Dow Intraday charts 24/Jan - 28/Jan

[tradesmart]

Yeh Brambs - I've got my suspicions that it's going to test the lows again, but I'm keeping an open mind for now ahead of the data/earnings - the bulls could spring a minor surprise yet...

BTW - If Screamin' Lord Sutch was still about, he'd get my vote.......

 

[TheBramble]

Get's my vote too. If it breaks down thru 10480 without stopping and continues through 10460 (without a significant halt) my target is 10360.

Managed to go short close to the (current) low of the day and get out 25pts later (and poorer) having hit my 463 stop loss level.

This is one play where price & volume just doesn't tell you anything.

 

[Salty Gibbon]

You can't learn it in text books either can you Tone, lol !

 

[tradesmart]

Commis Brambs……

I’ve had a couple of longs from the RSI PD’s for the gap fill play, but am now watching what the small triangle produces – It’s gotta fill that lower gap around 400ish soon imho, but the Naz seems to be leading the way north ahead of MSFT….!

BTW – 25point point stops are a tad generous imho – you could’ve had 5 x 5 point stop entries for that from firm S/R numbers, and I doubt that you would’ve got stopped out 5 times….

Someone knows where it's going:-

"This encourages me that the correction has done its dastardly deed and that the market is going to resume the primary trend which we think is up modestly," said Al Goldman, chief market strategist at A.G. Edwards.

In the short-term, Goldman noted uncertainties such as this weekend's election in Iraq and OPEC meeting and next week's Federal Open Market Committee meeting as well as general weariness after a two-year run could keep stocks from soaring.

"It's back to a bull market which is 27 months old which means it can't rock and roll like it did two years ago day in and day out -- it's going to go up two, down one, take a nap, then do a little better," he said.

zzzzzzzzzzzzzzzzzzzz...........................

 

[TheBramble]

Commis Brambs……

BTW – 25point point stops are a tad generous imho – you could’ve had 5 x 5 point stop entries for that from firm S/R numbers, and I doubt that you would’ve got stopped out 5 times…....

Vanity forces to be add (a tad off topic - sorry Martin) that none of my 'bread & butter' strategies involve playing the open as I did here or involve such horrendously large 'opportunities' to my counterparts.

I traded this from my 'strategy test capital' (incredibly small) which I find a useful intermediate step between paper and full size.

The trade was useful in that I hadn't 'spotted' the 440 level. Another mistake I wont make again...

Having said that, I executed the trade on both entry and exit according to plan and am extremely happy with the loss.

TS - good point about being tight on the on S/R levels.

Salty - wrong book.

 

[tradesmart]

between paper and full size

That's about where I am Brambs........!.........

(trying to work out what "full size" should be - about $500/point is a nice round number..... )

Maybe we’ve just seen a ‘higher low’ which might give the index a slingshot up to the 50% fib level of the recent down move at 620 ish….

Purely speculative comment – it could still fall over and retest the lows yet…

 

[ChartMan]

It's all bollo Here's the real mcKoy.... We're still in that down channel , nicely. Note all the SR switches on RSI. Note the triangle on CCI. Next move is CCI down to support. The point to watch is that CCI triangle break I guess.

 

[ChartMan]

Self explanatory chart, I hope.... CCI at -600 on the open has to be a long.....If you want to ride the big ones, you have to run a 20 point stop and down size your stake if need be....

 

[tradesmart]

It's all bollo

Might not be......

 

[ChartMan]

Who cares? :cheesy: It's all good fun either way, especially after a nice big Benedictine. :cheesy:

 

[tradesmart]

a nice big Benedictine

If you trade after one of those, you'll need a 50 point stop.......!............

 

[TheBramble]

Oh...that's a relief. He meant the drink.

 

[ChartMan]

As I said last night, watch for CCI break and that series of SR switches.But now CCI has bottomed out on support so I guess it's up on Monday.....Or will RSI his res line and bounce back down? TS got the 400 re-test spot on.....Any bets? :cheesy:

 

[ChartMan]

Tricky, but it pays to have the last part of yesterday's action showing....With only a 10 point gap, you can assume the chart is "continuous", which is a big help.The multiple top at 470 followed by that drop of the support line provided a nice short entry, with T1 as target and a close at CCI O/S. OK so you didn't get the bottom...... But a quick squint at ES + vol showed vol divergence after a nice peak at 16:08 and that produced a triple bottom at 1165.5
The rest of the day was pants, save the flying finish.....