Good to see you are thinking about these different bars.
No, not bag holding, but it does look like there was some potential support in there for sure.
A narrow spread downbar, on an increase in volume (and it appears it is above average volume as well).
As confirmation of this suspected support, the next bar should be up, or if it was a down bar, on much lower volume.
(you need this confirmation, as sometimes the market is being 'held up' while it is sold into)
Bag holding is always into fresh new ground (eg- no recent trading to the left), it often has a slight gap down bar from the previous close, and has very very high volume (certainly much higher than the average, and any recent trading volume).
So on that bar, there is some trading to the left, and volume probably isn't high enough.
If you were wanting to buy it,
It would really depend on your expected trading timeframe (intraday, daily or weekly), as to how you would play it.
You could use the openers rule, or as soon as price moved above the high of last week's narrow spread bar you could buy it with a tight stop for a quick trade, and only hold for the expected quick sharp rise, or wait to see if price eventually comes back to test that above average volume, and buy the response to a test.
It really depends on the trading timeframe you have in mind.
Just remember that there is some potentially bad selling immediately above the current price, and its influence may overwhelm any short term rise in price pretty quickly, especially if the supply is ongoing......
And yes, that monthly chart is interesting, and if this month's bar was to finish similar to the way it is now, a strong upbar in response would confirm the buying that is suspected. But there is still a third of the month to go yet.........so we will have to wait......monthly charts move very slowly.
Good to see you are looking at the weekly and monthly charts though, as they contain so much more information, and are therefore much more powerful individually, and across the entire chart.
cheers
PS- it might (or might not) help, if you change all the bar colours to black, as it appears the bar colours are being selected as if they are candlesticks, and not as if they are up or down compared to the previous close.
VSA/Wyckoff is always compared to the previous close, and candlesticks turn green if the close is higher than the open, or red if the close is lower than the open, so there can be anomalies when reading them when doing VSA or Wyckoff analysis.
(eg- the bar may be down VSA/Wyckoff style, but up candlestick style, and should be red, but appears green.....or vice versa)
Changing all the bars colours to black will make you look to see if the bar is actually up or down from the previous close, and not whether is is up or down compared to the open of each bar.
Then again, you might not like that change (in the end it is up to you), and most bars will be correct anyway.
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