DJIA Breakout Setup.

Discussion in 'Trading' started by chasinfla, Oct 29, 2002.

  1. This is a 15 minute chart of the Dow.
    <img src=""width="550" height="350"></a>
  2. ctrader


  3. dgmodel

    dgmodel Guest

    looks like break down to me...
  4. probably just semantics... lots of guys use breakout for either direction. Chas has been around the block enough times to know the diff.

    Thanks for the chart chas.

  5. I wasn't calling direction. I should have labelled this as 'congestion'. I felt that the market's hand would be forced...On my desk I have printed the chart with support lines at around 8123 and 7975 (roughly)...

    My lack of clarity.
  6. ctrader


    Ok, we had the same idea. I think we will get a pull back of 50% on the DOW... this confidence number should spark a couple days of selling... too much air ie gap ups underneath the rally.
  7. this congestion could be a 'continuation pattern' but i've been conditioned to expect a pullback, as you say.
  8. Is that your blog? cool.
  9. ctrader


    I hope to keep updating it as my own personal swing trading journal, plus I use all the charts on the left each night. Still haven't made a trade yet in the journal, I am waiting for the setup right now.
  10. Uh, does it really matter what we think, since there's no consistent underlying economic agenda propelling stocks and profits in one consistent direction, other than helter skelter?

    let's face it, although they don't want to publically discuss it, we have been so far beyond Recession, that we've been in a Depression for the last two years.

    So, how many people actually thought this is what they voted for, when they chose the way that they did?
    #10     Oct 29, 2002