Hi Jako, I managed to got back in BLD last week after seeing no...

First 2514 Last

Share
Profile

Follow
jimgorr

320 Posts.

26

04/05/19

18:47

Post #: 38411295
Share

Originally posted by Jako8557: ↑

OK no worries, nice winner.

I have been checking it most days, to see how the trading was going, and seemed to be at an important juncture.

It seemed to me that the recent trading was absorbing any stale supply being drawn out from the left (circled)
The low (and reducing) volume was suggesting that there was not much serious supply left in that zone
(it probably sold for a loss when price came back in late March)
Then yesterday price came back on increased volume (the highest down bar volume since 11 April), so I marked the high and low of that bar - to show where - if price pushes above that bars high, it is probably clear to continue higher, and if price closes clearly below its low, a pullback of about 15 cents or so could occur.

View attachment 1536433

cheers

Expand

Hi Jako,
I managed to got back in BLD last week after seeing no follow through to my questionable bars, also thanks for a little mental support above..

On another note, I started going through David Weis's daily S&P commentary to strengthen my knowledge bit more. On Wyckoff way of explanation i consider him one of the leading experts if not the best.. However, in his commentary he somehow lacks connecting bars with volumes - I have to say not all the time. Sometimes I don't understand where he gets his lines from - perhaps he looks at bigger picture a lot as well- as he does this for at least 40 years.. good on him. Even sometimes he compares some monthly shakeouts to - bigger downturns like - 1987, 2001, 2007 and such.. Such a champion.
2 Upvote

Reply