I need to see some strength to get bullish. So at this point, on my time frames, I'm more bearish. Yesterday's PA also suggests it didn't like the highs, so we'll see what the market tells us.
Here's my thought. We are at about the 50% retrace from the Oct 07 highs to the Mar 08 lows. The last leg up today was a volatile grind. Not the characteristic smart money looking charge. Overall bias is still bearish until proven otherwise.
I would not dispute that. However, I'm in a small account and like the jackal at the kill, need to move in, take my bite and run off into the weeds to eat.
One day, I will be like the lion, and be able to lie about gorging myself as you do. :)
I'm conflicted now....today's PA suggests we go down tomorrow. There's a long tail up suggesting price rejection on the daily...but then again, it's a T day.
I love trading. :)
I was looking for a larger retracement to the high 1970's low 80's area. My system was setting up for a second leg down, but the follow through didn't happen, so we quickly get out of the way and wait for the next setup. :)
I'm OK with losing so long as it's a trade that meets my system...