no volume,just price ,number of times it traded there regardless of size of trade,1 lot or 500 lot i.e.
explained here and following page http://www.elitetrader.com/vb/showt...4965&perpage=6&highlight=ammo&pagenumber=1647
when stiedlemeir invented it,computers weren't recording volume,his example was ,open a sweater store buy a box of sweaters and put them out for sale at $30,1st day they were gone by noon,2nd day$40 ,third day $50,gone by noon,4th day $60 sold half,5th day $70 sold 2,so price comes back down,that charting method shows where the optimum price is ,most buys and sells,market moves in a bell curve like that most days,have been playing with suing it on multiple day charts for 2 -3 yrs,it works, still playing with it, chart below is weekly bell curves(5 days for each)you look at the larger chart then narrow down your entry exits to avoid riding bounces,day to day those would be 1 day per bell curve ,different chart,circled chart is last week
sorry circled on last chart was week before, but both weeks had a ledge at 100.48 and the tl on the three trendline chart is 100.6, so somewhere in there would be a good spot to cover a short in case of bounce,the leftover shorts from the sell side of those trades might cover there providing support, pick your spots for supp res ,better if they line up in all three related instruments,put on the trade and ride it to supp/res