I always put myself in the shoes of the people Im trading against. Commercials.Needing to trade with the inst. & com. traders if your a small retail trader. They trade dont trade with their own money therefore they have Rules , the're buy or selling is capped. So, if you worked (be the com. trader for a minute) for some one else and your job is to buy because you think price will be higher in the future. The session opens, and because it they are going to buy (Accumulate). At the best prices. They buy, (range ext.). now, you need to buy more but its getting pricey at higher levels, so you wait, if its mostly your huge vol moving prices. Stop buying, until price settles back to the IB, because as a com. trader you have rules, you cant buy or sell any more than max 3x that sessions IB. So if its initiutive buy, a smart com trader needs to work price to get the best prices. If its a fake out they will use so much of that limited buying power. they have 3x's IB. They might move prices to DIB ( thats 2x's thier power) turn and reverse and send prices they still have 1x's IB range of range extention to use for the other side.
Markets are not efficient, rather they are effective - Jones