Dow Intraday charts 01/12 05/12

[Quercus]

I know that there are no RULES in this game, but based on your last chart CM - how can you make a decision as to where to draw the line with regard to the "garbage"?
Cheers
Q
PS Just noticed the lovely unintentional pun!!!!!!

 

[ChartMan]

Will this be another mini bull flag, target 9940? ish
QC

Try this..... If it looks right, and you can see it in a flash, it probably is going to be right. If you have to look at it for a minute to find somthing, then there's probably nothing there. So said a wiser man than I...... It's the same with all the trend lines I draw. It's mostly what looks and feels right. Some will say that's utter b*****x ,but it works for me. Sadly, but true, a lot of it is just down to plain experience, and that takes time.
To be more specific, the garbage is anything that is out of place, like yesterday's last 20 mins or so.

 

[mombasa]

missed it all - just having our normal friday afternoon T & scones

That min bull flag looked good - has broken down now - just as well i waited.

 

[ChartMan]

So what do we have now then? An RS Switch?
MomB , youre so rude! You're supposed to invite friends round when you have Tea and Scones.

 

[mombasa]

T & scones at work - every friday afternoon - unless its a special occasion like diwali or id or xmas - then it's beers ad appropriate snacks for the occasion

Life is good again in investment banking

 

[ChartMan]

Time to sit and wait for the 5 min chart to say something.

 

[mombasa]

taking a closer look at that mini bull flag - reckon it was a dbl top then?

Move down is rather weak tho - waiting for a long opportunity

 

[mombasa]

I was too bullish to go short on that little pullback - missed the short - cest la vie!

expanding triangle now - who's gonna guess which way it'll break - not me.

 

[tradesmart]

Ah well, that little ND top a 9915 was meaningfull!! - watched too long hoping for a flag and was lucky to close at 9905 on the way down......!

see it run to 9940 now......

 

[mombasa]

TS - that's a prob I've had before as well - figuring out whether it's a dbl top with ND or a flag - last time it was a flag ......

Dunno how u distinguish between them - take a view and put in a top I guess if u're not sure.

 

[rossored]

Whats everyones views on this possible pattern?

 

[mombasa]

Gambled on a short 'cos I reckon it's gonna break to the downside - short @9885 - stop at 9904

 

[tradesmart]

Mom - I think that if it appears to be a flag, but suddenly springs a 'leak' the' only solution is to get out quick..!

on choppy days like this, the only solution appears to be to take profits little and often or get whipsawed.....

now is this a bear flag forming.... :?:

 

[mombasa]

looks like bear triangle to me

CM, mentioned this in his 10min chart

 

[ChartMan]

Does this help?

 

[SpecialFX]

Hello Everyone, I'm new to this (first post) but it looks to me that support around the 9870/60 area is strong so I'm long at 9885 with hoping for 10000+ but take some profit at 9935 - s/l 9850

 

[mombasa]

CM - ok, so it's not a bear triangle - damn !

hope this thing gives me a chance to close without too much pain - down 10 at the mo.

SFX - hi - think u are right - quite obvious from all those bounces and prev days - got carried away again - must be the T and scones

 

[tradesmart]

CM/rossored - you're right about the big triangle for sure....increasing volatility as we get towards the 'sharp end' and then it's make up your mind time....

Hi SpecialFX - Good luck - 10K here we come (maybe! )

 

[rossored]

btw, i meant to post this the other day, its good for a laugh. Slight calculation error on the part of ninjatrader. Shame it was an error though, that would have been a nice little trade... :cheesy:

 

[Quercus]

Just to be bearish - there looks to be a nice H+S forming with the neckline at 9880, this is also the 38% Fib retracement from the range of the week and has also been providing support today, so there's a nice ambiguous statement!
Q