S/R

I'm with you on all of this. I've studied this quite a lot since Friday morning because I see no clue as to the outcome. Price hit the pivot level, but volume was fine. I saw no divergences (which doesn't mean there weren't any). Taking the trade would mean taking it simply because it hit the pivot level, and that represents a risk that not everyone is willing to take. Nor was there any retest, even on the 1m. It simply reversed and died.

But I want to re-emphasize your point about the effect of big volume on price. It took more than 90 minutes for price to continue downward, and even then it was for only a few more points. The day ended pretty much where volume put it in the morning. You use the word "staggers" appropriately. Price has had the shit kicked out of it, and it does in fact limp thereafter.

 

I made a typo.
I meant to say 1/2 - 1/5

 

Since that gap as more than filled, I suspect the price consolidation has more to do with the bounce, esp since the bottom of the consolidation was tested on the next leg down, which also coincided with an old trendline from June. The TL itself is probably not important, but perhaps it helps reinforce the price support. Not that many shares were traded during that period, but it did last for three days. All in all, on the weak side.

 

Sulong,

FYI -- There are 405 minutes in the "regular" emini session and not 390...

 

Yes, Thanks.

I just very recently, learned how to control my start/stop data inputs, which are making things a lot easer.

Now I'm trying to decide if I want to encompass the time of "early" reports or not, on daily charts. ( start time 8:30 verse 9:30 est.)

I think I'll just go with "regular" hours, and be done with it.

Thanks for the help.

 

I've attached a new and hopefully improved daily chart, to illustrate my point "8". And marked what I call a "gap"

At the time of point 8, I don't see the gap being "more than filled".

 

So you're defining "gap" as any open that is above or below the PDC, even though it's still within the PD range?

 

Is that not how you define a gap?

 

Yes, basically if the price opens out side its PD "closing range'
we have a gap.

Where ever price opens, I measure the open against the PD closing range. That being the latest clue as to the most recent S/R area.

I don't know if this is a correct, or even accepted method, but it's what I came up with, as a, is it? or isn't it? type of gage.

 

See how easy it is?

Or could be.