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TinGull
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Posts posted by TinGull
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True...I may be totally wrong...it's happened before. To me, tho, that's what my feeble brain would be looking at for a test vs no supply. Test's I dont think should close lower than the previous bar, though they certainly could close a little lower depending on where the close sits in the range. Tests *should* probe a low into new ground and get bought back up. Just a rejection of lows.
I think a no supply shouldn't close below the low of the previous bar...but that's just me. If I saw a lower volume bar close below the low of the previous bar, even if it's on lighter volume, I still wouldn't be a buyer.
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ding ding ding! Real time post here.... I have an idea of what I think will happen...what do ya'll think?
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Wide Range Body (candlestick)
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You'll usually see a test break into new low ground to "test" an area underneath the previous low. A No Supply bar will usually not break new ground lower than the previous bar.
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And that is why I love VSA
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Nice. It'll be interesting to see how these start off the morning with the futs getting pounded so hard.
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Love the solar play...
CNX did good today...just wanna have a break of that high.
Another sweet solar play...
Those are my watchers for the first 20 minutes tomorrow.
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Yup, they all showed some real nice strength today. I had to leave to teach a class at 3, so didn't get to place many orders today. I'll get it tomorrow morning on a few I'm still stalking.
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Thanks tech. I do think I've got a grasp on the VSA concepts, I just don't use hard and fast rules to determine things like a test. If you want to post up some charts, by all means do. I'm sure many people can get something out of it.
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All of you post some interesting trading books, but some of them are not new trading books as mentioned in the title thread, :o, just joking.Another new trading book I'll mention is Bryce Gilmore's Price Action Manual - One Day at a Time 2007, another very practical S&P trading handbook. Bryce even offers his ES Price Action Chronicles Vol 1 for A$1 only.
Holy crap....250 bucks?!
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Any sort of close below 74.50 or 84.50 will be where I start to adjust. I'll write up adjustments accordingly.
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New IC on IWM for DEC expiry. Volatility chains saying an 80% chance of success on this one.
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Tingull.Your missing the most important bar.
Thats Bar 5 back from the last bar.
This is clearly an Exhaustion bar.
Wide range massive volume and the NEXT day is an up day indicating exhaustion of supply.
The following down days have decreased volume.
Your marked bar is confirmation of bar 5
IMPORTANTLY followed by an up day.
Id be interested in how this went on as the wide range last bar on low volume is indicating lack of demand.
As for the software.
I have both EOD and Realtime. 7 bourses
Both perform without a glitch. Only ASX equities on realtime.
Thanks tech/a...got the description on your previous post.
As for how it turned out...that was a 15min chart of IWM.
That's how it finished the day....higher, and this morning, indicated higher, too. That was a test of the 2 day low in a descending triangle...
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On the mark.A lower close and a close on the high would make this the ideal text book example, but it is nonetheless a nice example of a test.
Don't forget that a test needs to be confirmed on either the next bar or the bar after that with a close HIGHER than the close of the test bar.
Keep up the good work TG. You are making us all better traders and I for one say thank you.
Thanks pivot...so you know, that really means a lot to me. you're the one that introduced this all to me and it's made a world of difference to how I see the markets. So, I owe it all to you.
And glad I finally posted up that classic test. I'll still probably just use my loose definition of it regarding candle patterns...but glad to get it nailed.
Thanks tech/a, too, for your description.
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Yup, I think its bullish. Looks like a "test" of that support...again.
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Let's see if the ol' Tingull is getting this "test" thang down...
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And CNX....I like how this is setting up. Strong resistance was at around that 50 dollar mark and it broke solidly from that, came back down to support and broke that newest high and just tested that on low volume...
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As always...love your thinking
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Sounds good to me. Now, what I do is wait for the next bar because I'm not aggressive. If the next bar is up then there obviously was buying in that bar. If that strong bar is followed by low volume up bars, though...it's time to really be careful. Low volume on narrow spreads would be deadly to it. As of this writing, ES futs are down 12 bucks so it's looking like waiting for confirmation is good in this case.
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Very nice. I put up a thread for my weekly candidates just as you put this one up. XME and XLE are in there for me, too.
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Things I've got my eyes on are:
EBAY
IGT
Watching for KGC to come back in a little
UNG watching this as it needs to push through this 200ema and it's got some nice looking volume patterns.
XLE - don't think the energy play is done with...got a possible H&S but volume is looking pretty bullish right now. Have a hammer on support, too.
And finally, XME. Lots of lines, I know... note how the volume Thursday was HUGE, closed right at a support level and the next day was UP ? Interesting thing, too, is that price probed below the lows only to be bought back up. If it was complete selling in that WRB down bar then how could Fridays bar have probed the lows and finished UP?
So those are my list, so long as the general markets head UP (for most of those. I realize stocks can play to their own beat...just makes it easier when all is in sync)
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From what I've read and heard from others (pivotprofiler mainly) tick volume on Forex is a fine way to use VSA in those markets.
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I think a more interesting level for me is the 1490 on the cash index. Note how it was a strong support area in the spring, broke it to form an inverted H&S and now can't seem to close below it, tho seems like it's trying with a lower high. If that 1490 on cash 1500/futs does get violated on volume...we've got a steep road to fall down all the way to 1380/1400.
[VSA] Volume Spread Analysis Part I
in Volume Spread Analysis
Posted
Here's what I would call a test...
We had the big spread bar with huge volume, then a couple of consolidation bars and that bar thats marked probed a low beneath the lows of those consolidation bars, INTO the wick of the wide spread candle.
That, to me, is a test. Now, if there are up bars on lower volume, that's saying that if you did get long that test bar, you better think about getting out because there's obviously no demand after the test bar.