Firstly this week is a little quiz using an intraday chart - 1hr.
The analysis should be the same in any timeframe.
The main question here is - "are you looking for a short entry, a long entry, or elsewhere to another stock for an entry"
Also mark any lines that might be important, both now and possibly in the future.
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Last week I did a little example of Bar By Bar analysis,
this week I would like others to have a go at doing this, as it really makes you think.
You have to look at what actually happened on a particular bar, and the then look to the next bar for confirmation....and then consider that bar and volume....... If unsure about how to go about it, have a quick look at last weeks example.
Be relatively brief in your answers, but if you need more room add some to below the chart if you like.
The potential buying on the widespread, high volume downbar, that closed in the middle, followed by the little sideways accumulation and test, should have triggered your trading radar to look for a possible long entry of some sort (both shorter term, and also for the longer term). Following the initial short term rise (AR), price consolidated for a longer period and mopped up some further supply (accumulation), before accelerating away.
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It is a little tricky, but is a real world chart, the sort you will encounter regularly.
There is little doubt buying has emerged on this chart, and the response higher has not properly begun........yet.
cheers
