Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
You are right David, but the main thing I got hung up in was the distribution pattern alternative as an illustration. In addition there was the increased volume comming in after the breakout today. I was looking for a satisfactory short trade setup, but it did not show up. After that I was not completely satisfied with the options for a possible long setup either.
Regarding the new highs today I think it is interesting as a lesson to observe the volume we saw coming in with the lows yesterday having the effect it had today.
By now I am going to take a step back and look for more clear price/volume patterns. It will be interesting to see how it will evolve and eventually how far.
Laurus
“If you wish to see the truth, then hold no opinions for or against anything.” - Hsin Hsin Ming
Nice example on MS. Sometimes, it helps to shift time frames. For example, stepping up to the weekly time frame in MS:
A - Early buying - strong up bars closing well. Because it occurs over a two-week period, it can be meaningful.
1 - Big volume and strong bar back up to the high area of the bars at A - this is clear strength coming into this market.
2 - Return to the lows of bar 1 and volume dries up. No selling down here. The next bar/week response was up.
3 & 4 - Some supply comes out but it stops on the very next bar (4). We now have a shelf of buying, which often is a strong sign of accumulation.
5 & 6 - Same as 3 & 4. The market is driven down, the high volume shows lots of activity. There is still supply here. But then it all stops at the 24 level.
7 & 8 - One more time! Note that this time on the drive down that the range narrows and the volume is low - no more supply at this level. The market is now ready to rally, and it does.
Shifting time frames like this will give you a different look and is helpful in understanding what the market is trying to do.
thank you for your great response to the MS chart ... i have seen several videos from you and i am little honored to hear from you lol ..
i am studying wyckoff and vsa .. since 5 months now .. and i love this form of chart reading ... note i didnt say analysing .. as its more like reading in abook wich is unfolding bar by bar...
and yes shifting timeframes .. is a key feature in my trading plan.. thou
also the bar wich has broken thru the ice and with the next bar gaining grounds back above the ice on lower volume
is a shakeout .. right ? even thou the volume was that low .. means that no big effort was needed .. ie weak floating supply has been shaken out... correct ?
or a from of stocks exchanging from weak to strong holders..
thanks again and nice to see a big wyckoff mentor on this forum .. looking forward to see and learn more from you