There are three time frames in any marketplace: the market imposed time frame, defined by the operating hours of the exchange; the participant time frame, which is the individual trader’s time frame for buying or selling; and the opportunity time frame.
The opportunity time frame is a moment in the market that forces a participant to act because of the favorable price opportunity it offers. J. Peter Steidlmayer
Consider the very last BOX
The last Purple X
It was all the closing auction on Friday.
It is a Significant Box.
It is two of the Time Horizons ( better word imo ) described above.
Also note the Yellow Box.
Consider the importance and function of a "mid pattern rally"
Question is the move on Friday ( The action between the most recent Purple Boxes )
Such a pattern ? ( Time to Review De Villiers and Taylor ! )
Long lines at .044 and .045
("It’s where new moves start. New moves come
out of the middle." Charles Cochrane ---> Often after a TEST )
Resistance was at .048
Strong Support was at .042 ( Not withstanding the three boxes at .041 )
Time to watch the Tape ?
The "Yellow Box" counts back 100 million shares.
Remember the relationship of Price and Volume.
They are always arriving together ! ( and when they do ? )
Expansion and Contraction
TREND and TECHNICAL POSITION.
The Playing Field and The Goal lines ( & Half way points ) are very clearly in view.
Note there were 31 Boxes ( Work ) in that last day.
"On the other hand, the figure chart may show many fluctuations on the
full figures, while the verticals are unchanged" RDW
Question to consider What price in that Day Was the most important to be aware of and take note of ?
The open ? The Low ? The High ? The Close ?
IE: What you would see with a candle or a bar in a Time Frame ?
Any real P&F Practitioners would know the answer !
As would any Market Profile ones !
Motorway
I'm going to have a punt Motorway - looks to me like those 44 and 45 lines are established as 'value' at the moment, more so the 44 line. There is plenty of work being done above 44, especially since the yellow box. BUT - the most recent work is being done below 44 ... I place more weight on the recent work and it gives me a bull bias on this stock.
ReplyDeleteThe move to 48 on Friday was rejected, and since that high 44 is forming resistance, with value built at 43 since the high. On a candle chart Friday's action would show the close below the open after a run up to test the recent highs. It is not a bullish candle. But your chart here reveals so much more than a candle reveals ... getting Friday's close at the low, and having the candle look like it does, may very well be a deliberate action and i would not trust this bearish candle over what I see as bullish action on the figure chart. Any sell-off from here would, I believe, be shallow and would provide a good buying opportunity.
How'm I doing so far?