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FreeYourself

681 Posts.

52

30/06/17

00:47

Post #: 25578603
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Originally posted by Jako8557 ↑

Thanks for the chart, yes I can understand what you are seeing and describing.
and yes, the supply that was being drawn out as price broke out was most likely stale supply from the left, as you showed in the earlier chart.

On your chart with the commentary, the second last bar has increased volume, and the highest since the breakout, but price only closed one cent higher. I agree at the time it could have been absorption, but price needed a close watch at that point in time. Then when the next bar (the last bar on your chart) closed lower and had still quite high volume it is a warning that all may not be well in the short term.

Overall pretty good analysis though, especially for you first one..

It appears that price has now come back to test the strength of the breakout @3.05 where it should be found that previous resistance is now support if all is well.....

cheers

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Cheers Jako, I'll def take your comments onboard for the future. I'll try get some more charts up over the weekend as this kind of help is invaluable.

Also you changed your name?
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