[gassah]

QQQQ did close lower and is at multi-week lows so it fits the above descriptions more neatly.

nic

[Soultrader]

Originally Posted by gassah »

This is what Wyckoff stated for a similar bar:

"...although the price makes a new low and the closing is on the bottom, the downward thrust has shortened with volume still comparatively heavy, indicating that on this and the previous day somebody is holding the bag for the sellers -- a large demand is overcoming large supply-- the buying is of better quality than the selling.

If the above reasoning is incorrect, that is, if it should later turn out that the increasing volume... should have been interpreted to mean that liquidation is breaking out, we probably will be warned of this by the stock’s inability to rally convincingly from the critical supporting level... We are not likely to be long in doubt. Should it rally poorly...or should the price continue to decline on increasing volume, we must let our 3 Position stand (a bearish position). But if it quiets down and tends to hold, we must conclude that this means the break to a new low is failing to follow through."

nic

Hi nic,

Could you point out which book this quote is from? I would like to read it myself. Thank you.

[gassah]

Originally Posted by Soultrader »

Hi nic,

Could you point out which book this quote is from? I would like to read it myself. Thank you.

Hi,

It's from Wyckoff's original course that is also part of SMI's Unit 2.

nic

[Soultrader]

Originally Posted by gassah »

Hi,

It's from Wyckoff's original course that is also part of SMI's Unit 2.

nic

Thank you nic, do you have by any chance the url to this course? I would like to check this out when I get a chance. Ive always been a avid student of Wyckoff but never had a chance to take his course.

[gassah]

Originally Posted by Soultrader »

Thank you nic, do you have by any chance the url to this course? .

http://wyckoffstockmarketinstitute.com/

nic

[jjthetrader]

Here's a RT trade from today. We see weakness come in on these high volume wide spread up bars. The spread narrows and the volume is still high. This is an "End of a rising market" to me so I shorted it. My entry and stop are market.
cheers

[Tasuki]

Originally Posted by gassah »

"As they are buying (or absorbing) all of the stock on offer, this prevents substantial down-moves during the day's trading (despite all the frantic selling) and finishes up with a narrow spread on a down-day. If the professional money had not been bullish, they would refuse to buy stocks on offer, which means that the spread would then be wide and down for the day." MTM

gassah, can you please tell me which page this quote appears on?

[gassah]

Originally Posted by Tasuki »

gassah, can you please tell me which page this quote appears on?

It's in the Glossary of Terms under Bag Holding. Mine is page 142.

nic