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I use it for s/r (confirmation for entry) and also time (divergence of today's price with yesterday's action for trend changes or trend continuation). This is if the market fades towards my lower support level. I still am looking for longs
until the market tells me otherwise.
Very interesting--so do you look for things to happen at specific times of the day typically, or do you usually look for it only with respect to the prior day? In your chart for example, what might you be looking for around the time of the 2nd orange box?
I will also tend to look long until the chart says different, but the only impressive volume today was the stopping volume that happened at 1252. Look at this daily volume for the last two days, breaking out of the range. Not exactly bullish, IMO.