There were finally ACTIONS today which had gone missing lately...
Thanks again for the tip on the tweezer bottom, SOCRATES; it got me in for the big rise from the beginning.
I would like to ask two things regarding today's NQ actions.
1. I made a mistake about a fake top
. In the 10-minute chart as attached, I saw the 13:50pm doji as indicating the end of the 5 waves, illustrated by the
pink lines in the attachment, and closed my long position. The next two bars seemed to confirm this, and I went short at the 14:20pm bar, highlighted by the
orange line in the attachment. Obviously, this was a wrong decision; I covered with -0.5 points and went long again for the remaining of the up move. Did I overlook something or make some wrong assumptions which had lead to this wrong trade?
2. I remember Skim once said when watching the volume it is possible to know whether it is the retail or the big boy in charge. How may I do so? I believe knowing this will help to determine whether a high-volume bar represents a trading climax or not. For example, the 15:00pm bar in the attachment, indicated by the
black line, looked like a potential buying climax to me, but the subsequent price actions indicated the opposite.
Thanks indeed.