at the turn of the tide...at first light , page-118

Now for a look at the daily chart in Double Dutch just for Niqo, (by the way, I really appreciate your support and comments mate not just for me but for the charting community, thanks and i'm looking forward to you getting involved with VSA s per Mitta's starting point link)

For those that were requiring some bullish behaviour, I think it has started to show with Fridays bar which was a bit sluggish in the morning while it was down (that’s a good thing) but finished near it’s high on better volume (another good thing, go you good thing).

I’m still a little wary at the moment because there is significant weakness behind this bar and by significant weakness I mean “Jeepers Batman”.

Of course I was of mixed decision last time when we saw a sign of bullish behaviour back on the eleventh (which was a Friday) and the next day (which was a Monday) we had way to much volume on an up bar then than we needed (and I think Mitta kindly pointed out there was some hidden selling, (big spread high volume finishing on it’s high), did some one say trap) well it is a bit different this time in the finer points, one of those being the weekly chart now that looks nice for a weekly compared with the past (I wish I knew how to put that in bold), something which Mitta explains much better than I can….umm calling Mitta.

The down bar on Wednesday was on higher volume which is a bad thing, except it was on low volume compared with recent history (mixed signal), the next day it was up, barely but on less volume, barely (mixed signal), now Friday was the first pointer of any strength that I have seen that I am happy with particularly with the way the days bar formed (which I explained earlier), and the fact that it wasn’t very large a bar with respect to recent history, and the volume was up without being over the top, I call it healthy, (I think I’ve had to many signals bar tender don’t mix me another). I’m of the opinion that Wednesdays down bar with Thursdays and Fridays combined (together in an unholy union) could have been a bear trap that tomorrow we may see a little shoot up into the early nineties to catch the shorters unaware (if they haven’t already, we’ll know by the volume, remember that there are more than one group of shorters and the big ones want to catch the little ones….insert rant about fish in sea…).

Of course it can always go down too, depending on if they have caught the shorters into buying, spooky huh, but we are not in a bullish market looking for the top, and the kids (us) don’t get to drive the car, let alone the train :(

O.K. so what do I want to see on Monday to confirm that we are in good territory? Some where from 5 – 7 cent spread would be nice with volume around 15 million (give or take, let’s not get too pedantic here) up of course. That would give us a nice little leg up, and put us into the territory of being able to quickly pace past those that were trapped into the trading of buying at the high on the 14th, and that were not shaken out on the way down, remember the smart money does not want to have to buy too many shares on the way up they would rather momentum does this for them (Botfodder mentioned this), but it’s better still to leave them for the next fall (stop losses, and if you don’t think it can fall, well would you like to buy the Sydney Harbour Bridge I have the deed right here).

Any one else that would like to put their opinions into this are encouraged (without flaming or baiting of course) and it would also be highly appreciated if botfodder, timmo69, Soul_surfer, *Mitta3*, Funkymonk63, underthestars, Adsy79, gregoson and the other six people that follow this thread (I won’t name you for fear of indictment from the broader community) could join in, timmo I am very interested in your opinion and I am looking forward to your views on VSA being that I see it as the most conclusive view of the market.

By the way this is not investment advice do your own research, and remember to wax your surfboard every time you go for a wave, you never know when the surf will pick up and you might just need the extra grip.