sorry, should say just above 6160.. the peak red volume spikes on spi.. if you break down those spikes the vulome is heavy because thats where the buyers force back price, not just because of the volume of sellers.. even if it falls below there it doesn't get far cos the downward momentum has been blunted, or the sellers absorbed, same thing.. sellers follow sellers and buyers follow buyers.. so reduce the downward momentum and you stop the trend in its tracks.. and its covert, shows up on our systems as a red vol spike, not green.. been happening ever since spi shut down for maintenance..
formally its called a high activity candle and ascribed to normal market forces but I disagree with the theory in this instance.. it doesn't gel with my notion of trading and is very high risk, if you're playing with your own money.. or expensive loan money.. so its someone with very high liquidity who doesn't have to worry about risk or margin calls.. call me paranoid.. but my friends on alpha centauri say I'm ok.. lol
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