As for me, I was anticipating we'd be range bound between 61's and 65's once we got there. Price pushed up beyond the upper limit of that, but I think we'll hold this general range for a bit longer. I've noticed that oftentimes when volume spikes come in at the extreme tops and bottoms of moves, that is usually hints at rangebound activity. The market usually uses these spikes as launch points, so if the spikes are at the exact tops and bottoms, price tends to travel back to those extremes.
On the other hand, if volume spikes come in, and then the market begins testing higher above or lower below those spikes, that seems to be what sets up trends. A test beyond a large order, and then a revisit of those large order prices usually sets up a great pullback trade.
On the other hand, if volume spikes come in, and then the market begins testing higher above or lower below those spikes, that seems to be what sets up trends. A test beyond a large order, and then a revisit of those large order prices usually sets up a great pullback trade.
