OF you see RTIX? Ballin status man. Bounced off that $3.78 area I was eyeing with ease. Currently at $4.08
The vertical volume bars on the left side are volume by price bars.. very essential.. look them up on stock charts. They are really good at locating support and resistance areas.
refering to FTR. going to be no volume by price at the currently level considering its price discovery
Volume By Price forms in new price areas at it goes, even if there are no VBP bars in certain areas.. right now its just flushing supply out to gather in the buyers.. look at the weekly chart of FTR.. BEAUTIFUL I TELL YA
Just took a peek at HITK... currently at 38.55... up +235 ticks since the 36.20 creek!
Wanted to chart up HITK, I've been watching this stock since its selling climax back on Jan 10th and it was also mentioned in the Pinch Chat. I didn't trade this because my funds were tied up but I did paper trade it on my TOS account.
My initial creek was $36.20 but since I paper traded it I got in at the "mini" creek @ $35.90 and it broke out on 200k volume and closed @ $36.76 (86 ticks).
The reason I'm showing this is because within the Pinch Militia we spot these suckers non-stop on a daily basis. The Wyckoffian Method is textbook and it will work if you are patient and your timing is correct.
Looking good again SK... Dropped to $3.80 range and then bounced up quickly to rest at 4.22$...
is that considered the automatic reversal?
Yes. FTR had an automatic reversal today... hopefully that flushed out all the supply left. I could be wrong tho, it could sell off more, but by the looks of it it looks like demand has taken control.
"Once the market defines a range with excesses at each end, it negotiates within that range to establish value. The market trades between the established excesses until it either trades above the high excess or below the low one."
"Stop the market at any point in time and you'll see these three reference points: unfair low, unfair high, and value somewhere in between. These three price areas define the negotiating process-the method the marketplace uses to facilitate trade."
The creek would be around $4.35-4.38. Its still accumulating.. we'll see how this one acts.. remember it can also test supply.