Dow 2008

[Mr.J-Arthur]

Haha no way, looking like it's breaking out...
How far can it go up?

 

[breadman]

8th attempt to break 11490 looks like a break to the upside, if we hold the lows around 11450 expect the next couple of days to be up.

 

[francisfinley]

Haha no way, looking like it's breaking out...
How far can it go up?

hopefully 11543 - should be the next test.

 

[francisfinley]

hopefully 11543 - should be the next test.

that was fooking awesome

 

[Atilla]

8th attempt to break 11490 looks like a break to the upside, if we hold the lows around 11450 expect the next couple of days to be up.

Hopefully that will take us nicely to the 16/17th Aug for the next turn... Still in my diary those turn days Breadman.

I've just closed pos at 11538.

Will go and enjoy rest of my evening...

Good trading guys...

 

[breadman]

Yes looking for Friday/ Monday/ Tuesday for the high. Maybe a double top at 11865 or new high at 11930.
I did short the Dow on Monday at 11850 as I thought the high could have been then.
The dollar index hit the major down trend that started in Nov 05, oil was at $113 just above the March high of $111 and gold was at $811 very close to the major $800 level.
At major turning points you should be looking for multiple signs from indices, currencies and commodities.
Monday may turn out to be the high we will just have to wait and see.

 

[Mr.J-Arthur]

Francis-that was "fooking" awesome man! I was doing good then wiped out my profit for the day and then DOW started to break out and I jumped on and made and extra 45 points! Had I not lost my profit I would have bagged 100 points total.

What a crazy, crazy day...
I also noticed that YM was not in sync with crude OIL. There was some news out yesterday on CNN.com that oil for 2009 is expected to be 124/bbl. That might have caused a dislocation between oil and YM.

Tomorrow is another news day. CPI data 8:30am ET and intial claims @ 8:30 ET.
CPI may allow market to rally if it's lower than 0.4% (market expectation). I expect it to be lower because commodities have gone down in price significantly (gasoline, oil, corn, gold, silver, etc).
So hopefully US inflation is under control for other prices for cars, airfare, etc..

More cat and mouse games for tomorrow!


take it easy guys. good trading!

 

[Atilla]

Good morning everyone,

We are on the pivot point with narrowing BBs and bunching MAs on the hourlies.

I have 11450 - 11580s as breakout bands.

Targets are

R2 @ 11757
R1 @ 11638
PP @ 11540
S1 @ 11422
S2 @ 11325

No opinion on direction at the mo. Will follow MAs.

Good trading everyone.

 

[francisfinley]

Good morning everyone,

We are on the pivot point with narrowing BBs and bunching MAs on the hourlies.

I have 11450 - 11580s as breakout bands.

Targets are

R2 @ 11757
R1 @ 11638
PP @ 11540
S1 @ 11422
S2 @ 11325

No opinion on direction at the mo. Will follow MAs.

Good trading everyone.

I hear ya, got 2% of the FTSE this morning, bit of a change so everyones in the same boat, stronger dollar, rising oil , base metals higher.... not to much deviation from the pivot.

 

[francisfinley]

moving to the beat of mr nymex at the moment.

 

[Mr.J-Arthur]

Guys, I'll most likely go for a morning short on DOW.

But we'll just have to see how the Consumer Price Index numbers come into play. The rate of inflation is expected to be lower. Core inflation is lower too I think.

So do I dare say this is bullish news? We're hovering at a near-bottom and there may not be anymore sliding left. Today will get interesting...

 

[Mr.J-Arthur]

Atilla-thank you for those S&R levels like always.

EDIT: Did anyone see the big gap on YM get filled? What the HELL was that caused from?! News pricing?

We've got some mouse trap games going on. No big slide...no big breaks yet.

 

[breadman]

resistance at 11665 hit and we have turned down, we are also making the second shoulder of a head and shoulder pattern.(60min chart) I still think we go higher as the market is not overbought but it's a hard call.

 

[Mr.J-Arthur]

Taking the day off...

resistance at 11665 hit and we have turned down, we are also making the second shoulder of a head and shoulder pattern.(60min chart) I still think we go higher as the market is not overbought but it's a hard call.

In at 11499

and out at 11623

Comes to a grand total of 124 Points for the day
That's over 9% of my total account on one little trade! I'm certainly pleased with today's gains. Plus I'm too happy right now too trade, haha.

Can you say Bling Bling? Good Trading boys, I'm heading out for the day! To the gym, sauna and Hot Tubb! :clap:

 

[smbtnt]

resistance at 11665 hit and we have turned down, we are also making the second shoulder of a head and shoulder pattern.(60min chart) I still think we go higher as the market is not overbought but it's a hard call.

yes very hard call, the V down from 664 suggests a total rejecton of price, however Dow has known to do stranger things, it can travel up 200 up easily from here however we are trending down as opposed to when we were climbing, so the bull show might not be that extravagant, what level would you like to see broken to confirm an RHS?
Beautifully poised...

 

[francisfinley]

yes very hard call, the V down from 664 suggests a total rejecton of price, however Dow has known to do stranger things, it can travel up 200 up easily from here however we are trending down as opposed to when we were climbing, so the bull show might not be that extravagant, what level would you like to see broken to confirm an RHS?
Beautifully poised...

banging on the door.....

 

[breadman]

11665 broken resistance now at 11707 then 11765

 

[Atilla]

11665 broken resistance now at 11707 then 11765

I'm looking to go long. Possibly around 11650.

My primary target likewise 11750 regions.

 

[Atilla]

I'm looking to go long. Possibly around 11650.

My primary target likewise 11750 regions.

Long @ 11654. SL @ 11624

 

[Atilla]

Long @ 11654. SL @ 11624

Stopped out.

Changing direction.

Short at 11628 now with SL @ 11648.

If this one gets stopped out that's it for today.


Target 11540s Pivot Point...