Volume Support
I not convinced these volume figures are useful intra-day. If you have large orders to fill then you don't have to report the trades until the order is completed. The large volume at the end of the day are the completion of trades that have been processed bit-by-bit through out the day.
mully said:
I not convinced these volume figures are useful intra-day. If you have large orders to fill then you don't have to report the trades until the order is completed. The large volume at the end of the day are the completion of trades that have been processed bit-by-bit through out the day.
More comments on volume support
This graph could be read as "I'm a large institution, I've made a packet over the last year, throughout the day (whilst we are on a rally) I'll dump some of my position by trickle feeding all those mugs who are willing to buy.
I've spent many years looking into volume as a clue to market direction, and still can't see any high probability clues from it. Time is far more important.
mully said:
This graph could be read as "I'm a large institution, I've made a packet over the last year, throughout the day (whilst we are on a rally) I'll dump some of my position by trickle feeding all those mugs who are willing to buy.
I've spent many years looking into volume as a clue to market direction, and still can't see any high probability clues from it. Time is far more important.
Hooya
Why did you close your short yesterday, it would appear that you would have done better by holding to to-day
alliance
Fair comment, but I am wary of those who would spike against us to remove our shorts.
splasher
I use spread betting.
Regards
bracke
Why did you close your short yesterday, it would appear that you would have done better by holding to to-day
alliance
Fair comment, but I am wary of those who would spike against us to remove our shorts.
splasher
I use spread betting.
Regards
bracke
mully
Thank you for this mornings information.
I see that there was an opening gap on Mon 7th ( how did I miss that ! ) which has not been filled, high time it was.
Your comment relating to change of volume emphasis from positive to negative is understandable given BOE interest rate decision and that gap to fill.
Regards
bracke
Thank you for this mornings information.
I see that there was an opening gap on Mon 7th ( how did I miss that ! ) which has not been filled, high time it was.
Your comment relating to change of volume emphasis from positive to negative is understandable given BOE interest rate decision and that gap to fill.
Regards
bracke
Hi bracke I closed at 84 last position (3 points off the low) as there was support there and it was near the end of day. I am an intraday trader so my settings on my charts are set for those types of swings. It bounced up to the 90s before close so considering the tight range I thought I did rather well. Could have shorted at the pivot this morning but didnt ...currently long with best entry...stop below support...so about 10 points
Hooya
I thought that you had gone short on Tues 8th or was that another short that you had closed, if it wasn't
you held the trade overnight which was not an intraday trade?
..".currently long with best entry...stop below support...so about 10 points"
I don't quite understand the above, can you tell me what it means please
Regards
bracke
I thought that you had gone short on Tues 8th or was that another short that you had closed, if it wasn't
you held the trade overnight which was not an intraday trade?
..".currently long with best entry...stop below support...so about 10 points"
I don't quite understand the above, can you tell me what it means please
Regards
bracke
alliance
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Finirama
I would think it means that he is Long @ best entry level seen thus far...and he has set his stop just below the next support level...so he has bout 10 point leverage@ his time of writing. But I could be wrong....
Bracke
I moved stop to 10 points (4491) @ 1.30am...so stopped out early this AM ...waiting now..
I would think it means that he is Long @ best entry level seen thus far...and he has set his stop just below the next support level...so he has bout 10 point leverage@ his time of writing. But I could be wrong....
Bracke
I moved stop to 10 points (4491) @ 1.30am...so stopped out early this AM ...waiting now..
Finirama
Your explanation needs further development. ie I would appreciate a full description of what he is saying.
I don't think hooya is long from Monday because he was short on Tuesday ( this is getting complicated )
I have asked this question before ( can't remember if it was this thread ) what is a maribozu?
EDIT Ignore this post Hooya has explained below
Regards
bracke
Your explanation needs further development. ie I would appreciate a full description of what he is saying.
I don't think hooya is long from Monday because he was short on Tuesday ( this is getting complicated )
I have asked this question before ( can't remember if it was this thread ) what is a maribozu?
EDIT Ignore this post Hooya has explained below
Regards
bracke
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Bracke...yup I did go short and did hold overnight as it was still below entry and stop had not even been touched. I could have actually closed for a profit and entered slightly higher the next day but chose not to as I could have got a good exit overnight..but we didnt. I look for intraday swings as that is when most turns come. Yesterday when the market hit the low of day..I was very over sold intraday and I had the support area as a low so only 5 points away. NOt worth holding overnight for an extra 5 points or so imo.
Fin is right....I scaled in my long between 80 and 70 market price best entry I took was 77. Stop has to be either below or above support not on it as it would be asking for it to get hit on a retest. Hope that helps?
LOL Allaince sorry to use you as an example but I see you got stopped out this morning. Thats exactly why I closed my short yesterday. Stop to protect profit had to be close to the current action or at teh high and as it was Wednesday and I need to make some money..best to bank.
Fin is right....I scaled in my long between 80 and 70 market price best entry I took was 77. Stop has to be either below or above support not on it as it would be asking for it to get hit on a retest. Hope that helps?
LOL Allaince sorry to use you as an example but I see you got stopped out this morning. Thats exactly why I closed my short yesterday. Stop to protect profit had to be close to the current action or at teh high and as it was Wednesday and I need to make some money..best to bank.
Hooya
Thank you for your reply but.....
"I was very over sold intraday " I understand the terminology but not it's relevance to your trades.
"I scaled in my long between 80 and 70 market price best entry I took was 77" What does this mean in simple terms?
So am I correct in thinking that you trade monthly futures but often trade them intraday?
Regards
bracke
Thank you for your reply but.....
"I was very over sold intraday " I understand the terminology but not it's relevance to your trades.
"I scaled in my long between 80 and 70 market price best entry I took was 77" What does this mean in simple terms?
So am I correct in thinking that you trade monthly futures but often trade them intraday?
Regards
bracke
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I trade FTSE cash through spread betting.
!) Approaching support , oversold intraday, 20+ points after holding for 2 days, no good area to lower stop to and about 10 mins to go until end of session...in short I dont want to hold
2) I had support between 76 and 80ish based on my mas, stochastics and rsi I was willing to scale in a long 5 lots of £1 say to get th best entry I can. But I have a clear stop in mind when doing this so I am not randomly adding against the trend.
!) Approaching support , oversold intraday, 20+ points after holding for 2 days, no good area to lower stop to and about 10 mins to go until end of session...in short I dont want to hold
2) I had support between 76 and 80ish based on my mas, stochastics and rsi I was willing to scale in a long 5 lots of £1 say to get th best entry I can. But I have a clear stop in mind when doing this so I am not randomly adding against the trend.
Bracke,
An oversold situation is one where there has been excessive selling (Hooya uses RSI and oversold is taken as a reading below 70) and has little potential to move further down.
This implies either
1) Some buying will need to take place to relieve this pressure
2) End of the move
In both situations a move up is likely.
Taking this in context of Hooyas short position, he mentions that it was oversold and very close to a support level (this being the top of the gap). So, more than likely that scenario 2 would unfold, i.e. end of the down move (swing) and the beginning of an up move (swing)
An oversold situation is one where there has been excessive selling (Hooya uses RSI and oversold is taken as a reading below 70) and has little potential to move further down.
This implies either
1) Some buying will need to take place to relieve this pressure
2) End of the move
In both situations a move up is likely.
Taking this in context of Hooyas short position, he mentions that it was oversold and very close to a support level (this being the top of the gap). So, more than likely that scenario 2 would unfold, i.e. end of the down move (swing) and the beginning of an up move (swing)
