Thursday, February 5, 2009

Bull Day 2 - Feb. 5 - The Bull Roared Back.  Wednesday was an atypical day for the Potato Trade system.  Most Potatoes follow through for 2-3-4 days or more.  It looked like for once the idea did not hold up.  But, lo and behold, the hourly chart was not violated and the Bull Potato has survived, at least, to live another day.
10D, 60m. - Feb. 5 - The hourly chart shows the continuity of the Bull Potato.  There was intrusion into the Devil's Den (see sidebar), but the market recovered.  The decline yesterday was news driven and it is apparent that today the market discounted its importance.
5D, 30m. - Feb. 5 - The 30 minute chart shows the battleground between bulls and bears over control of market direction.  The bears took temporary control yesterday afternoon, but the bulls roared back today after a gap down in the early AM.
2D, 5m. - Feb. 5 - The "JA" Play of the Day offered significant opportunity.  This "JA" Play has become a daily feature on Potato Peelings.  It would appear to work far more often than not.  You can review these in the Potato Peelings' Archive (sidebar).
3M, Daily - Feb. 5 - Long term trends need to be kept in mind.  In spite of recent bullish activity, the longer term trend remain bearish.  This chart shows a "Bear Potato" within the Gold Spot.  This long term potato is contrary to the short term potato seen in the Hourly chart above.