paddington's bear, donkey and rabbit - tuesday, page-54

Well done pisces. And totally agree with your earlier comments. Just because you are in a downtrend, doesn't mean you can't profit from some of the nice bounces. There have been some fantastic intraday long setups on the majors with very clearly defined daily targets taken from supply lines on the daily charts. I very rarely hold overnight so I have no vested interest in whether the market is weak or strong and when we start getting into a proper established bull move I'll probably start looking at more long term speccies then. But for bread and butter trading the majors - its just another day of volatility - but when we start showing some weakness on the daily charts I'm particularly sensitive to weakness on the intraday at logical pivot points.
I know I can come off bearish, but its all short term stuff.
I think there are some clear signs of accumulation at the bottom of our range (on the DOW), but also still plenty of supply down there and we won't know(and more importantly the professional operators won't know) till they take it back down there and start seeing the volume dry up to tell them its ok to mark the price right up.
I personally think, we've had a tad of good news (apparently) and thats driven the retail market into a buying spree (and no point just watching it go up for traders - long term investors is another story) and the pros have let them go because its a cheap markup - costs them bugger all to help up - and they make some pocket money before taking it down to test for supply or for further accumulation at the bottom or lower.

Nice charts from all by the way, Barnsty and Red and Askier, though I'm a little partial to Funky and Mitta's of course.

BHP currently - "walking the plank"