That's why I said it's a zig zag indicator "basically." You're looking for swings of a certain range or better. You seen pretty knowledgeable about HH HL stuff. I will PM you in the future when I make a thread about my the system I used to trade that was based on jjrvat's thread. I'd like to hear your input since it was all HH HL stuff.
Here are my charts for yesterday: First the daily chart. Price did not approach or encounter any significant levels on the daily chart today: And here is yesterday's intraday chart: The only things I really see on that are what's labeled. Around 10:16 CST there was a bit of support at 1633.00. That might have been a good place to buy but I don't know if that would've been a good idea with S1 less than 3 points above it. I also don't know if the S points even matter or if you should avoid trades that would pass through them after only a few points, or if S points have any function as resistance (in this case it did not as price went straight through S1, but that's only one data point). In other words, it might not be a good idea to take a short trade only a few points above an S point, but I don't know if that means it's also not a good idea to take a long trade a few points below an S point. I'll have to observe how often S functions as R and R functions as S.
Here is 6-12: The only noteworthy thing I see on here is the double top at the ONL (which was also the ORL today): Let's take a look at that double top on the 5 second chart to see if there were any clues that it was a double top rather than price going back up after ORL was reached again: Any volume experts want to shed some light on this? I'm terrible at reading volume. Looks like a medium volume spike on the first touch and a smaller volume spike on the second touch and then volume got pretty low as price chopped around the ORL for a few more 5 second bars.
Based on the daily chart, it looks like 1593.00 or 1596.50 may be important levels tomorrow if price keeps going down.
I am by no means an expert, but here is how I've come to understand volume - I've marked up your chart. You used all the colors I wanted to use, so I went with dark purple to differentiate Look for divergences at meaningful areas (ie s/r). Reading volume is about relativity, meaning what volume is like now, compared to previously when price was in the same area. When you say "medium spike" that doesn't really mean anything. It just matters that there was more, less, or the same than before. The divergences in the volume is caused by absorption. For example, in the 2nd price/volume divergence I have marked from the left, volume really kicked up, price moved down, but stopped and bounced around for a few bars. Price came back down to that same area, but the big volume was gone, then price started going up. Those first big spikes were buyers coming in. Now having said that, volume is not a secret key or anything. It can definitely be helpful in key areas, but you can see the first divergence on the far left, didn't really provide much profit if you tried to get long there. Price wasn't done going down yet. Maybe that particular area wasn't as important as the next area just a little lower. But if you take a look at the chart, you can see that at even the areas you have marked, volume provide some pretty decent clues.
You are killing me with these 5000 CVB non-sense, and you are making a fool of yourself in the eyes that those that have been around. Do yourself a favor, drop this crap and begin studying time-based frames with no faster than hourly charts, earn your faster time-frames, you taking the wrong road, which is why you have not been able to find anything useful. Stop being so hard-headed, and let people that know, help you. Do as I say, and I will promise to throw you a bone, let me see you work the right charts. Last but not least, what's that above me, a 5 second chart? Good Jesus. "First you walk, then you run, not the other way around"
Here's Friday's chart. I'm not sure I fully understand how to roll over a contract in SierraChart and that may be why ORH and ORL didn't plot. I manually drew in ORL and it appears it functioned as R as labeled on the chart.