Hi Jako
Hope that your weekend was relaxing...
I have highlighted a couple of areas on your chart that caught my eye...That area in pink stands out to me due to the comparatively low volume/contracts? to the rest of the chart, barring the 315 down wave. In particular where the black line has been added is the down 42 volume/contracts circled in green. Two questions, why was price able to fall that far on such a low number? Was it due to the lack of sellers at lower price levels? Then price appears to only rise on 3 volume/contracts then has a successful test (slighlty slanted) which from memory means it struggled a bit? but got there...price did not move down far as buyers must have stepped in and up it went on 494 volume/contracts??
Jako, also that area where there is a secondary test (numbers have a green line) ieup 494, then down 483, then down to complete the test on 122 which is alot lower than the previous numbers?
Also just above that area starting at 122 (see the purple line), I couldnt work out what happened in there due to the numbers, it looks to me like it has gone up on 13 next?? then somenumber ending in .21
I did notice your orange arrow was a major SOW coming in, as not only did price not even hit that price level, comparative to that region of the chart the volume was lowish perhaps?
I have done the best that I could working through it, just seemed odd in a few areas that I could not get my head around..
After listening to D.Weiss over and over, he talks about Darvis Boxes and Rinko charts.....of which I know nothing about at this point in time....are those two additional areas knowledge that is necessary to assist with interpreting these chart types?
Those numbers...in real time are they plotted as they occur in their respective timeframe eg might be a daily chart or 15 minute intraday chart, in other words is that data you have had to input??
I was thinking about a standard volume bar say on a daily chart. It might show that the total volume for the day was 1,000,000 shares traded. However what it does not say is how much of that was buying and how much was selling.....for example 800,000 of that was buying and only 200,000 was selling....This is where I am struggling a bit to get my head around....remember well you saying that some of my knowledge would involve 'unlearning' so to speak. I think I am at that point with this kind of charts, and I really want to nail them.....
Thanx Jako for listening....do not expect a long, detailed reply....probably my frustration to be honest coming out as I pride myself in thinking I know what I am doing from a chartist perspective, but then again maybe I am not.....
Ordered 2 new books today on Whyckoff, on Amazon I was Trades About to happen and I cant remember the name of it, but will let you know when I go in and check my order status. My TA library is quite large, just need to keep going over the right brain food and not be too harsh on myself...I am my own worst critique and I acknowledge it and are mindful of it. Trading is a different kettle of fish and my current trading plan. However trading the fringes of these points seems easy money once mastered?
Enough waffle
Cheers Jako, much appreciated mate
GF
