Right.......end of day, buyers were not at all willing to play at this point. Sellers drove price back down towards the bottom of the current range with minimal (order flow) opposition. This is nothing uncommon at all actually.....buyers making a stand going into the weekend (market closed) after they just failed again to bust through 894/895 range resistance, was not a probable event. Prices will drop fast when there is no buyers willing to buy the middle of the range pricing levels.......thus price settled fast into todays close (buyers gave up for now). Context of recent price action is always very important as you analyze price/volume data.
I know what you are saying, but the point I was trying to make is this.....lets now say your SHORT 1000 lot held inventory is now 5 points against you.......now 7 points.......now........ At some point you get forced to be a very willing buyer (you become the weaker hand).
Right I see this happen over and over again. So I guess you have to look at several days and determine where today's CD stands, is that what you're saying when you say put it in context? So I have been looking at the volume by price for a one year timeframe (ES) and I see next major level to be 822s, if buyers at 76s convert, agree? That's what I see actually for the next distribution.
What I am saying is only this.......would you be willing to buy the price run down off another failed attempt to bust through 895's going into the EOD/weekend? What I am saying is that with miminal buyers willing to buy, price will have extended drops on minimal negative delta (showing you there is low opposition within the order flow running price down.....buyers are not challenging the move).
There are some zones of supply once we break down through the 881-877's zone in the 840's and 830's first (before the 822 level you have).
It was a CERTAIN event, known before it happened. Reason: the market had only one degree of freedom and that was down. You need to understand how the market works. You think you do. Profit from this insight while I am still around. Go back to that event that you considered not probable: it was impossible for the market not to move down, because the market never lies. Try it
You got problems understanding english. How could you be credible in your understanding of the market. :eek: PS: some ET members received some real-time calls in their PM boxes. They are smiling now.