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Zandaya

2,953 Posts.

33

20/02/16

08:25

Post #: 17071185
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Originally posted by Jako64 ↑

Here is the first Test bar post, as there are about 10 or 11 different test and no supply bars, I will attempt to put a few up over the weekend.
Firstly, tests are secondary indicators of strength. They are not primary indicators of strength.
They are generally used to confirm strength in the form of an individual bar, background influence, or trend.
Tests work best in an uptrend, they are less reliable in a trading range (depending on where the test is placed), and are very unreliable in a downtrend.
Read the description - Narrow spread downbar, closing mid to high, on low relative volume (officially the volume is meant to be lower than the previous two bars, and is shown in pink on this chart)

View attachment 146098

-- There is another test arrowed on this chart, although it is not as perfect as the other one (actually there are a few other tests as well...),
if anyone is keen to have a go, can anyone work out what is being tested on the other bar, or why there was a test there......

cheers

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Is it testing the supply 3 bars back, wide spread bar closing on its lows high volume, looks like there was a bit of selling pressure on this day?
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