"There's no way of knowing what the price is going to do." Strongly disagree with this statement with all due respect. No, I don't trade any "setups" like double bottoms or any setups for that matter. So if volume doesn't give a clear indication about demand at the low of the day and potential DB what good does it do YOU? I trade 100% mechanical all markets alas I am a slave to do it's bidding.
I didn't say volume didn't give any clear indications about demand etc. I said that there's no way of knowing what price is going to do. As to what good it does me, I assume you haven't read my thread or any of the files at my Yahoo site. If you're truly interested, go through the thread. If not . . .
Yes I have read most of the posts on your Vol thread but not your Yahoo files as yet. Toady was a specific example when I tried to extract some meaning to the vol at that LOD with H vol bar and couldn't. In fact, I have NEVER been able to correlate vol with price as you have, so that's why I'm asking. If you can give me some clue as to direction to look, I will do it. I am not lazy and trying to sidestep the work to get there. I have looked at vol many times and come up blank- like today for instance. I still bought on the low of the day but not because it was the LOD.
Now I understand where you are coming from after viewing your profile and found you to be selling trading advice. How do you make people money when your logic is so obviously flawed? Or do you? Or more importantly, do you care? I'm going to re-read Marty Schwartz book now and see if there are any pearls of wisdom I missed first time around. Suggest you do same and stop spewing nonsense in such an arrogant manner. Willing to bet you don't make a dime trading (based on your post).
90% of the information I "spew" is free to those that are willing to review it with an open mind. I give away more information than the gurus understand. I have people using what I have showed them that haven't given me a penny and are prospering every day. I spend time in free forums tweeking individuals to think for themselves and to start looking at the Market from a fresh standpoint and not believing someone, even me, that they know more than anyone else. I believe a perfect system of trading exsists but you will have to find it yourself. If you think you will find it listening to others you are dead wrong. So, go read another book and stop using the brain God gave you to think for yourself.
Although you are probably full of it and I don't care one way or the other enough to matter, I will respond to you this way: When I read a book by someone such as Marty Schwartz whom I admire, I am not looking for him to do my thinking. Rather, when I read his book, my mind will associate something he said with something I might be thinking in the back of my mind. As far as learning from you, I highly doubt it, but then WHO CARES what I think! I can't ever get a straight answer to a simple question here anyway. To wit: dbPhoenix who has made himself the prophet on the relationship between volume and price, can't tell me how he uses volume to know what to do in specific situations. I am taking your advice in this respect. I'm not going to waste my time discussing anything here. What's the point. If I wanted to hear nonsense, I do my duty and talk to my mother-in-law for awhile. She's over 80 and a little dim-witted.
Don't get burned out so easily Steve. There are many good posters here. Contrary to your (current) opinion, dbphoenix is most usually a good and intelligent poster (maybe occasionally just a little dogmatic). But, this new guy, ProfLogic; well, jury's still out. Stick around. Lots of good people around. Just like a nice lawn, you have to occasionally eliminate the weeds.
If you're a mechanical trader, you're not likely to be motivated to understand PV relationships; therefore, you'll never be able to do it. It's not something you learn to do by reading a few posts. As for where to look, all the principles are in the thread. For example, using the 5m ES chart, you'll note an SC at the first low with the close of the bar well off the low. There's a second test three bars later with lighter volume, suggesting that selling is exhausted. This is confirmed by the fact that price rises with very little supply to hinder its progress (otherwise, volume would be higher). It's very simple unless you fight it, which you are very likely to do if your belief system is challenged.
some free advice . . . be on the same side as 990 or 023 --- they're the ones jamming you countertrend on lows/highs also sounds like you are overanalyzing today . . . what'd we have, barely 7 handle range?!?