how do you see the dow index going today Dow Jones and S&P commentary: Signal Watch Dr Bob Hard Right Edge Raptor Research Charting by Snoball: Dow Chart S&P Chart Drinks & Break Time at: GD's Famous Tea Room & Watering Hole"

DOW JONES @ LIVECHARTS

ttt

http://www.chartsedge.com/g120603.gif

Nice chart Zarif.
May I ask where it's from?

Harlosh.

When you get charts or images posted as above,
right click on the image and select Properties
from the pop-up menu.

It will give you the URL.

Melnibone.

Hi harlosh and melnibone.
Trust trading safely.
Reckon the dow going to hit 10k today and then take a hike down??
I am inclined to believe that being so near its too good a lolly to miss -but again you never know anything for certain in this game and especially the Ym-it defies logic at most of times.
any views for today?

rgds
zarif

Hi zarif,

I'm cautious at these resistance levels.
As I've said before, if it breaks resistance all is not
lost as it will come back and test it as support at least
once to allow you an entry point.

If you go long at the resistance and it holds, then the only way
is down for a loss.

Therefore the greater risk, for initial poor reward, is to
go long at resistance.

DOW will probably test 10,000, but the Futures are already only
15 points away so where's the profit for taking the risk of
getting caught long and wrong?

Melnibone.

Afternoon everybody:
The Ym Auction starts in about 25mins. Watch the action -dont dive in as the advice given by melnibone is very valid as things can go pearshape and u would be stuck in a limbo trade.
If u go in with a gunslinging attitude u may get away with it a couple of times and then the market will eat u up alive.

rgds
zarif

Key ranges and data for today 9th dec 2003

Dow hit the 10k -now where to from here is the 22dollar question? profit taking,consolidation etc etc

rgds
zarif

My guess is that it will whipsaw until we get
the guidance from the FED.

Interest rates won't move, but the comments and
guidance may change which will initially cause
some spikes in both directions before it settles
and takes direction.

Which ever way it finally goes will determine
where the FTSE opens up tomorrow.

That's all a bit like stating the obvious, but I
think that we sometimes try to look too deeply into
things and end up double-bluffing ourselves.

Melnibone.

wellsaid melnibone. Let the market dictate our actions rather than us try to emulate as to what it will do.
rgds
zarif

You can't do it on this site, but use your
trading package or a different charting site
to change the period to weekly rather than daily.

You'll find that for the past 14 weeks there has
been a distinct trading pattern.

1 week down followed by 3 weeks up.

This is currently the third week up in the cycle.
If the cycle continues, this week should end up higher
and decline next week.

If the cycle breaks we could enter a new trend.
We should find out after the FED decision.

Melnibone.

Thanks melnibone -will start looking at charting sites and get it posted asap.
rgds
zarif

By the way, that last post referred to the S@P,
not the DOW.

I think that the S@P is more indicative of the
future direction of the FTSE, which I trade, than
the DOW.

Melnibone.

Dont worry melnibone will do both of them and see what patterns we can collate.As they say a picture is worth a thousand words.
zarif

Ah missed Zarif in the tea rooms and thought he may be in here
(afternoon melnibone) just dropping off tea and do'nuts to sustain
the pair of you whilst you're working on the Dow.
Good Luck!

Stockbunnny - inearly thought u were out looking for who ordered the rabbit stew from gds cafe -not guilty as charged bcoz- i only had a virtual cuppa D before the Ym auction around 14.05hrs.
rgds
zarif

ps: rabbit stew would be nice on these winter nights!!!!

Got 2 shorts on one from 9991 and yesterday at 9926. the one from the top has already made ample credit to close the other one off. Also have a long eur/usd open from lastweek which is looking very healthy.

rgds
zarif

Just what the doctor ordered. A big sell off. (Thank God)

Well done Harlosh,
you played the risk/reward angle correctly in my opinion.

Just had a read of another trading site that I browse and
a load of guys played the 3 spike theory and are long on
the DOW from the 9970/9980 area.
Their finger nails are rapidly disappearing.

Teach 'em to read this thread in future. :-)

Anyone care to hazard a view on the FTSE after the
opening drop tomorrow morning?

Melnibone.