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Springs fail in Downtrends. So the Proper trade is in not buying springs in Downtrends. On Hourly we have inc vol and inc spread as we approach support usually a sign we will break ICE.
But the market will tell us what we need to do.
We are in a DT
Springs are more like probes when in a DT a way of assessing strength of bulls
I am holding my short.
of course We should be reminded here that ANYTHING can happen in the market- and it does look like shorts are being absorbed at this stage
EDIT: It is inc looking like absorption... so a pop is likely effort vs results right
Brilliant Trade- when you see the closes off the bottom like you do in your 60min chart you have to suspect Absorption of shorts, especially when it is occurring at ICE.
That with yesterdays performance where we had relatively good volume and little movement... Effort vs Results right.
You are correct in what you stated. Supply is a special kind of selling. Thhis many times will occur on the right side of a chart which is also called a sign of weakness. The supply bar can occur at any time though. It is characterized by a larger volume and a larger price range, so it is a special type of selling.. Selling and buying occur all the time in a market's behavior.
In the trading range, this supply bar tends to occur on the right hand side, indicating the possibility of markdown to occur.
Correct
Correct. Whatever is true on the downside is true on the upside.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
I really wouldn't look for "patterns". I would look for more price and volume action because most charts are not "classical" in their trading, but you have to deduce the Wyckoff principles in that chart.
Gary
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
Chart of the 6A. I believe there is an Upthrust on the Daily in the background. Looks like it is testing Ice at around the 1.06 level. I was wondering if others feel that I am looking at this correctly and if more weakness could be in store?