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Beany72

3,285 Posts.

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09/03/17

00:05

Post #: 23202098
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Originally posted by Jako64 ↑

yes possibly.

Well it certainly looks like a shakeout, and it drew out some decent supply.
See what the response is tomorrow, the response will usually give a good telltale of what was happening in the previous bar.
-A low volume test would be OK, there is a decent chance that high volume of today will be tested.
-A response higher would suggest buying today (and a potential temporary supply vacuum), but I expect that there is a good chance price would still come back, as the high volume of today will (probably) be tested at some point.
-A narrow spread high volume downbar would sort of be OK, and I would then look for one of the two scenarios above to form.
-An average or widespread downbar would potentially be 'not be so good', especially if volume was again quite high, as it would suggest supply maybe becoming overwhelming.

cheers

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Thanks Jako, as usual time will tell.
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