Not really, well not in any significance anyway, the close was too near the low and the spread was a bit high, we are in ranging conditions, so you only want to look at setups at the extremities mainly.
now we have a buying climax on 5M right? the price maybe will come back to the 50% fib (there is also old resistance which was broken). pls correct me if I am wrong.
Just a quick question to confirm something. If you after you see supply coming in/potential stopping volume, the next candle is a doji (wicks on top and bottom match each other in length with a middle close), you just wait for the next candle to confirm strength or weakness in one direction, right? The confirmation candle doesn’t necessarily need to be the very next candle?
Hi Tehmac.
I believe that is correct. The doji in that case is a bit of an indecision candle and is therefore you should skip tot he next candle to see if there is a bullish or bearish reaction.
Hi Pete (and to all who contribute and read this Thread),
I am studiously going through the other thread (1-500-pips-per-month-) and trying to keep abreast of this one which is growing at an alarming rate …haha… and watching the videos which are fantastic and much appreciated.
Through all these threads I catch a bit of talk here and there about price action and volume, retracing etc at Fib levels. Because I am only catching snippets of conversation and it seems like those involved already have background info so they understand what is being said, I feel I am missing a substantial part of trading this method.
I wonder Pete if there is a video (or part thereof) that has this info. If not, have you thought of producing one to specifically cover this area with trading Volume around Fib levels.
If we are looking for the push through and test setup, and we have an established automatic rally high that is being pushed through, but the volume is high on the push through, yet not enough to bring it back down below the automatic rally high again, do we wait for a break of this new level of supply with a push through and test? i.e. it repeats with each new level of supply reached (following stopping volume and necessary strength in the background). We can just look for the push through and no supply setup each time?
I hate to be a punk about this but this is covered pretty well in the videos and in earlier pages on this thread. When price enters a fib level, you should expect high volume because this is where supply would typically fight with demand or vice versa. Lack of volume through that area, say for instance on a bullish move with strength in the background would mean prices would most likely be pushed higher since there would be a lack of supply in that area. It could also be an area of reversal. Check the thread here where there is discussion about No Supply/No Demand entry into a Fib (.50-.618) area.