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Wyckoff Trading Method
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Wyckoff Trading Method

  #821 (permalink)
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absorption

HI, Gary, I don't think it is absorption, since most of bars close lower end.

also, I am going to take short trade at ICE

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  #822 (permalink)
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ES 5 minute chart

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supermht View Post
HI, Gary, I don't think it is absorption, since most of bars close lower end.

also, I am going to take short trade at ICE

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The box that you drew IS absorption because of the background of the few previous bars. The fact that some of the bars in that box were lower end, there was no real selling that occurred. The previous bars were buying bars. This lead to that little pop up you saw. It may be worth a probe to sell at the level you indicate, but I would need to see more of the chart to see the longer term trend.

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  #824 (permalink)
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STOP ACTION

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Yes, this appears to be stopping action. The key will be to see if there is follow through to the downside to see if there is a change of behavior. Good job!

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daily chart, OKR

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Very logical. A proper way to look at the market. Good job!

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  #828 (permalink)
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hi

hi, Gary, this chart is from your website. there are 5 bars in this absorption, how many bars do you count to make sure there is no reaction from the vertical supply bar?

by the way, do you enter trade in this absorption area? or you just wait for retest after breakout? thanks

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supermht View Post
hi, Gary, this chart is from your website. there are 5 bars in this absorption, how many bars do you count to make sure there is no reaction from the vertical supply bar?

by the way, do you enter trade in this absorption area? or you just wait for retest after breakout? thanks

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If a market tests an area of resistance and does not react with selling, and the bars at that resistance tend to be mid-range to higher mid-range, the odds greatly increase that this is absorption and will go higher. There's no set amount of bars, but it's the action around that bar that are key. Because if strong hands are to defend resistance, we should see evidence of selling. If not, they do not have an interest in selling and usually this means higher prices. In the case of this chart, we clearly see that.

The safer trade would be a move above resistance and to buy a retest back to support. If you are able to identify this as absorption, a more aggressive style would be to buy and place an appropriate stop. Keep in mind, there are no set rules, but we try to look at the market's "story" and gain as many pieces of information as we can, by using price, volume, and the speed of any reaction.

There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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ES 5 minute chart


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