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Check out attached chart. In this new (and improved?) second thread on VSA, I'd like to advocate that we spend a little time each weekend and analyze the major charts for the following week---maybe give us all a heads up. Here's my lame contribution for this week--looks like we have a successful test (low volume down bar, attempting but failing to go down to area of previous supply). This would suggest that maybe the January lows will hold and we'll get an up-week next week. Anybody care to shoot me down? Please feel free. |
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Tasuki
Yes, I had the same idea, that we see now a downmove on lower volume, but I'm not shur, if the low is already in. A look at a 60 minute chart give me different signals:
On thursday, we had first to up candles, the second with the highest volume for the last two days, but with long upper shadows, a sign of weakness. After a doji, we see two up bars, closing near the high. The first one with low volume, the second one with some more volume, but followed with a down cnadle with very high volume, forming a WRB. In the next bar we see some strenght came in and on friday another test bar.
Since I see signs of weekness and strengt it's hard to say in which direction the next move will go. Maybe it's better to wait for further signs above or below this consolidation.