abattia, I own both of these books. MP was the first way I began trading. I am a quiet observer of ammo's posts...have been stuck on the point of timing trades correctly for some time now. I believe it lies in jumping in very early in the trend or catching failed reversals equally early..have a harder time with joining the trend on retracements as I dont trust moving support/resistance levels for whatever reason (channels)
I suggest you not worry about it and focus on what price is doing. Support and resistance are created when those with the wherewithal to do so impede, stop, then reverse the course of price. This takes considerable money. However, "big" money does not translate into "smart" money, as even a cursory review of performance will reveal. Therefore, concerning yourself with following their "footprints" may not be the most productive use of your time. If price is rising, buying pressure is greater than selling pressure. If price is falling, selling pressure is greater than buying pressure. As to who is exerting that buying/selling pressure, who cares? What matters is that price is rising. Or falling. Your task is to discern when price (a) stops falling or rising and (b) looks to be getting ready to reverse. You can do that fairly easily without having the least idea who is propelling price one way or the other.
Today? No. June? Possibly, as there was enough time given the float and the avg daily volume to accumulate enough to move the price. But, given the gap, we'll never know.
heres a 10 day auction with the most popular price at 1684,its also forming a hns which hints at distribution,it's only a slight edge as these often don't pan out
ammo, do you observe any difference in general characteristics of price action if it is moving towards or away from high volume/fair price? I know at extremes it tends to move fast and near fair price it tends to churn BD
i still have a lot to learn BD, they cloak it pretty well, i see it as an army in waiting and u wait and see if the approaching army can overtake it, i zero out the bid/ask volume and it shows a total for both sides,going up , the offer will be larger , and vice versa, sometimes you will see that turn to where the bid becomes larger and the market turns, it also helps when you see resistance in a few other like indexes, when you dont, the odds of a turn diminish http://i.imgur.com/gpj13AG.png djt undecided http://imgur.com/LNV3Tph neutral opposing tweezers http://i.imgur.com/bXrpcLt.png dow not at a res http://i.imgur.com/CjDRQGR.png ndx flirting at res or breaking http://i.imgur.com/vyavxNX.png spx AT http://i.imgur.com/JcI0VLS.png spy at not a rip roaring short