Thursday, January 29, 2009

Bull Day 5 - Battle rages between the Bull & Bear Potato.  Compare 30m. & 60m. charts.
3M, Daily - JA29 - The market failed to follow through on yesterday's bullish trend and strong internals.  It gave back all the gain of yesterday.  We may well be sinking back into the Primary Bear Trend within what has been a sideways market for the last 6 weeks.  The market may well try and test the recent lows of 8 weeks ago.
10D, 60m - JA29 - The down trending market today leads us to the very real possibility of forming a new Bear Potato.  The chart above shows the crossover of 5 days ago to the upside with the well outlined bull potato.  With today's action the slower 30D MA has been penetrated but the actual crossover has not yet occurred which would be confirmation of the Bear Potato (our criteria).
10D, 30m. - JA29 - Crossover has already happened on the 30m. chart.  You can appreciate the battle between Bulls and Bears in the earlier Gold Spot.  There was a lot of volatility at that time which made "jumping the gun" risky.  The Hourly chart helped smooth that out.
2D, 5m. - JA29 - The "JA" play occurred at the open with the market marching lower all session on very weak internals.  Entry was when the zero line was crossed (Gold Spot).  There was a 1.50 spread in that trade to the downside if you had the guts to play it in the face of what had been an uptrending market prior to today.