Now there's a market that reacts to news, and when news sinks in it reacts hard. A true supply and demand market, with forward thinking, not like this shitty equity crap. Man I miss my old CL ways. I really should revisit that.
I understand and thank you for the suggestion I will do so. The conversation of price action is long standing as support/resist vs supply/demand. I like the topic and you asked the right questions - why does price stop where it does. Many traders spend hours watching their chart during the trading week but few can actually see what is happening on the charts.
Here is a daily and I tend to agree with you, those open mouth price action below - price is feeding out of them and going higher - one thing to consider with that type of price action is the supply and demand / sell and buy orders are being equally removed for price to move higher. If price goes south it will do so very quickly as there are no orders. Those are also fractals that are moving price against trend - smaller version to the larger picture we are looking at. I t is an interesting play to see if that top holds against the smaller fractals moving against it
Thanks Erin. I can't understand why people just burst into threads in order to discredit others. I have ignored both naysayers so at least for me, that will no longer be a distraction. I am not a fool who thinks I am going to find the holy grail in an ET thread, but the method to trade trends I use, I found it here a long time ago, and I appreciate that very much. Now I read everything with a huge amount of scepticism, and test (back and forward) everything on my own before actually using it in live trading.
As for what I am looking at today, here is what I see. We made it to the area defined as S and demand finally came in at the expected level. At the open, I bought the first retracement. Let's see what happens.
The first sign of supply in this area that was not on my original post as potential Resistance, let's see how this evolves.