Late shorts and bottom pickers hurting equally here. I'm flat here as my crystal ball is fuzzy. I'm leaning short, but there's always the chance that this is just a deep pullback of the range high (which isn't an exact level anyhow).
On one hour and higher, truthfully even down to 15mins. But there was no doubt (of course nothing is 100%) but as I mentioned yesterday that yesterday's bar was not good for bulls, it clearly wasn't. No effin reason, in my mind at least, to look long without a dramatic change in PA overnight or today. Which obviously has not happened as of this moment. I go by a technique that (who else for me) Tom DeMark uses in his TD Differential indicator measuring buying pressure as difference between close and true low and selling pressure difference between close and true high. If buying pressure is less than the buying pressure of previous bar and selling pressure is more than the previous it suggest next bar will be a reversal or at least a lower close than current close. This is actually more a 2 bar comparison, but I've found it works similarly on a 1 bar comparison.
Agreed. However, I'd say that the market is more range bound than trending lately. There's no clear direction to me on the daily. If anything, it seems like we're going higher on the daily chart. At any rate you're calling this as a down day then?
Range-bound within a downtrend. Yes lower other than possible RTH shakeout. But of course PA determines all (watching Directional Day Filter @ RTH), not me.
i see a pattern here, long squeeze short, then unload their possition, quite seccessfully may i say, it it possible they mayt try another one, after all, bull is the dominance force in stoke market.