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No worries, I'm still working my way through the Chronicles and am sure I will stumble upon them (not afraid to do the homework LOL.) Gonna go back through the charts to look for this behaviour as well.
Thank you for making the effort to openly share your ideas with the community, it is much appreciated!
That's a great point you bring up. Yesterday was the first day US failed to hold the rally above the overnight high in ES. The bottom of the overnight easily gave way. Today, same pattern, early US rally failed to gold a lower overnight high. That should've been a huge tip off to me if the ensuing downtrend. Real selling had emerged.
Following recent posts, I spent a couple of hours this morning looking at a few overnight sessions for any hints for the following day..
Please find a couple of prints, including yesterday (1st March). Of course major structural levels are important but the prints just look at the 5 minute timescale.
Wyckoff and VSA principles at play in today's action:
Wyckoff Classic - BUEC (setup)
Effort vs. Result (setup)
Trend Trading (setup)
Structure
No supply Reverse use of Trend line
Spring (setup)
Trend Channels
Axis Line
The main reason why I enjoy this thread so much is because of Feibel’s ability to articulate his beliefs. Whether you share these beliefs or not there is a lot of value that can be extracted from well thought out contributions vs vague one-liners. Just sayin'...
Hi.
I see this concept as a very good trading technique mostly driven by recognition of diversions between 1. price, 2. price spreads, 3 closing levels and volume.
On Fri. we had clear and strong bullish move. However, selling volume spikes on 9-50 (-5GT) am. in resistance areas was misleading. Was it buying or selling volume? Without seeing a weak reaction only after - it is impossible to tell. Those areas of struggle should NOT be traded on. It is important to be patient and wait until market breaks through resistance (green strong line), where we see who is in control. Background was set-up even before open: 8-30. The focus should probably be on a structure and price action. Volume action is for confirmation of the story. I use money flow oscilator to identify diversions in price/volume.