Ha, good on yer for that sharks, yep I know all about them, we have had some extended discussions about these type of bars before.
The biggest trouble with them is a lack of consistancy.
Anyway, yes is the answer to your question, however only in hindsight (and that is the problem).
In a nutshell, after looking at quite a few examples like the one above, we came to the conclusion that these type of bars nearly always came as price broke out from a longer term base or from an extended trading range into expected overhead resistance, & they were absorbing (buying) the supply as it came in when price pushed up a little into that potential resistance above. And at the same time they were used to measure or test the strength and the amount of supply coming in at that new higher level.
We also suspected these bars were deliberately engineered, and did not 'just come about' as the trading of the composite operator (market as a whole).
So for instance, if price popped up a bit from the relative safety of a trading range and just got smashed with massive supply, we would often see price close low on the bar, then price would usually pull back and and shakeout over the next few bars, in an attempt to remove some of the supply waiting (and then in response they often gapped up when they attempted to accelerate higher the next time, an old trick, but a good one)........but on the other hand, if price popped up and supply was a bit above average (as expected), but not too bad, often price would continue to accelerate higher over the next few bars, and complete a breakout.
Hope that makes sense.....I can expand further if needed.
Anyway, this is not an official bar type in VSA.......so I call them potential absorption bars (or as they often appear as an upthrust, an "upthrust in the wrong place" as they often appear as an upthrust, but don't respond like one). Ewob and Toastie, wanted to call them FUCT bars (Fleeting Upwards Creeping Test bars) , but that named limited as to where we could discuss them, and we got moderated once for using the acronym.
I did speak to Philip Friston (VSA fund manager who does some work for Tradeguider ), about these bars at one point, with a thought to officially naming them.
But as there were no hard and fast rules, only really a concept, he was reluctant to go any further with them.
cheers
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