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Hi Zeon,
I'm a ST/IT trader and prefer this big picture. Looking at only the daily chart isn't providing the full picture from a W point of view. The weekly has to be taken into account and that trend is down. If the trend were up then making long commitments on the selling climax and subsequent tests would fit the strategy. W does provide examples of making short term long trades in bear market rallies but he didn't take on intermediate longs and didn't advocate trading short term against the longer primary trend, though it's probably fine for an advanced trader, IMO, with a proven track record of trading with the trend first. |
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I'm sorry, but if I understood correctly you disagree with the example dbphoenix give Tuesday then?
How do you know this 'double bottom' isn't a change of the trend? We've failed to make a lower low and the demand is breached and we've moved up above the last swing high...
(Don't get me wrong, I agree this is a bear market; I'm playing devil's advocate here).