ES Journal - 2012

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Quote from ammo:

josh thnx for the delta but i dont know how to read it,does it say buying receded and restarted
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Buying definitely reduced, but as you can see price going only sideways with quite a nice surge of selling. So bids holding. I would not initiate a short here without first seeing another wave of strong selling. Need to see how the volume and price interact as it tries higher. That will say whether the buying has dried up at this top, which would imply a retrace to higher demand towards 38/39ish IMO. But if it keeps moving and volume support is there, well, it keeps moving.
 
Quote from JoshDance:

Buying definitely reduced, but as you can see price going only sideways with quite a nice surge of selling. So bids holding. I would not initiate a short here without first seeing another wave of strong selling. Need to see how the volume and price interact as it tries higher. That will say whether the buying has dried up at this top, which would imply a retrace to higher demand towards 39ish IMO. But if it keeps moving and volume support is there, well, it keeps moving.
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This is the right thinking :). No LL, and I can't see it going down. The market usually tells you when its done.
 
We have low volume on the way to the top -- this implies to me at least a one tick higher high, and then we'll see if they have the participation to take it up or whether they need to go back to the well.
 
Quote from JoshDance:

We have low volume on the way to the top -- this implies to me at least a one tick higher high, and then we'll see if they have the participation to take it up or whether they need to go back to the well.
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Looking for 47's now.
 
A sight to gladden every bear's heart...


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