npatz_2000
Long

PRICE ACTION/VSA LONG ON CMC

NYSE:CMC   COMMERCIAL METALS COMPANY
46 0 2
Lower low at C, then a higher high at A, then a climactic lower low at C finding support at prior support level . An AC (Accumulation Volume ) VSA             bar, which is a down bar with a mid to up close on high volume , indicating strength. First target is the previous higher high with a R:R of 1:3.12. Second target is a measured move of the trading range with a R:R of 1:8.56. However, could meet significant resistance at the two levels shown between the first and second target.

Pattern stays valid as long as the low of the bar is not violated or if it is violated the close stays above the support level prior to breaking the high of the signal bar.

Note my VSA             terms are adaptations of the traditional VSA             method described by Tom Williams and Gavin Holmes (which are based on the original works of Richard Wyckoff), so they don't necessary match their definitions.
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