present, but I have been getting it wrong these last few days. I have been shorting pullbacks and they have all been breakouts.
Split
Vaco
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Splitlink said:
swing tradiing over days rather then hours is not that 'hairy' and can be very rewarding, i find it much less stressfull then day trading and the rewards can be very erm rewarding take my initial entry in to my current long which was at 11015 i'm currently up 260 pts and i still c myself as a novice,
It would take a very very good day trader to take 260 pts out of the dow in 3 days.
Elefteros said:
Yes, congratulations. About two months ago, when this thread started, I lost 103 points on an overnight trade with DMGT. Since then I have been up and down like a yo-yo, gradually getting it back until, yesterday, it was reduced to a net 10 points. That is, frankly, lousy, considering the good downtrend and now,a three day uptrend, that we have had, so you can see that I am going through a period of wondering what to do right.
Split
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