Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
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Agree. Not sure if any poc or vpoc (the most accepted levels) 5 minutes into market close would have meant anything. It has been the market behavior the last several days to have a counter move into closing, cleaning the books and going home.
I personally do not use volume for scalp trading but for swings when I see there is a 103 volume effort and no result (Post#1267) it tells me there is no demand.
Thanks @supermht, good stuff. Is that Weis's NT plug-in or PAS indicator? I am half way through his book but have a hard time staying focused reading many pages without many figures.
Last edited by aligator; February 1st, 2014 at 12:02 PM.
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the one i use on price bar is PAS, the only thing i watch is each wave's duration and points, but I count each up wave and down wave separately, for example is this up wave spends much less time and less points than prior up wave, I assume demand is tired.
the one on panel 1 is weiswave
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In that chart there is a sequence where you labeled price trying to break back above resistance for a second time but on lesser volume.
Now I used to be somebody who subscribed to the pillars of that example of cause/effect. I gotta be honest though, what's become more important to me as of late is "how" the orders go through at that level instead of just the volume. I've seen situations where volume was increased and it still couldn't break a previous resistance, whereby creating the same divergence that occurs when it's on lesser volume.
I think it's just something that has changed as this market has become so high speed dominated and Wyckoff's schematics did not factor that in at the time.
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