Fullmoonfever
Top 20
Hi @cosorsThat looks different to me now as a non-TA. @Fullmoonfever ?
No more hammer down...?
View attachment 59025
Not much of a follower of individual candles other than more the various doji types for indicision areas.
Is that the Euro chart?
Some might look at that as a bullish engulfing though imo.
Obviously I follow the Oz trading more and have had the feeling there has been some probing by sellers / shorters for bulls weaknesses and support.
I posted in the TA thread last week about some basic thoughts at the time. Was watching the broadening wedge for failure or completion.
Some of my indicators at the time had a neutral bias for a possible breather, bit of sideways.
Volume has been drying up and as we know volume comes from sellers not buyers.
Demand comes from buyers and draws out volume from sellers. It's then whether big money (sprinkled with traders & some FOMO) support the move and drive through the supply and push price up (as we saw recently) or test sellers and then absorb supply with a more neutral price move / ranging.
So at the moment any trickle of volume is being soaked up by buyers but they are not trying to drive the price hence the probing comment.
If shorters are still keen they may chip away at the buy side then look to force a drive down and feed on any capitulation by buyers. Must remember that there will be buyers that will accept that and allow a fall so they can grab cheaper shares, if they believe in the FA.
Interesting time ATM.