Dow 2007

[Dinos]

Good Evening

 

[firewalker99]

Good Evening

Hi and welcome back

Meanwhile the wedge is becoming smaller and smaller... action to come!

I am long 13600 ~ cash 13570

 

[Dinos]

Hi FW, and thanks, hope you had a good weekend and a couple of profitable days trading, indeed, have just been looking at the very same, step up or retreat, that is the question, looking at my data now.

It will be a short week for me this week, didn't bother to trade to today and intend to trade Tuesday to Tursday only as off to Holland for 5 days on Friday, taking my son to a football tournament, the missus not to be outdone, is taking my daughter and her friend to Spain for the same period.

I'll have a look, a post my thoughts, will be more active tomorrow though, the missus is going out for her last minute shopping!!

 

[mark twain uk]

Hi and welcome back

Meanwhile the wedge is becoming smaller and smaller... action to come!

I am long 13600 ~ cash 13570

I think I am missing something, last time I looked a rising wedge was a bearish pattern yet you are long at the top of the wedge? I trust you have a tight stop loss, if we hit a sell-off in the last hour it would drop like the proverbial stone.

 

[firewalker99]

I think I am missing something, last time I looked a rising wedge was a bearish pattern yet you are long at the top of the wedge? I trust you have a tight stop loss, if we hit a sell-off in the last hour it would drop like the proverbial stone.

Because of the slow moves and not much clear clean direction on DOW today I am taking profits at +10. So I exited my long again at +10... flat again.

About the wedge, I agree. The last time I had this pattern on DAX it led to the February selloff. But this being the exhaustion phase of the bull market, it might well lead to a spike top. Anyway I'm only intraday trading so it doesn't really influence me a whole lot.

 

[Paul71]

Oh ok, yes I know what you mean. It's what I would call a sideways range. A channel for me is defined be a clear directional movement (either upwards or downwards) with price staying in between two boundaries (where usually supply & demandlines can be drawn)...

anyway personally I thought we were going to see a downwards break, but it could go higher now that we are clear of that...

I've been onto Rossored, i can't upload my charts at the mo for some reason, hopefully soon.

Thanks.

 

[Atilla]

I think I am missing something, last time I looked a rising wedge was a bearish pattern yet you are long at the top of the wedge? I trust you have a tight stop loss, if we hit a sell-off in the last hour it would drop like the proverbial stone.

Volume is likely to be a determining factor but it can be up or down in both bull and bear markets. However, according to Bulskowski

........... Bull Market ....... Bull Market
........... Up Breakout ....... Down Breakout

Rising Vol ...... 33% ............. -11%

Falling Vol ...... 26% ............ -15%


If it does fall it's not going to be the big one we are waiting for. If anybody can tell us the volume might give us an indication on direction.

I did space out the table with spaces but obviously one for sharky, spaces are removed from the edit.

My plans showed a rise and a fall and dare I say it would fit quite nicely to the analysis. So 13400 may well be on the cards. I won't hold my breath though.

However, in this bull market I reckon a small retrace to 13490 - fib 23% coupled with a surge to 13700 may be on the books before a bigger fall.

 

[Dinos]

a quick short 83

 

[hobby]

a quick short 83

'kin hell...great arrows 35 Dow point in 8 minutes! Well done.

 

[firewalker99]

a quick short 83

wow what an entry! fantastic!
saw it coming too late... entered at 65 cash and took +20

 

[Dinos]

And out at 53 for + 30, marvellous

 

[firewalker99]

And out at 53 for + 30, marvellous

well done... not bad for 15 minutes of trading

 

[mark twain uk]

I am still short, I reckon there is more to come

 

[Dinos]

FW, Thanks, got my holiday spending money now!!

Given the time of day, I broke my own rules and closed the position before my set up told me, but hey I'm happy with that, as you say 15 mins trading.

I'd rather take one to three trades a day, and be profitable, rather than try and catch every move, its suits my style.

Might be a little bit further downside, but I don't want every point, regular and consistant within a range for me.

Off for a beer,

goodnight all, speak tomorrow.

 

[Paul71]

I am still short, I reckon there is more to come

I agree.

 

[Dinos]

I've got pass those days, of "I wish I'd held", but tonight Grrrrrrrrrrrrrrrrrrr!!!!!!!!!!!!!.

lol

goodnight

 

[Paul71]

Anyone for 518 cash, for support?

 

[firewalker99]

I think I am missing something, last time I looked a rising wedge was a bearish pattern yet you are long at the top of the wedge? I trust you have a tight stop loss, if we hit a sell-off in the last hour it would drop like the proverbial stone.

Did you say a sell-off in the last hour? :-0
Good call!

I actually had tomorrow as a down day, and I still have... unless we are dumping it all tonight to pick it up again tomorrow.

 

[firewalker99]

Anyone for 518 cash, for support?

No... too close to the finish for me!
Staying on the sidelines... don't want to waste three good trades in the closing stages

 

[mark twain uk]

closed half of each dow and spx shorts for 50+50 :cheesy: and moved the stop loss on the remainder to B/E

Nice feeling...