Up past resistance? Hmmm, explain to me FALSE break outs. It will establish a "new" resistance point, but aren't we striving for extraction of profit? . I've got an abundance of charts with a breakout that reverted back into a triangle. My opinion, the sharper the break up, the weaker it is technically. In other words distribution. Give me a quiet breakout (low volume) anyday. Volume without price progress (up or down) is churn. Order flow. Blocks do not have to occur afterhours. In fact, for the most part they don't. Simple concept. A institution with a large position, irrespective of profit or loss wants out (or in) without "moving" the market. He confers with a specialist or wire house. They carry it as inventory (either blended or aside from their day to day inventory) for a fee. Been that way for decades if not a century. Pools, before being outlawed, same concept but not "official" as the specialist is. Lurking overhead supply or latent demand. My point was there's a distinction/delay between both END parties, and making published volume figures less than precise.
Depends what your definition of is is Sometimes volume dictates price and sometimes price dictates volume. Is't it how MM operate?
the attachment might help (s_paper.pdf): http://www.elitetrader.com/vb/showthread.php?s=&postid=1214533&highlight=jokari#post1214533 74
I agree; you cannot win if you are happy. But being angry I wouild lose too cause I go into revenge trading. I like to trade with sad music on high volume - the kind that makes you cry. An example would be Frijid Pinks - House of the Rising Sun http://www.youtube.com/watch?v=t40INnb6DnY
The science of trading ponders the past. The art of trading ponders the future. The past can be easily viewed by price movement itself without any other items on the chart. The bottom line at the end of the day reflects how you skillfully performed in a dog fight with the fighter plane you call a trading platform. Trading is about where price is headed relative to where it was. The reason for the season is what will the traders do when price does next relative to the traders expectations. Some traders will want in, some will want out, some will be forced out, some will want to add=on, etc, etc. What that statement says is very simple but very hard to understand for the traders out there that yet do not understand the natural human emotional reactions to "fear and greed" or better yet the "FIGHT or FLIGHT" response we all have when confronted with a threatening situation. Think about yourself when price moves against you. When price moves against you do you look at volume? I think not. As new traders progress, if they do at all, they migrate to less and less indicators and concentrate more on what matters. Less is more. Professionals are good because they have removed the golden nuggets from the tons of rubbish out there to mumble jumble your mind. The call to action is a price change. The reaction from the price change is reflected after, (repeat that 100 times and write it on the blackboard, AFTER, AFTER, AFTER) the price change in volume. When you are watching price on a 5 minute chart of the ES you do not have time to count the volume. Screw volume when the other guy is on your six (ass) and firing rockets...........you either skillfully dodge the hot lead or you are toast. There could be 10 other enemy planes out there in the fight (volume) but they are meaningless compared to the one on your ass (your losing position), you have a job to do and you do it real fast and skillfully or you are flamed. The rest is up to you!!!! Anyone that even thinks volume anticipates price movement is a fool. Keep funding the account.