In the last week end we have seen an extremely volatile market that makes me uncomfortable to post my short term trades on a public blog like this followed for the most part by amateurs. With the yo-yo behaviour of the last week end, it is easy for an amateur speculator to get slammed trying to follow the trend. In this situation a better approach is to try to figure out whether current prices are high or low relative to a normal price range. If you can do this you can begin to trade any market with confidence.
I do that, as i explained in one of my earlier posts, computing support and resistance with an estimation of current volatily and the time considered for the forecast (usually from 15 to 25 bars of the time frame used). So if the market goes under your calculated support and then you have a buy signal you may try to “take a stand” or basically telling everyone that you think the market is under priced and telling to other market partecipants that they might have made a mistake by pushing the market too low. So I say you should learn how to take a stand at support or resistance levels also through personal experience.
On a weekly basis, the trend is still up, trading activity is growing and show an increasing volume activity. The weekly moving average is unaffected by the recent wild daily swings, the inverse fisher rsi is still overbought with no signs of weakness.