Not sure if this is TA but...

Discussion in 'Technical Analysis' started by masterm1ne, Mar 31, 2012.

  1. So, I was watching the DOM in CL one night last week. It looked like this:

    [​IMG]

    Obviously this isn't real, just an example, but the total number of offers was about 10 times what the number of bids were on the lvl 2 (w/e it's called), like I have illustrated (no I didn't count them up) but roughly that's what it looked like.

    I'd be interested if anyone scalps in the counter-intuitive direction, or maybe it's not counter intuitive because it's in the direction of so many traders resting orders, and we know that most of them are in fact losers. One would think that many sell orders would cause the market to go down, but in fact, what happened was prices soon drove right through those orders, and then reversed.

    All of those resting orders were triggered at the inverted hammer preceding the bullish reversal pattern in the red circle.

    [​IMG]
     
  2. ocean5

    ocean5

    Just go with the flow.
     
  3. Is that a pun? Cuz ur name is ocean, get it?

    Usually if I go with the flow, I either sell at the bottom, or buy at the top.
     
  4. ocean5

    ocean5

    Then go with the plate tectonic at its first sign of the move.
     
  5. nkhoi

    nkhoi Moderator

    if you are into watching dom, watch for this signal I call it 1k flashing sell signal.

    now you see it
     
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  6. nkhoi

    nkhoi Moderator

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  7. ocean5

    ocean5

    you mean i should stare at the screen without winking,to catch this 1K signal?
     
  8. there is no edge to be gained from watching the dome...what you are witnessing is just random information....move along
     
  9. ocean5

    ocean5

    Let alone to make Dome the summum bonum indicator.God forbid!I wonder who`s spreaded the news it was usefull?

    :confused: