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DOW JONES @ LIVECHARTS

Afternoon everybody:
Many thanks to Javaid and JonP for your comments and plase keep it up as all the scenarios and strategies help build up a better picture and fit the small pieces in this never ending jigsaw puzzle.

Regarding ny views on the dow for today:
I reckon it is going up north and then southwards -big time hopefully. The key level i am watching for shorting is 10670 area if it gets there.Also beware of the overshoots as its pointless to try and predict the tops or bottome of market as it is limitless.

finally here is my two pence worth:--

"Everything is coming up roses for now it would appear, but this kind of runup in price without "healthy" or "normal" corrections is actually a very dangerous scenario technically as it creates situations where everyone tries to leave the room at once. (My apologies for the broken record here, folks.) For now it appears that we will make new highs yet again today, but I still insist on an imminent reversal scenario - and the longer this market pushes higher, the more dramatic and sudden that reversal will be. We're already getting into pretty dramatic territory. This market is white hot.
So trade well and trade wisely.If in doubt stay out."

rgds
zarif

zarif, if it breaks above 10600 it'll be off again won't it?
a break below 10400 again would make it look more bearish in the short term, I would think.
it's up to the men in black anyway.

Quite right snoball. Also I think on monday the Ym are closed for Martin Luther Kings Bithday. Dow Tanking Down atm.

rgds
zarif

Can i ask what real time pacakages people use on here and if they recommend it?
I use esignal and sharescope and although I am happy with bith, I would be eager to know views from other people.

Have a good weekend everyone.

Javid

javidshaik,
I have a subscription to Lycos (aka Quote.com) for 5 per month or something for the Dow.
My system is end of day based so I don't really need anything more.

I use Interactive Brokers Trader Workstation to trade over the internet, that comes with a data feed for free I pay 8 euros a month for the DAX but the Dow comes for free providing you do more than about 10 trades per month.

Each tic price and volume from the IB feeds automatically using DDE and some of my own programming into an excel spread sheet which plots Candles, Bar, P&F on different sheets then I plot RSI, MACD and a few old ones which I don't use any more. It does a Tick chart, 1 min, 10 min and day charts and more all live. I just add to it when I need something new. All programmed in VBA and menu driven. Oh and it makes a noise when the RSI exceeds the 30/70 threshold.

You can also back trade with it as if it is real. Not used that for a long time so it probably no longer works.

The IB data feed is good - more reliable and certainly cheaper than SatQuote which I used to use. It is cheap and cheerful, but lacks sophistication.

Oh I added pivot points just a few days ago.

snoball & JonP, thank you both for your information.
have either of you or anyone else on here used sharescope or esignal? if so what are your views on it. in case you havent used it, you can trial esignal free for a month (i do not work for them) at www.esignal.com
i am interested to know if i am using the right tools for the job or are there better real time programs out there than what i currently use.

once again, have a good weekend everybody. i just closed my last position on dow and had another good week. i am still doing well with retail decisions so please check it out people. i am open to your opinions on that too.

javid

Sounds like a brilliant system, JonP.
I've heard IB are good.
I would like to be able to have a feed like that into Metastock where I could apply my own indicators but I have to make a bit more dosh before I set it up. I promised myself a while back that before I spend any more money on trading I would have to double my trading account to prove that I knew what I was doing. Not far to go.
Do you only day trade?

It's all got volatile all of a sudden.
What's going on?

javid,

i had a quick look at RTD. Definitely bullish but I have to update my end of day chart to get a better idea.

sb.

nite y'all

o.k own up. who's long and who's short on the Dow.
i'm long.

Hi guys - The Ym is closed today but am just looking as trading against the computers might be fun. I have got both long . short positions open on march. I think the Ym tomorrow is going to go south first on open tomorrow and then within half an hour or so rally up and above to 10670 if that is taken out then 10700. So lets see what happens -this is just a hunch from me -or will have to invest in a new crystal ball to gaze at!!!!!!!!

rgds
zarif

The Ym au8ction opens in an hour and there is going to be some results coming out today incuding national housing figures.
Lets see if my guesstimation was right from yesterday. Are we goingto reach 10670-10700 today or taking a hike downwards??? All will be revealed soon but trade safely as we dont want to be the victims and remember "stops" are our friends.

rgds
zarif

KEY EVENTS TO WATCH FOR:

10:00 AM ET. Weekly Export Inspections Report for Grains

1.00 PM ET. January National Assoc. of Homebuilder's Housing Index
2.0(last 70)
4:30 AM ET. ABC/Money Magazine Consumer Confidence for wk. of Jan.
17 (last -7)

My long is looking quite sick at the moment.
Hoping for an end of day rally before my stop gets taken out.

as long as the presidents speech goes well then i would think we will see a rally before end of day. i hope so anyway.

javid

Shorts very healthy and dow still negative with about 8 mins to close. I closed the long of earlier in the day so had a good day today.Creamed the dow well and proper.