Dow Intraday charts 08/09 12/09

[ChartMan]

Now getting critical with dbl bounce on 9460 but RSI rising so plenty of room for a drop
Just seen the triangle forming on RSI
so a break out on RSI at 50 would be sweet.
NB this is a 2 min chart.!!! 1 min rsi break is at 60
ES vol is diminishing so a big move is due- which way? pass....

 

[ChartMan]

Not exactly taxing the concentration , is it? :cheesy:

 

[ChartMan]

There's the big vol spike, now let's see if its a false break down or a real support fail....

 

[Bill]

I was just thinking. Is this worth shorting since there may be resistance at 450.

Thanks for the guidance on S&R earlier CM


I mean Support Doh!

 

[ChartMan]

I don't think it's worth doing anything. Like yesterday, there's no sign of strength in either direction.It's certainly not looking like a short right now- false break 9464 for a half stake long maybe?
Note price has failed to make channel support twice now!

 

[oatman]

Well your channel's gone. I had a little short in front of that, but the paint dried :cheesy: Small long against a new low now.

 

[ChartMan]

now looking for a support bounce off the bo line @ 9460 ish
to make an RS switch . Clearing 64 will be good too...

 

[rossored]

Well i'm long here from the double bottom on YM and ES....

 

[mombasa]

keeps on testing 9460 doesn't it? Channel support is now 9448 ish?

Guess the only ok entry today would have been a short on the 9500 dbl top - did attempt that but fins had move dthe bias already!

 

[ChartMan]

Nice. :cheesy:

 

[rossored]

moved stop to breakeven plus 1 now come on baby!!! lol

 

[ChartMan]

How tight is that?! give it room :cheesy:
wd m8
now track RSI to see if the drops/ pullbacks are weak....

 

[rossored]

I hate losing CM!

 

[mombasa]

pullbacks look very weak CM, but what do I know from the freebie lycos charts ?

BTW, went long at 9470 - was buy chatting to someone at missed the channel bo

 

[ChartMan]

snooze ya looze :cheesy:
wd anyway for getting in. Now you have to manage it!!! It's a weak move up so far. RSI 40 for 20 in price.
I'm off home now cya guys GL.

 

[mombasa]

ciao CM - thx.

 

[rossored]

Closed the mutha for +22. :cheesy:

 

[mombasa]

I closed for 10 - went short after it broke down thru 100 MA. Hmm - think I see an inv h&s forming - might have to cover

 

[rustic1]

what do you mean by cover?

 

[mombasa]

I mean close the position 'cos it may be going against me. It failed so all ok.

A biggy H&S has formed now - hope it breaks (to the downside) 'cos I'm still short.