One way of identifying turning points is usuing market depth/order flow... If a level above price has a large depth, much larger than average and price touches the level without the size being removed then its likely this will be a temporary market top for a potential scalp... Which could be confirmed through Time and Sales, whereby if the type of trades coming @ the ask where relatively small/amateurs without any proffesional lot size then that would give further high probability that it was a turning point.... Furthermore in the run up to the level, in general time and sales had high volume trades @ the bid then proffesionals were creating their short positions or possibly exiting their buys in fear that the resistance will prove strongThat would further support the instance.
Another supportive element then would be if the resistance level corresponded with a specific level on the chart that you had considered important, furthermore adding validitity to the chance that the order is real and from multiple users (less likely to be faded) and generally considered strong resistance...
Then! If a tick-chart showed that when price touched the resistance level, volume was actually pretty low compared to previous tick-bars, representing that the average trade size was low over x amount of trades, that would give even bigger reasoning to the play!
Overall i've found it pretty effective...
Another way of identifying high and lows is to research through markets that have particularly high 5-minute volume on the touch of pivot levels, then you know these levels provide particularly strong resistance and can consistantly be considered strong levels of temporary turning points, if this was further backed through the order flow i was earlier talking about then... I would say you had a very, very good way of identifying a high.
Not that anything i say has any credibility after my previous posts
One way of identifying turning points is usuing market depth/order flow... If a level above price has a large depth, much larger than average and price touches the level without the size being removed then its likely this will be a temporary market top for a potential scalp... Which could be confirmed through Time and Sales, whereby if the type of trades coming @ the ask where relatively small/amateurs without any proffesional lot size then that would give further high probability that it was a turning point.... Furthermore in the run up to the level, in general time and sales had high volume trades @ the bid then proffesionals were creating their short positions or possibly exiting their buys in fear that the resistance will prove strong
Another supportive element then would be if the resistance level corresponded with a specific level on the chart that you had considered important, furthermore adding validitity to the chance that the order is real and from multiple users (less likely to be faded) and generally considered strong resistance...
Then! If a tick-chart showed that when price touched the resistance level, volume was actually pretty low compared to previous tick-bars, representing that the average trade size was low over x amount of trades, that would give even bigger reasoning to the play!
Overall i've found it pretty effective...
Another way of identifying high and lows is to research through markets that have particularly high 5-minute volume on the touch of pivot levels, then you know these levels provide particularly strong resistance and can consistantly be considered strong levels of temporary turning points, if this was further backed through the order flow i was earlier talking about then... I would say you had a very, very good way of identifying a high.
Not that anything i say has any credibility after my previous posts
What a kind status David Mark Jordan (Aka Wannabe Michael Jordan)
I'm a detective. Suppose you could tell that already from my extreme detective skills.
I read your original post... Thought it was cute.
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