Dow Intraday Charts 04 Oct - 08 Oct

[ChartMan]

For once there is a clearer picture of what was to come from ES, showing a clear triangle formation.I can understand TT's total frestration- a day of big pullbacks, little to get hold of, then all of a sudden, whoosh. The only salvation was the ever increasing highr lows as the price crept up all day. But when you get too close to the action, you miss the (slightly) bigger picture.Take heart, it is NOT easy.

 

[ChartMan]

Bill Just a gentle reminder..... that SB is tax free ( let's not go there) but DA will take 25% ( min ) of your profit in tax, so your 33 is really 24- approximately.
PS off topic, but there's a nice vol PD on MONI.

 

[FetteredChinos]

morning all. nice movement late on in the day rescued my call at the end.. phew.

pattern still holding in place for this week. was a bit worried by the sell off on tuesday though.

looking for an early high today. hopefully somewhere in between 10,260- 10,300 from which i can put on a fetteredshort. targeting a pull back to the low 10,200s . hopefully before the non-farm payrolls tmr put a spanner in the works.

FC

 

[mpjordan]

Oh wise one, feta big cheese,
Whats going to happen today?
MPJ

 

[FetteredChinos]

lol where did these cheese malarkey come from

not sure where we're going as yet.

but as i posted above. im looking for slight downward bias later on today, after a turn between 10260 and 10300

i trade with wide-ish stops and not necessarily intraday, so please dont follow my trades...

 

[TraderTony]

As always, thanks for the comments and suggestions - all appreciated. Actually, I don't feel so bad about yesterday now as I did in the immediate aftermath. I stuck to my plan and apart from one toe in the water trade I kept out of the long period of direction less chop, which is progress. I failed to get in on the late breakout because it didn't give me the kind of entry I was looking for. In retrospect, of course, it was obvious the train was moving at full speed and I really ought to have jumped aboard one way or another, but there you go. At least I didn't try jumping in front of it!

Today I will run 3 min and 1 min charts in tandem.

Good trading everyone.

 

[justyn]

A nice rally at the end of the day yesterday, in spite of the fact that oil was tickling $52.

As I write oil is at $52.50 - maybe this will get get the bears selling today.

 

[FetteredChinos]

right. getting close to launching day trade area.

10,208 on SB prices will do me for a long...

 

[FetteredChinos]

and off we go.

stop at 10,150. exit 10,270

 

[jonnyy40]

bear flag but lunchtimes approaching so it could be a slump rather than plunge

 

[FetteredChinos]

still hanging in there. no reason to panic exit yet. although it isnt looking too pretty for the pattern at the moment!!

 

[justyn]

Oil peaked at around $52.8 and has eased of now to $52.25

Could be a bounce off good 'ol 64 later

 

[FetteredChinos]

right..

reduced day-trade target to 10,240.. 10,260 for a short is looking increasingly unlikely...but we shall see..

pattern cancelled if we break tuesday's low though...

 

[Bill]

My name is Bill an I'm an addict...​

...but guess what, I think I'm cured.

Haven't traded in over 24 hours now; the trade finger has stopped shaking; I've watched nearly 15 minutes of television without dashing through to check prices and the wife's stopped calling me a boring little twerp [anyway I'm not little!]

Chart shows that this was just not the day for the channel rules with such negative sentiment. On such days I would generally look for shorting opportunities and there was a possibility around 7:30pm which I did not take. [cos I was wachin the telly like 'normal' people].

0 points today.

Now Im going down the pub to get legless, much less addictive.

Regards

Bill

+-15 ema Rules are

1. Short if price crosses 100ema and touches/crosses 100ema+15
2. Long if price crosses 100ema and touches 100ema-15.
3. Short if nd and price is 100ema +15 [or v close]
4. Long if pd and price is 100ema -15 [or v close]
5. Don't trade in the 1st hour
6. Stop losses above/below obvious SR
7. Don't open a trade in the last hour

 

[ChartMan]

Channel gone and never even got close to 64 for a bash at 300. Never mind. If you didn't get the picture as 200 went , you surely should have done as the lower channel support went for a burton....

 

[ChartMan]

Justa quicky.... if you didn't get on the short as 232 went, the the loss of 200 was another opportunity. Nice bear flag later on to give a 40 point target and beyond.

 

[TraderTony]

No commentary today as only able to trade first two hours and messing around looking at different time frames etc. I took 12 points from 3 in the morning (+9 after commissions) which are marked on the chart.

 

[FetteredChinos]

ah balls. stopped out yesterday.

thats me done for the week.

oh well. cant win them all. more fun and games next week..

good trading, all.

FC

 

[Lee]

Hi eveyone, can someone enlighten me on a better exit plan then my own.
When in profit as I occasionaly am and if I cannot find a target to exit on then I have this stratagy
of sitting there like a wet fart whilst working things out and watching my profits dissapear. I know there are alot of knowledgable people read this thread - so what to do when you don't know what to do. TX

 

[Creech]

Long time reader of these threads and learnt alot. Hopefully now ill be able to give some input of my own.

Interesting to see the 3rd bar reversal on the 5-min chart which tends to occur. Also cross verified/indicated on the 1-min chart by the faster stochastics line crossing over the slower one, MACD rising, and the doji, which all indicated a pending reversal.