Merchant is also full of shit. I personally don't believe much in volume, except when it comes to price/volume divergences. My prime question is this: "If price is steadily stairstepping on invisible volume, do you stand aside?" But I put all kinds of volume derivatives on my chart, because the faithful expect to see it. No guru can go wrong giving his followers exactly what they want. Thanks for posting here. You are so brave! Either that or you have no concern for your reputation. I was disappointed that my star accolyte missed his call for the close to be at the open. Better that he made that bad prediction than me. I am now above it all. Like Jack, I can claim that my method is perfect. If only my students were!
From what I've read price stair-stepping on no volume may be "iceberg" orders -- only some of the true order size showing on the DOM. Or, it could be automated marketmaking machines designed to push price that way. I've got the artifacts of this and am currently trying to figure it out. Thanks for the support with this journal. I've felt comfortable, here.
Well, if all these punks are going to post, I might as well, too. Actually this is more in the way of a diatribe than a technical analysis. Take a look at the attached GC chart. I learned white trash finance dandling on my grandparents' knees. They told me how "that pinko commie queer Franklin Roosevelt" had criminalized ownership of their hard-earned gold. This was back when a twenty dollar gold piece was worth exactly that. So they buried theirs in the back yard, with all the disagreeable relatives they had killed. After they died I dug all over, but never found a damn thing. But enough bodies to keep "Most Wanted" busy for years. Say what you will about Dickie Nixon, but he's in a frame on my wall right next to Robert E. Lee and the Baby Jesus for decriminalizing gold! But the prick shoulda had the nerve to do the same for dope! Anyway, I totally fucking refuse to sell the gold I bought at $280-320 based on some silly goddamned chart!
Don't jive an old man! How does iceberg orders equate to price movement on negligible volume? If you figure out what the automatons are doing, for pity's sake don't post it here! Send it to Hypo. He'll relay it to me, as I plan to commit sewercide soon. I was chastised by the management for calling some punk chickenshit for not making real time calls or posting executions. It was literally running slimy green and goopy out of his ass, but apparently calling a spade a spade is non-PC here any more. So I fly! P.S. The fact that you are comfortable here does not speak well of you. I suggest you get on Dr. Deco's appointment calendar for a therapy session. Remember what happened to Psychopathology of Traders. The Phoenix was next. Watch it!
This is supposition. I can't see what firms (ex: 990N) are making and withdrawing orders. If these firms which normally do volume aren't doing volume but instead are only showing small size then it may not be unreasonable to suspect that they are waiting for a price level to buy/sell contracts. If enough players know those firms normally doing volume are not presently doing volume they may not play in anticipation of certain levels being reached.
Thanks for your explanation. So you are not watching a Bloomberg? Moi non plus. $132 a month to E-Signal is killing me. That's why I'm trolling for mentees on ET.
The small caps were strong in the runup from last summer, leading the charge. Now they are weak, leading the retreat. RUT is giving us early warning of where SPX and NDX are going.
Interesting that this AM's premarket run in NQ bottomed out at yesterday's open, the decidedly un-round number 1563.5. More of the same today? Or utterly meaningless?
Wasn't it the ShonDells's who sang: "Vee-Wop! Vee-Wop! Sha-da-da-da-da-da-da-da-da-da-da-da! Vee-Wop! Vee-Wop! Sha-da-da-da-da-da-da-da-da-da-da-da! Da!" Didn't realize until just now that they were day traders.