Going to swing trades with the Dow futes really gets tricky sometimes. Those 2 short positions were lookin' pretty good late in the day......but alas late strength takes me out for lunch money and those pesky bulls take the green hope away from the trade. I might have to start targeting 30 points and leave it at that. :)
Bearish going into tomorrow and I'll be a short stalker.
Good luck all!
Considering the earlier charts and bearishness, this is the latest setup I see for laggards looking to short into late day strength.
11028 is the target on the INDU.
Here are some thoughts on the YM pattern. Looks like we may be headed to wolfe support/target line during the 'c' corrective.
Some 120-min chart thoughts.
To Tom's question in comment re a wedge, I don't think it qualifies. It does have the shape, but I do like to see more zig zagging that indicates indecision and coiling that precedes an impulse move out of one. I think it's merely slippery price action and it's just a matter of time before it slips into some serious selling.
Vector supports this view at this stage.
OK, since the 3rd had subwaves, the abc is normal. Those correctives took out my entry, which was aggressive, and I was pretty unlucky to be off by a pip with my targeting. That's the kind of mess that makes ya wanna kick the cat hehe.
Remember folks, to keep track of instant calls, you wanna be looking at the comment box I've added to the page. It's a little java-based program that's quick and not a resource hog. My posted charts will follow the information posted in that box.
Note to all googlegroup members for my my stuff: I am changing the settings today from instant emails of all posts to a single daily summary. Thanks for your support!
As you can see, resistance was resistance, and that's where the market topped out today. I bet Tom was shorting that resistance! At least I hope he was. I was catchin' up on my zzzzz's. See if slow bird butt of mine can't catch me a worm or two, exploiting market weakness today. :D
Discretionary trade this one; system yet to generate a signal. Bear flag is forming after that early morning plunge from the 11235 area to 11140 low; a 95 point drop in the space of 60 minutes.
Targetting 35 and stop is break even now it's moved nicely while blogger has messed around with uploading the chart.