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This concept was something I never paid any attention to but after reading this thread I now notice it on (nearly) a daily basis. |
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of course, the day I posted it was the rare exception to the rule. but this is where 'tape-reading' gets crucial. you can stay out of a lot of trouble if you can develop a sense for action consistent with a trend vs action consistent with range-trading.
yesterday was truly rare action. in fact, the highest volume price of the day was only 39,917 contracts (1482.75). This is the lowest daily
PVP since I started tracking this a few months ago. This might be a 'tell'.... I do know that tracking this has been very important as extremely high
PVP's become very important pivots. what a super-low
PVP means? well, I suspect it means that this is VERY strong trending behavior and we could be going much lower. But I am not sure b/c I don't have much history with the super low ones. Perhaps it just is indicator of extreme panic? I don't know but I don't think it is logical to think that few buyers showing up low in the range is a good thing.
watching the daily volume distribution build every day certainly has been helpful for me. integrating this with
Taylor is even more helpful. Adding in some market profile and some oscillator patterns has been fascinating mix for me.