Hi,
This analysis is based on VSA principles:
Line A was a major support line, which was broke by bar 1 and 2 with below average volumes (its a free fall, because Smart money was not interested in supporting the price there)
Bar 3 was a selling climax - ultra high volume that indicated panic selling buy public and the smart money was buying.
Bar 4 was a another down bar with ultra high volume, but the close was on the middle, indicating more smart money was buying to support the price.
Price then rallied up and then fell back again to the area of bar 4.
Bar 5 was again another down bar with high volume, my guess was those smart money who bought at bar 4 wanted to support the price and was buying some more when price returned back to this area.
Bar 6 was a down bar with small spread, and volume lesser than the previous 2 bars, therefore it was a No Supply bar, meaning that there were no more supply to push the price lower. This was confirmed by the next bar which was an upbar that closed higher than bar 6. I'm looking forward for price to go up further..
This is not a buy signal, and trade at your own risk.
This analysis is based on VSA principles:
Line A was a major support line, which was broke by bar 1 and 2 with below average volumes (its a free fall, because Smart money was not interested in supporting the price there)
Bar 3 was a selling climax - ultra high volume that indicated panic selling buy public and the smart money was buying.
Bar 4 was a another down bar with ultra high volume, but the close was on the middle, indicating more smart money was buying to support the price.
Price then rallied up and then fell back again to the area of bar 4.
Bar 5 was again another down bar with high volume, my guess was those smart money who bought at bar 4 wanted to support the price and was buying some more when price returned back to this area.
Bar 6 was a down bar with small spread, and volume lesser than the previous 2 bars, therefore it was a No Supply bar, meaning that there were no more supply to push the price lower. This was confirmed by the next bar which was an upbar that closed higher than bar 6. I'm looking forward for price to go up further..
This is not a buy signal, and trade at your own risk.