Hi Ammo, How do you draw your hand charts? I would like to try this. You have price on the Y axis. Do you draw the letters plus volume on the X axis or just mark in the volume as x's ? What I'm asking is are you more interested in volume at price or volume and time at price? And what data do you include, OHLC or just the close.? Hope that makes sense. Thanks.
i just use the left hand axis , on graph paper i put a point per box, each box holds an upper and lower letter, 1935 , and 35.35 would be lower half of box, 35.50 and 35.75 upper half, 36 print would be a letter in the lower half of box above,34.75 would be a letter in the upper half of the box below, you can fit more data on one page, i dont use volume just the high to low of each 30 minute timeframe on the graph
in theory the market moves in its direction up looking for sellers down looking for buyers,til it hits a cleave,nip or ledge so yes, those points nip and ledge represent previous larger groups of price activity, left over longs or shorts, and the cleave is a previous point of exhaustion
So if you see uvol tapering off at the cleave, that is a confirmation that buyers are becoming exhausted?
http://www.cmegroup.com/education/interactive/marketprofile/ start with a graph paper notebook, draw a vertical line,assign a number to each box,the first half hour regular trading hour hi/lo in es is 32-36.75 so you would put an a for that period top to bottom of 36 75-32, 2nd half hour is a b from 34.75-37.75.third half hour a c , and so on
that along with dvol spiking up, you also want to look at ndx dji,djt and see if they are working together and if any are holding at resistance,turning at res, breaking res or not making it to res