Catweazle

Been away from trading for a while so just getting my sights in or attempting to. Any Dow traders out there? Please feel free to contribute to this thread.

No, it cannot. This resistance level I've got is a big one, as it's not just on my smaller charts, it's also on the H4 as well. Difficult pa though.

R level broken now, but I feel that resistance is still there, so wonder whether it can sustain this move higher?

Yep, like I said, Dow.s a bit boxed in between S&R, so no surprise to see the price come right back after that little drop.

Guess I should have trusted my levels and gone short when it turned on that resistance area , but the train has left the station now. but I have loads of potential support around 440, so see what happens if it gets there.

Above level is holding atm, but price to me looks to be in a difficult place between support and resistance, so I can't see a clear opportunity yet. I definitely won't go long at this level, not yet anyway, so a short may present itself soon.

580-600 should be a pretty tough resistance area for Dow in the short term, I think may struggle to get above that today. We'll soon find out.

As I expected, R1 held the price and looks like a formidable resistance level, at least for now. For those who are interested, I am an intra-day trader, so always looking to take profits within the trading day. I seldom hold longer positions.

The Dow is looking like it may not even reach today's R1 pivot. We'll see what the New York open brings.

In my first post above, I meant R1 pivot, not R2. Today's R1 I have at 28,231, with R2 at 500. I do not expect the price to reach R2, especially not today.

If the level I posted above does offer strong resistance, then of course. I will be taking profit on R1 if it gets there, it's now close, and will then look to short provided I see a short signal.

On the Dow, today's R2 pivot point is at 28,231, so I'm looking at this level or thereabouts as a potentially big resistance level to take profit, and look for a short signal.

So having been rejected off of 400, that level definitely seems like it is the one to break for a further move to the upside, though I still have around 450 on the dow, as the highest potential resistance today. There's plenty of support as the longer term momentum is still northbound, but that 450 level if it does get there looks like it could be pretty tough resistance.

I'm watching the 27,400 - 450 area today for potential resistance and a turn south if it gets there, now just coming off the 366 level. See what the NY open brings.

Dow has snapped back from its early gains today. Two reasons I can see, firstly the price was well within my danger zone posted above, and secondly was the strong H1 diversion formed when the price pushed higher up to 28,160. For me, there is a pretty strong possibility that the Dow Jones peaked today. Still early days, so don't want to sound overly confident, but we should have a pretty good idea by the end of this week. Right now on H1 100sma support, so we'll see if that can send the price back up.