We did indeed get some more up, but then Grreny put a spanner in the works and you can see the result. A violent -/+ 100 point swing before finally deciding that the news was obviously no so good. 500 point of volatility today.The only real interest from a TA point of view was the Bear triangle that developed off 8600 base, giving a target for the drop of 8500. The 3 slope changes may signal this as the bottom, but beware. Having regard for the previous uptrend situation, it could well be that this has been a panic reaction and normal service will be resumed tomorrow....The final 20 mins shows PD on phase....
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Took a while for the Dow to get back to normal as I thought, but so it did and with avengance. Great TA day to catch all of the major move from 6:30 onwards..... It started with the bull triangle formation that lasted over 2 hours. This was accompanied by good PD on RSI adn CCI... leading to the breakout at 8400. The bull triangle gave a target of around 8513, where the price went through and dropped back to provide support. That pull back was a mini bull flag, which then gave a new target of 8689.Here the price didnt breakj through and it looked like it was all over, but no.. It wanted up and it did just that. I for one, and others got caught taking a short here.... Considering the drop in RSI at this point, it seemed the right thing to do. But the drive through8700 soon put paid to that and back on the "longs" again. This just ran and ran, to everyone's surprise, I'm sure. 🙂 I gave up at 8740 having had far too much excitement for one day.
Should have been a great day for the Tea Time traders too, with over 200 points on offer from 7pm. About 800 points on offer today from the off.
Should have been a great day for the Tea Time traders too, with over 200 points on offer from 7pm. About 800 points on offer today from the off.
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Compared to yesterday, today was relatively boring, but just about enough volatility to keep us happy. Would the ND top have performed if the news was not bad?- unlike yesterday when it continued on up...Still we found support just above 8700 and continued on up to close some 30 points off HOD.Notice again the RS Switch/ triangle that preceded the breakout off the bottom. Are we going to have one of those excellent Fridays?
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Arrrrgggghhh . Even more boring than yesterday. Stuck in a trading range of 80 points and a gentle uptrend. The only thing that remotely could be classed as TA was the "W" bottom.
I see conflicting stories between this 1 min chart ( which is suggesting a confirmed up) and the 10 min chart that suggests down. A hard day to trade, full of whipsaws and no breakouts. That's two days of narrow range. I hope this isn't heading towards an NR7 . Still, if it is, there'll be a good breakout to look forward to.
I see conflicting stories between this 1 min chart ( which is suggesting a confirmed up) and the 10 min chart that suggests down. A hard day to trade, full of whipsaws and no breakouts. That's two days of narrow range. I hope this isn't heading towards an NR7 . Still, if it is, there'll be a good breakout to look forward to.
