This is a personal journal to track my self-education on chart analysis.
Thoughts: On the 1 hr time frame, I find it interesting that 31K appears to be a point of support, not too strong, but the last time we touched that line, there was a bounce. However, it is also important to note that there was significant volume activity during previous bounces on the 31k line. We just touched 31k again today, but with significantly less volume activity. Does this mean the bounce might not be as strong? Does this mean the bounce will fail and force a downtrend towards the more significant 30k level support? I need to keep an eye out on the price action here. Very interesting indeed.
Also, looking slightly behind the first 31k bounce, we notice a strong rally due to stronger volume activity. It is well known that volume is an important indicator of trends, but seeing it on the chart re-enforces my education.
Trade Entry: No trade entry was made at this time.
Feeling: Neutral
Thoughts: On the 1 hr time frame, I find it interesting that 31K appears to be a point of support, not too strong, but the last time we touched that line, there was a bounce. However, it is also important to note that there was significant volume activity during previous bounces on the 31k line. We just touched 31k again today, but with significantly less volume activity. Does this mean the bounce might not be as strong? Does this mean the bounce will fail and force a downtrend towards the more significant 30k level support? I need to keep an eye out on the price action here. Very interesting indeed.
Also, looking slightly behind the first 31k bounce, we notice a strong rally due to stronger volume activity. It is well known that volume is an important indicator of trends, but seeing it on the chart re-enforces my education.
Trade Entry: No trade entry was made at this time.
Feeling: Neutral