Thanks for those explanations re NAV. With VSA we just look at the chart and try to ignore or not to form an opinion on what is EXACTLY happening. Its pretty much HIGH volume = smart money very active and Ultrahigh volume = herd + smart money really active and one is generally selling to the other. Smart Money (having the most money) mostly win in the finish. So if the professional money are buying its because they anticipate higher prices and they will feed the upmove. If they are selling, then the price will collapse further and the herd can't hold it up without new buyers entering the market and even then, most retail buyers buy once and thats it - ie they are not in a position to continually feed the price like the pros do - but they are ALL in a position to sell. So from a VSA point of view we look for price to move above the area of high supply and then buy on the LOW supply retrace or higher low. Or we wait for it to break lower and then short any low volume (no demand) retrace coming back up into the area of supply. Obviously, if you are very familiar with whats going on in the company that may give you a "FEEL" for it - but could also blind you to any sign of weakness or strength that appears in the chart contrary to your view. Hope that helps.
