Dow Intraday Charts 27 Sept - 01 Oct

[GKB]

Could someone clarify what happens when the flag looks like the ones in the attached diagram? (Sorry for the poor quality artwork!)

There are two "flags" where the flag itself is horizontal and two flags where the flag itself is pointing in the same direction as the flag pole.

Cheers!

Justyn.

Hi Justyn,
A few thoughts ...
1) look for "barn door" patterns. If you've got to look too closely and "make it fit", then you're probably wrong.

2) in EW terms, it's not a flag if it doesn't move counter trend. If it's flat, it's a consolidation (allow for range), maybe a "pennant" or a triangle; there are others though

3) in TA terms you may be right drawing the first "pattern-line" as originating at the start of the pattern, but in EW terms, you should draw the first line from the end of the first move NOT the origin. Perhaps someone could tell me which rule applies in TA?

Good luck to all today

Regards,

Graham

 

[justyn]

Looked like a triangle breakout at the end of day (chart two attached) with target 10125

Futures at 10110 as I write, maybe I was right about that triangle. My "overnight" long was stopped very quickly at 10060 - and futures dipped to 10037 in the early hours.

Never mind, see what happens today.

Justyn.

 

[FetteredChinos]

VERY early days, but is that a Head and Shoulders forming on the dow?? assuming the 3pm move doesnt spike us above yesterdays high??


target 9940-9950 i think??

 

[ChartMan]

another "W".... 232 here we come... :cheesy:

 

[FetteredChinos]

scratch that H&S..


dandruff-tastic.

 

[ChartMan]

scratch my *** you mean.... :cheesy:

 

[trendie]

I lasted 10 days !!

I have closed out my remaining 3 positions at 10,170;
10,027 = - 143
10,055 = - 115
10,055 = - 115

I failed to conserve my capital.

I failed to follow my own rules ( justifying staying in when I should have bailed out )
( re-analysing in favour of my own pre-conceptions, rather than accepting what the market was telling me )

Adding to losing positions ( actually boredom trades )

I shall consider this as losing the FIRST of my 9 trading lives.

When I re-start next week, my objectives will be to last longer !!

Have a good weekend guys !!
See you next week.

 

[rasl]

hi TRENDIE
sorry about your loss
your entrys was too close,should be about 100 pts before add 1 contract.
hope you do better next time.
rasl

 

[GKB]

hi TRENDIE
sorry about your loss
your entrys was too close,should be about 100 pts before add 1 contract.
hope you do better next time.
rasl

In principle, I agree with your comment. I usually multiposition and TRY to leave at least 50 points between positions AND add in at good points of wave count/ TA / MA volume signals.
I must say that despite the logic, I still get carried away and add-in too soon.
Easy to say ... harder to do

Better luck next week Trendie.

 

[TheBramble]

I lasted 10 days !!

I failed to conserve my capital.

I failed to follow my own rules ( justifying staying in when I should have bailed out )
( re-analysing in favour of my own pre-conceptions, rather than accepting what the market was telling me )

Adding to losing positions ( actually boredom trades )

I shall consider this as losing the FIRST of my 9 trading lives.

If it's any consolation Trendie, I dropped my entire trading capital 3 times over 7 years.

And you've only touched the tip of the iceberg in terms of things not to do.

You're sounding amazingly chipper for someone who's just done everything they felt they shouldn't have. If I was you, I get depressed for a few minutes - it's traditional in these circumstances.

 

[FetteredChinos]

comiserations trendie. its something we all go through. today been a bit of an 'arris for me too.

if we see 10,210 on the dow today, it is time for a big time short into next week and beyond

cycles pointing to a turning point of tomorrow (yes i know its a saturday) and also it is hitting a trendline from recent highs...

it looks like a no-brainer, but after todays FTSE action, who knows what can happen.....


good luck with it though. the positive attitude you seem to have will stand you in good stead.


have a nice relaxing weekend, and dont dwell on it too much.

all the best.

FC

 

[tradesmart]

Commis Trendie -

*most of us have been there/done it, and would be liars if we said otherwise*

But it's all part of the essential learning curve I believe, and you never stop learning, and if you think that you know it all - the market will show you that you don't....

Weds - No sign of a divergent top yet on 60min RSI, so maybe 38.2% fib of the recent down move at 10132 ish, or 50% at 10180 ish are beckoning…..?.....(132 now attacked....!)

With a lot of practice, I'm getting it half right now......... :cheesy:

And I actually traded it.......!

but in small size........

I quite fancy my Dow Comp entry this week as well.......

but it's never over 'til it's over..........

ps- Dow Comp - on reflection this looks strong - I reckon CM's going to get it.......!

 

[Bill]

Trendie

Just got in from work and noticed your post and a string of others offering moral support. I can't say too much that hasn't already been said. I would just like to add my support, for what it's worth, and confess that I too have similar 'skeletons in the closet', although not recently I hasten to add.

China White once said, of a bad losing streak, 'it's probably the best lesson you can learn'.

There was a guy in the chat room last year, can't remember his name, said he'd lost over £60k. Just got out of hospital I think but was still receiving treatment.

Posting your trades and reasoning on here is pretty good therapy, helps with the trading discipline.
Regards

Bill

 

[koli1]

Why there is so much bying today

Somebody explain the reasons ? I am confused.

 

[rasl]

quote: why there is so much buying today

me too,oil still near $50.00 a barrel

Fri 12:06PM ET - CBS MarketWatch
U.S. stocks rallied Friday on a raft of benign economic data and a rally in technology stocks, with PeopleSoft in focus after the company fired its chief executive officer, rekindling merger hopes with Oracle.

 

[TheBramble]

Why there is so much bying today

Hi Koli, welcome to t2w.

What do you mean - so much buying of what? The indices? Which ones? All looks pretty flat from here...

 

[koli1]

Hi all

I mean the SPX and NASD. Concerning the SPX I believe we are heading straight to 1145-1150

 

[ChartMan]

ps- Dow Comp - on reflection this looks strong - I reckon CM's going to get it.......!

I'm sorry, TS, I have decided to ban you for threatening behavior towards amother member, namely myself.Think about it. :cheesy:
As for the rise, I heard it was due to the "new quarter" with the institutions having money to spend.....godd news from the US er economy as well.

 

[tradesmart]

Well, if the Dow Comp doesn't get ya CM, the electronic climbing wall will.........!?!

in the nicest possible way I hope........!.............

I'm now thinking that I might go for the 64 footer - you get an appetite for risk in this game...

I note that the 'lucky' 32's and 64's are playing their part outside the world of Dow Charts as well........

more than a coincidence imho........ :cheesy:

 

[ChartMan]

I note that the 'lucky' 32's and 64's are playing their part outside the world of Dow Charts as well........

more than a coincidence imho........ :cheesy:

Where's that then? Discovery of the decade?