Dow Intraday Charts 22 Mar - 26 Mar

[ChartMan]

Time to own up... I totally missed the PD on the bottom of the bull flag and couldn't chase the break. I was wary of the extended bull flag, thinking it was going to go all day... But I did catch the RS Switch. But then I closed out on the ND top ( or so I thought), only to watch it creep up, and up... The target of 190 was tongue in cheek, as it relied on the Gap and yesterday's closing low, which generally is a bad thing to do. Realistically, the flag had a target of 120, ie no gain. I'd fooled myself into thinking 190 was tops. This looks good for a follow on tomorrow, but the 10 min chart says not.

 

[hagadol]

What is Commodity Channel Index and what is the reasoning behind using here in the charts.

Thanx

 

[ChartMan]

Not used much, but on the 10 min charts, provides OB/OS indication at +/- 200 ish.

 

[ChartMan]

230 target anyone?

 

[anmolway]

Good one CM, it seems like 230 is is upper limit of another triangle on 10min.

 

[tradesmart]

Adam and Eve setup anyone, looking for 264…..?

Or is it a Friday afternoon hallucination……!

Views welcome as long as they’re not too rude…….

 

[ChartMan]

and 250 for T2.
edit
250 is the triangle target ... RSI 80 is OS so 64 a bit later. I guess we'll close at 332. Now that would be nice :cheesy:

 

[anmolway]

TS, looks like Adam wants to stay up for a little longer :cheesy:

270-77 target from triangle.

Also started looking at fib levels after TS's success. We have got a .618 retracment from oct lows to highs of 10750 at 10273.

 

[ChartMan]

Anmo. If that's your estimate of the triangle from the open, I think it's too high....... It should be 250/255....

 

[anmolway]

CM I am not always sure where to take target from. Where have you taken target from?

Thanks

 

[ChartMan]

Hope you can see T1 and T2 from this
T1 is (210-190) +210 = 230
T2 is (225-180) +210 = 255

 

[ChartMan]

RSI dropping nicely for no price move....

 

[anmolway]

Thanks CM, I have never looked at triangles from that aspect. I have always tried to take the diference between the top and bottom of the triangle and added that from the breakout.

 

[ChartMan]

That's exactly it!

 

[anmolway]

I think we were looking at different triangles.

I was taking the triangle top over the top of yesterday and over 3pm peak and then taking the target from the 10230 breakout.

Looking back at that it isn't a clearcut triangle, more of a channel resistance.

Sorry for the confusion

 

[ChartMan]

Breakout and pullback to support at 215... so room for some upside.

 

[ChartMan]

Alternate view to the triangles maybe? A bull flag , target 235. Nothing to show in the way of divergences really, but some good points to be had again.

 

[Hooya]

Just wanted to get your thoughts on how you measure your targets for flags etc...this is how I do it??

 

[ChartMan]

No, you start the target from the bottom of the channel.

 

[Hooya]

interesting idea CM