Dow Intraday Charts 22 Mar - 26 Mar

[ChartMan]

Not much of interest today.. but interesting "W" that appeared as a top. Would have been a nice entry if it had gone the right way. Other that that,another div day so TS should be happy... The last ND top squeezed anther 10 points, but so what? If you got the PD bottom , there was an easy 70 points. And taking the failed D top that didn't make 32 was a reasonable short entry, for a swift 50 + ( If you could stomach the pullback!) But the H&S should have instilled comfort til the close. Dow closed at just about even, but nice volatility, albeit a bit tricky in places, offering some good gains.

 

[mombasa]

ok, take it all back re triangle and divergence - lovely bear flag on 60 min etc now.

BUT - still have divergence on daily.

 

[anmolway]

ANother tri on 1min

seems to be my favourite word these days.lol

 

[tradesmart]

An odd sense of déjà vu earlier as the price flickered momentarily below 10000, but with a 85 point bounce in the 52 mins after, I guess that support is confirmed at this level……!

Oh yeh, and support at 10k confirmed by PD on the 1/10/60 min charts, so no real excuse for missing the trade……..

The geometry on the 60min chart may morph into a ‘W’ bottom, and I wouldn’t be surprised if the index pushed higher in the short term…….

edit 17.35 - now 100 points in 82 mins......

 

[mombasa]

not happy with that bear flag failure - assuming it was a bear flag .....

Missed the whole move up while I sat there cursing the bloody thing.

Ah well, I'm a bull so kinda glad it failed.

Lesson - Divergence signal takes precedence over flag target doodah.

 

[tradesmart]

Certainly some geometry going on Mom….! As usual, we’re all seeing something slighly different, and from my ‘working’ mark-up on the 1 min chart, I was watching a bear (descending) triangle morph into a bull flag, and with PD setting in from 10030 ish, had the ‘classic’ 25 min wait to get to the bottom……

Pulling back a bit now, so will be watching for another bite of the cherry in the evening session…….

Some nice big points moves recently - long may it continue.....! :cheesy:

 

[a320]

I see it made 3 drives from todays low up to a 78.6% retrace (10130 to 10007 area) where it got jumped on... opening price area and how it she reacts to it will be the key for direction.

CJ

 

[mombasa]

looks like that 60 min consolidation is still in play, range 10,130 to 10,010 - short at top, long at bottom until it breaks is the name of the game - or maybe not 'cos it's gotta break soon and wouldn't wanna be on the wrong side.

However, there's gotta be strong support at 10K cos of psychological reasons and also the ongoing PD would seem to indicate a long.

So, if it gets to the bottom of the range today, another overnight long for me.

edit : but that 4th peak didn't make it to the upper trend line - which we all know in hindsight means break down.

on the sidelines in that case for me.

or

tempted to see this as a bear flag failure from earlier on with dbl btm at 10,010 ish.

 

[tradesmart]

Don’t know if anyone is interested – I think that Rustic1 (Kathy) was asking about RSI settings for the 5 min chart quite recently…….

I’ve been playing around with setups, and the settings below for RSI and CCI seem to work quite well, highlighting divergences………

ps - Mom - so much for thoughts of a possible push higher - every surge upwards is being sold pronto......! (as we test 10050 yet again...... )

 

[ChartMan]

Still nothing clear on the 10 min chart. Tripple bottom , Double Bottom? Resisting the 10K drop so far... Something has to give.

 

[ChartMan]

What happened to all the divergences? Strange day. I wonder what others made of it....

 

[tradesmart]

Nasty dose of 'gappy chart' syndrome CM.......!?!...

hope that it's not catching..........

mind you, if we can predict that it fills all of those gaps, we could make a fortune........

 

[tradesmart]

I suspect that yesterday’s erratic price action was yet another big triangle in the making, and after 5 consecutive down sessions, we might expect an attempted triangle breakout and a foray into the green today, and the futures are optimistically up….

However, data due out at 13.30 could influence the outcome……

edit 17.30 - 180 coming up...?! :cheesy:

 

[tradesmart]

MY PURPOSE IN LIFE IS TO BORE YOU SILLY GOING ON ABOUT RSI DIVERGENT ENTRIES………….

No, not really but you’ve got to admit that it was a long entry made in heaven today with so many ‘positives’…….

Bull flag / horizontal support at 10090 (prior strong S-R level) / bounce off 100ma / PD on RSI……..(of course..!)

They don’t really come much better imho…….

Ps - 230in the sights…?

 

[ChartMan]

I've only got 190 as a target.... but there looks a lot more in it . RSI strength on the pullbacks is weak. Didn't fancy the PD at 90, but took the RS Switch at 120

 

[mombasa]

i saw a bull flag on the 5 & 10 min chart and went long on the 1 min chart as it bounced of the 100EMA.

 

[tradesmart]

Nice ones CM/Mom - just closed at 200 , maybe it will make 230 today, but greed is the enemy and all that.....!

"The market was at an extremely oversold level and that factor combined with some decent economic news creates a nice rally," said Stephen Massocca, president and head of trading at Pacific Growth Securities.

Well, I never would have noticed......... :cheesy:

 

[anmolway]

Respect TS maybe not 230 but close enough. How did you arrive at that?

 

[tradesmart]

Anmol - A guess primarily, but 230 ish was the next major resistance level up once 120/140 was broken imho......

 

[ChartMan]

I made the resistance 215 ish.... Looks to be tops for now with CCI at 200 and RSI 70. Next res. up is 320, but we need a pullback first, but not to 10k. 124 should provide support.