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Carpe diem: Intraday tactics for Dax and Dow

  • #13,561
  • Oct 14, 2015 3:50am Oct 14, 2015 3:50am
Quoting PariCovek
1H chart, sitting on 200sma, but has failed to break 7sma on the upside. I can see this going to at least 50% Fib - 9747 by 20-21 Oct. You can see the broken up trend-line from 12 Oct. Also, the bottom of the long term down trend channel appears in bottom left corner just below 9500, this could also be a target by 20-21 Oct. If we break this channel again, then likely new lows. {image}

IF price follows that down channel on my 15m chart that I posted earlier it will reach 9500 next Wednesday.

This morning the low was on the bottom of the channel in the S&R zone shown around the .38 fib...
Trading Levels with WRBs
  • #13,562
  • Oct 14, 2015 3:53am Oct 14, 2015 3:53am
Quoting cat
{quote} Interesting that you use RSI as well as MACD. I find the MACD alone gives all the information you need from RSI. I used to use it , but then realized it was surplus, and actually, rather misleading.
I tend to use these indicators mainly for exiting trades; MACD being a lagging indicator, and RSI being a leading indicator. I also use the 7sma, 20sma, and 200sma on 1m and other TFs to understand the price action at the time.

I try to use candlestick patterns mainly for the basis of the entry, but I sometimes look at MACD and RSI also for entry as a guide, but I mainly use these indicators for risk management and exit.
  • #13,563
  • Oct 14, 2015 3:55am Oct 14, 2015 3:55am
Quoting PariCovek
{quote} I tend to use these indicators mainly for exiting trades; MACD being a lagging indicator, and RSI being a leading indicator. I also use the 7sma, 20sma, and 200sma on 1m and other TFs to understand the price action at the time. I try to use candlestick patterns mainly for the basis of the entry, but I sometimes look at MACD and RSI also for entry as a guide, but I mainly use these indicators for risk management and exit.
  • #13,564
  • Oct 14, 2015 4:00am Oct 14, 2015 4:00am
Quoting Islander
{quote} IF price follows that down channel on my 15m chart that I posted earlier it will reach 9500 next Wednesday. This morning the low was on the bottom of the channel in the S&R zone shown around the .38 fib...
That would be nice. I have a short position open.
  • #13,565
  • Oct 14, 2015 4:01am Oct 14, 2015 4:01am
Quoting cat
{quote} Interesting that you use RSI as well as MACD. I find the MACD alone gives all the information you need from RSI. I used to use it , but then realized it was surplus, and actually, rather misleading.
new perspective on RSI - Constance Brown made a modification to the Relative Strength Index in 1999; instead of using the usual values of 30/70 to indicate oversold and overbought levels she looked at 40/90 as reversal thresholds for a bullish market and 10/60 in a bearish market.
i still use only MACD
  • #13,566
  • Oct 14, 2015 4:04am Oct 14, 2015 4:04am
Quoting Islander
{quote} IF price follows that down channel on my 15m chart that I posted earlier it will reach 9500 next Wednesday. This morning the low was on the bottom of the channel in the S&R zone shown around the .38 fib...
  • #13,567
  • Oct 14, 2015 5:24am Oct 14, 2015 5:24am
now that I am beat watch it spike back up again. Sometimes index does just the opposite of what you trade. Sell and it goes up. Buy and it tanks lol..
  • #13,568
  • Oct 14, 2015 5:49am Oct 14, 2015 5:49am
I have no idea how the US data is going to come out, but the Dow, which I use from this time of day onwards to gauge which way we are headed in the afternoon session, looks like it's setting itself up for a very bullish afternoon session. I think if I'm right, then we'll see R1 reached at 17,143 at least. We shall see.
  • #13,569
  • Edited 6:40am Oct 14, 2015 6:08am | Edited 6:40am
Quoting cat
I have no idea how the US data is going to come out, but the Dow, which I use from this time of day onwards to gauge which way we are headed in the afternoon session, looks like it's setting itself up for a very bullish afternoon session. I think if I'm right, then we'll see R1 reached at 17,143 at least. We shall see.
Me too

The current 5 day ADR is 188 and that puts the BRN at 17,200 in the upside range for today, with the Daily 61.8 retrace at 17,153 in addition to the levels that you mentioned...as ever, TWT.

Now for lunch before the Retail Sales data in an hour and 21 minutes...

Edit: Conversely, to the downside the 16,900 BRN is in range
Trading Levels with WRBs
  • #13,570
  • Oct 14, 2015 6:56am Oct 14, 2015 6:56am
Cat, would you trade that? (was peeking your thread earlier)
Attached Image (click to enlarge)
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  • #13,571
  • Oct 14, 2015 7:16am Oct 14, 2015 7:16am
Quoting cat
I have no idea how the US data is going to come out, but the Dow, which I use from this time of day onwards to gauge which way we are headed in the afternoon session, looks like it's setting itself up for a very bullish afternoon session. I think if I'm right, then we'll see R1 reached at 17,143 at least. We shall see.
Good call, been in uptrend since the morning, and well above 200sma now on 1m.
Attached Image (click to enlarge)
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  • #13,572
  • Oct 14, 2015 7:23am Oct 14, 2015 7:23am
Quoting sakisf
Cat, would you trade that? (was peeking your thread earlier) {image}
Impossible to say, as I can't really get any detail from this chart shot. I have a number of indicators which have to come into play, diversion just being one of them. This chart looks like I would have taken a long position somewhere where you red moving average has come underneath the price, and I would have exited the trade on a line of resistance that I would probably have predetermined, or, depending where the price is in relation to my following moving averages, or resistance levels, I might still be in the trade. It is impossible for me to say whether I'd have gone short or not, which is always the problem with looking at unfamiliar charts. Hope that goes some way towards answering your question
  • #13,573
  • Oct 14, 2015 7:26am Oct 14, 2015 7:26am
Quoting PariCovek
{quote} Good call, been in uptrend since the morning, and well above 200sma now on 1m. {image}
The technicals seldom let me down, it's my timing that usually does that
  • #13,574
  • Oct 14, 2015 7:28am Oct 14, 2015 7:28am
Quoting cat
{quote} Impossible to say, as I can't really get any detail from this chart shot. I have a number of indicators which have to come into play, diversion just being one of them. This chart looks like I would have taken a long position somewhere where you red moving average has come underneath the price, and I would have exited the trade on a line of resistance that I would probably have predetermined, or, depending where the price is in relation to my following moving averages, or resistance levels, I might still be in the trade. It is impossible...
Thanks red=200ema, yellow 200sma and the 34 ema ribbon in pink. Was checking through your thread and saw how you use macd on the low tf's, fired it up and saw that. My short was immature. Haven't really used macd ever, need to re-visit it in older charts.
  • #13,575
  • Oct 14, 2015 7:30am Oct 14, 2015 7:30am
short @9990 sl -10 tp +30
fortis fortuna adiuvat
  • #13,576
  • Oct 14, 2015 7:32am Oct 14, 2015 7:32am
Quoting deltaone
short @9990 sl -10 tp +30
sl = be now.
fortis fortuna adiuvat
  • #13,577
  • Oct 14, 2015 7:36am Oct 14, 2015 7:36am
Quoting sakisf
{quote} Thanks red=200ema, yellow 200sma and the 34 ema ribbon in pink. Was checking through your thread and saw how you use macd on the low tf's, fired it up and saw that. My short was immature. Haven't really used macd ever, need to re-visit it in older charts.
yeah MACD can come in handy on any time frame - if it works on any hourly chart, it'll work on a 10 second chart.
  • #13,578
  • Oct 14, 2015 7:38am Oct 14, 2015 7:38am
DAX, Long @ 9'965 (2x)
  • #13,579
  • Oct 14, 2015 7:39am Oct 14, 2015 7:39am
Quoting cat
{quote} yeah MACD can come in handy on any time frame - if it works on any hourly chart, it'll work on a 10 second chart.
Will add it for watching now, after careful examination I will add it to the weapon list. RSI didn't work for me - ever. Only MA's do so far. Need to get prorealtime back, missing the 30s charts.
  • #13,580
  • Oct 14, 2015 7:42am Oct 14, 2015 7:42am
Quoting deltaone
{quote} sl = be now.
out +10
fortis fortuna adiuvat
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