|
Quote: |
|
 |
|
|
Now approaching what had been support prior to the 65pt plunge on the 11th. Still no buying climax. |
|
|
|
|
|
Quote: |
|
|
|
|
As a follow-on post, we've weathered the consolidation and have made a higher high into multiple zones of resistance. However, there's still no climactic action. |
|
|
|
|
If I'm correct, price opened at resistance and hovered a long time below 1825 while the volume steadily declined. Is this absorption? From my point of view, one would be looking to the short side given the market rallied after news premarket up to resistance where it stalled. Also, the ES was going up while the NQ was on a standstill. 45 minutes after the open we broke higher on huge volume.
I take it this would be the entry signal for some, but as has been mentioned in this thread Wyckoff himself wasn't particularly fond of this type of trades. Perhaps, in the context of this thread, it would be interesting to point out which other entries were possible today. Personally, I can see none... I can understand there's no reason to exit longs, but that's assuming one is in nice and early.