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Dax & Dow


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yes, you will see the signs of reversal down there before the larger scale charts but it's easy to get lost as to where you are in the bigger picture so I will have a H1 chart running as well so I know when and where to look for breakout or reversals on the smaller scale charts.

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Dow reaching up towards the daily pivot point having found support at the old weekly chart resistance level 27313 (Red) and now looking to bounce up off the old monthly chart resistance level 27401 (Purple).

Dax arrived at recent resistance after a strong 8am bull candle.

H1 charts;

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1 hour ago, dmedin said:

Looks like DJIA is about to do another big ploppy doo-doo :(

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Looks like schmoks like.

So at the start of the day look at yesterday's daily candle, it can only be either a bull or bear or a pause candle. Assume today's candle will be the same (bull or bear, forget pause), so expect a continuation candle.

Watch the daily pivot throughout the day, he who controls the pivot controls intra-day direction. So if yesterday's daily candle was a bull then so long as today's price action remains above the pivot then expect continuation upward.

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13 minutes ago, dmedin said:

radically changing my tactics before I sink for good.  😺🐮

good, go back to basics. Decide on near term direction, look for a reasonable pullback set up to reverse back and continue with trend and enter with a simple bracket order of a tight stop loss and reasonable target and just keep chipping away.

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7 hours ago, AndrewS said:

Dmedin, for me those Heikin-Ashi candlesticks on the intraday charts obscure the actual wicks and bodies too much. They do tell an interesting story on the daily charts.

yes you do need to be a bit careful on HA charts and also make sure you keep an eye on the actual price line and remember the candle open has been averaged out. Another good alternative is Renko which also smooths price action making it a little easier to follow but unfortunately not available on the IG platform yet.

 

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16 hours ago, dmedin said:

I don't know anything about Renko yet.  They do look interesting - simpler.  Also remind me of point and figure a bit.  :D

 

yes, with Renko you are changing from time based charts to price based and so remove a lot of noise and smooth out  the price action hopefully giving a clearer picture.

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