Yes! Someone pinch me because it's starting to happen again. Well pinching me might be dangerous cause I had Mexican food for lunch, but none the less 155.67 here we come!!!
What's that smell?
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Dislikedwell that was an easy one ....the volume on down move was a little high .. may bounceIgnored
ing. You can have successful tests on low volume and other types of tests on high volume,
usually on ‘bad news‘. This not only catches stops, but shakes the market out as well, making the way easier for higher prices. Testing is a good sign of strength (as long as you have strength in the background). Usually, a successful test (on low volume) tells you that the market is ready to rise
immediately, whilst a higher volume test usually results in a temporary up-move, and will be subject to a
re-test of the same price area again at a later time. This action sometimes results in a “W” shape. This
pattern is sometimes referred to as a “dead cat bounce” or a “double bottom”. The “W” shape results from
the action of re-testing an area that had too much supply before.
In that instance , because the move down was on higher volume than the previous few bars I think it is the temp test , and the lows shall be tested once more ...... call it like a probe.
Dislikedit came out of no where in a low volume time .. seems out of place. ..
Ignored
DislikedI agree plrbear, I went big last night for a 500 pip drop from 163, and got a little warning from Malcomb for it, but that's not the norm for me to trade a standard lot.
I definitely am using mini lots and being super careful. Plus I don't point fingers when I follow someone else. Usually I need that extra confirmation that what I'm looking at is the same as someone else.Ignored
DislikedMalcomlb, would I be correct in thinking than that we will test 155.95 again and bounce before asia starts up?Ignored