Hi Toastman,Just caught me before I logged off for the...

Hi Toastman,

Just caught me before I logged off for the night.

Yep, positions are potentially being taken.

There are a number of bars where buying is likely, especially the one marked (the TG software calls it Bag Holding, which it probably is......if not, it's a quite a potentially strong bar for the future anyway).

Looks like a creek is being established at the minute & I've marked it where it appears to be at the minute using the high, low and close of the bars, in relation to the recent price action.

If correct this will be where first resistance is likely to be & if/when it moves higher, where you will see it Jump Across the Creek (JAK).

With all that volume at the lows, there is a strong chance of that low being retested at some point in time.
Hopefully showing far less supply is present than previously.

There is likely to be quite a bit of trapped supply above the creek now, so this may go sideways for a while, up and down, attempting to encourage those holding at a loss, to realise it.
As those trapped holders are potential sellers if/when the SP rises in the future, which will potentially thwart the rally.

To trade it, the lowest risk entry would be to wait for the JAK & enter on the first successful test above.

A Riskier (but potentially more profitable) way would be to accumulate with the pro's at the lows, should the opportunity present itself, with stops under the lows.

Either way, just keep an eye on it, you will be looking for a JAK, then a low volume test above the creek.
Or a retest of the lows, with sustantially lower volume than before, then a low volume test, or even better, a shakeout followed by a low volume test.

Nice pick up...

cheers