Hi Bantro, about the DX, Don't miss the general picture; here is the daily chart which shows how at this level DX is fighting with a daily supply zone: http://i48.tinypic.com/vx0xgz.jpg
We were really missing your existence in the thread.
I have a question about the Accumalation Phase you marked on the chart. How can we be sure that it is not a Re-distribution phase ? Which signs tell you this ?
If I look at volume, it is low volume duringh this phase, there are many of No Demand and No Supply bars. I know that we have seen stregnth in the background, when falling knife is stopped by institutional buying. A similar buying campaign might have been at the start of Re-distribution phase by retail buyers.
Would be interested to hear your commnets on this.
The DX hit the Demand level at 82.35 overnight and moved back up.
Pecas, thanks for the comments about the bigger picture. The 120 min. chart I posted the other day shows the daily 76.4% retrace line which is based on a higher supply zone than you had drawn in. I just failed to color it in on my my.
Price Action climbed up to the 76.4% daily retrace earlier this morning and is moving down. I will look for another short entry off of a move back up into a possible 61.8/ 76.4% retrace.
Did not take this trade at the 76.4% Daily Retrace because volume was high coming into the area. I'm looking for a better entry point assuming volume falls off before moving away from this area.
Did not take this trade at the 76.4% Daily Retrace because volume was high coming into the area. I'm looking for a better entry point assuming volume falls off before moving away from this area.
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Hi bantro, good analysis there, i got caught with the ausi one, ignored the volume and got stopped out. just a quick question, where did you get the 76.4% retrace number from? isnt the norm 78.6%?
I use Mirus Futures and the default setting on my fib tools is 76.4%. I know Rocky uses 78.6%. I see price action stopping all around both of those numbers. I think the main thing to watch for is volume when price gets close to either one.
I have my supply zone smaller than you have yours. My limit sell is sitting at .5222 with a 25 tic stop. I have not been filled yet. If price does reach my entry, I will be looking for volume to continue to fall off.
as always nice charts from u..don't you think we are coming to the supply with increasing bullish volume ? in other words green volume bars are becoming taller..that might put the supply level in to the risk to be broken..
as always nice charts from u..don't you think we are coming to the supply with increasing bullish volume ? in other words green volume bars are becoming taller..that might put the supply level in to the risk to be broken..
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Hi Trappist, thats exactly what i want to see. I want to see large green volume candles before the supply, then as it reaches the area, the volume decreases.
