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Thanks Jako, will see what the week brings.

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Beany72

3,285 Posts.

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20/11/16

23:15

Post #: 20751011
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Originally posted by Jako64 ↑

Yes, that is a Potential test bar for sure.......

to be confirmed as a Successful or Confirmed test bar, price should respond positively to it (close higher), although a secondary test is also still acceptable, but still requires an upbar to confirm.
.
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Yes it was a bit nasty, but not as nasty as the weekly bar looks........ (but if the weekly bar does not respond with downside follow through next week, it may be an absorption bar, just like the the 26th August, 28th October & 4th November bars probably were....Tom would call them "an upthrust in the wrong place"
.......actually, I would lead to the absorption scenario being the higher probability right now for sure, but when those bars arrive, they sure look quite threatening..... no doubt)

Those potentially weak bars (which do not end up following through) are a good way to flip out the day & momentum traders, and I see them more regularly over the last year or so.

Anyway, the reducing volumes show active selling is light.......

cheers

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Thanks Jako, will see what the week brings.
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