Real Time Price Action- Clue to Puzzle?

[DbPhoenix]

If this is a springboard, that is likely a thrust.

Also notice that consolidation till 1330 on the 29th.

[tune]

I remember it. The NQ stretched up a bit as the ES crept down before the drop through.

[DbPhoenix]

Well, it was a thrust all right, tho not a springboard . . .

[erierambler]

	Quote:	DbPhoenix
	Well, it was a thrust all right, tho not a springboard . . .

Just a comment on today's action. Shoulda , coulda. If price would have continued right up to 1344-5 on the $Spx this morning, I would have had a trade, but since price waffled , I just sat today out.
erie

[DbPhoenix]

preliminary support, selling climax, retest . . .

(in my little microworld)

And the retracement . . .

Bulls running into a little trouble here.

[zeon]

	Quote:	erierambler
	Just a comment on today's action. Shoulda , coulda. If price would have continued right up to 1344-5 on the $Spx this morning, I would have had a trade, but since price waffled , I just sat today out. erie

Hmm... aren't there opportunities later in the day? Personally, I feel today has been much easier to read on the ES than yesterday. I had a long on the open, then sat through the retracement, exited on the volume spike around 1340 and went long again around 1325, again a volume spike. It could be my feed, but the volume peaks are so much more clearer than on other days. I'm reading bars of almost 100k!

[erierambler]

	Quote:	zeon
	Hmm... aren't there opportunities later in the day? Personally, I feel today has been much easier to read on the ES than yesterday. I had a long on the open, then sat through the retracement, exited on the volume spike around 1340 and went long again around 1325, again a volume spike. It could be my feed, but the volume peaks are so much more clearer than on other days. I'm reading bars of almost 100k!

Not for me, not today. As I gain more experience this may change, but for now I just don't ( haven't seen anything ) see where I like the price action.
erie
P.S. I do like reading what other's see, but lots of times it just doesn't find favour with me........

[zeon]

	Quote:	erierambler
	Not for me, not today. As I gain more experience this may change, but for now I just don't ( haven't seen anything ) see where I like the price action. erie P.S. I do like reading what other's see, but lots of times it just doesn't find favour with me........

I understand. I also enjoy reading other people's view, to see if they are the same of what I'm seeing in the chart. Here is what I thought of today and why I took two long trades:

Ok, so today we had a volume peak at 10 o' clock. There was news released so I don't know how reliable volume is on these moments. Anyway, t he bar closes right up there so there seems to be little supply at the time being. After that price drifts sideways and volume takes of. If you consider the horizontal pink line as resistance and 'a' a breakout then 'e' is a pullback. At 'b' we peak up again but notice how the bar closes slightly above the middle but is immediately followed by a lot of supply. I exited my longs there. If this was good buying it should not have come down so quickly.

After that, volume dries up. Not in the same way as in 'e', where volume was relatively flat but equal, now volume dercreases almost on each bar. It's like every trader that is willing to participate is stepping out of the market. Price consolidates on ever lower volume: 'f'.
There is a very tiny little volume bar, does this indicate "no demand"? Easy to say in hindsight as price plunges down on 'c'. Notice how this bar closes right near the low. Lot of selling. Selling keeps going on until we reach point d where volume is at it's highest for the day while, but the bar closes off the lows, almost in the middle. Next is an up-bar on very decent volume. 'd' is a selling climax. Incidentally I took a long there.

dbphoenix mentioned a re-test, but I'm finding it hard to see one. Probably because this is a 5-minute chart. The difficulty with 1 or 2-min time frames is that volume spikes imo aren't so easy distinguishable from the rest. On this 5-min chart they are hard to overlook.

I hope all of this is in touch with what Wyckoff teaches. The chart is only uptil the point I was watching price. I exited my long at 'g'. Yesterday, Eiger gave an excellent analysis. I'm not trying to repeat him, I doubt I could as I'm not so knowledgeable nor experienced, but I hope I'm having some of it right today. Only learning here.




PS: sorry for the mixup in the order of the letters...

[erierambler]

	Quote:	zeon
	Ok, so today we had a volume peak at 10 o' clock. After that price drifts sideways and volume takes of. If you consider the horizontal pink line as resistance and 'a' a breakout then 'e' is a pullback. At 'b' we peak up again but notice how the bar closes slightly above the middle but is immediately followed by a lot of supply. After that, volume dries up. Not in the same way as in 'e', where volume was relatively flat but equal, now volume dercreases almost on each bar. Price consolidates on ever lower volume: 'f'. There is a very tiny little volume bar, does this indicate "no demand"? Easy to say in hindsight as price plunges down on 'c'. Notice how this bar closes right near the low. Lot of selling. Selling keeps going on until we reach point d where volume is at it's highest for the day while, but the bar closes off the lows, almost in the middle. Next is an up-bar on very decent volume. 'd' is a selling climax. ..

Ok for me. "a" is an upbar with volume activity not at "R", so I'm not interested. After that price drifts sideways so now I'm really not interested. "b" is a thrust with volume activity. I should have paid attention to this but it doesn't matter to me today. That's why I review after the day's price movement. The top of "b" will be an important potential R for tommorrow. "d" is a potential selling climax at potential support form the previous day's morning session from 5-10 AM. Then the test 5 bars later that confirms support.
erie

[Nvesta81]

You know, as arbitrary as it may be I find that S/R normally finds itself pretty much spot on with classic daily pivot formula on the YM. Previous lows and highs on the chart barely seem to affect price action. Or maybe it's just me... shrug.