Supply (sell) pressure looks light coming off of that previous supply zone. But we dont want to buy this close to a previous supply zone. There may possibly be more supply right above there that can knock the price down. You want wait so that there is space between yor entry and a previous supply zone.. why is that?
Because if you allow yourself space you will have time to react in teh event supply comes in and knocks teh price back down. This will allow you to determine wether or not the trade is still viable. If not, you can close out the trade before absorbing a large loss.
How many time have you bought at market and immediately the price turns on you? Like they are watching YOU specifically. Here is a secret... they are not watching you.
In an uptrend we are waiting for accumulation/re-accumulation to take place. To identify when this is happening you need to see stopping volume (climatic volume)... If this is something that you want to get good at:
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA* Sam Seiden (supply and demand)
Read the ticker dot com
Wyckoff analytics
PsychFX
MentFX
Element 15 trades (bitchute/odessy)
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
Also Pete Faders VSA is starting to put free content out on YouTube again. He can explain it better than I can and offers courses if you want to go down that hole. However, you can learn the majority of the material through the free videos posted there. Once you leanr volume analysis you will wish that it is where you started.
Because if you allow yourself space you will have time to react in teh event supply comes in and knocks teh price back down. This will allow you to determine wether or not the trade is still viable. If not, you can close out the trade before absorbing a large loss.
How many time have you bought at market and immediately the price turns on you? Like they are watching YOU specifically. Here is a secret... they are not watching you.
In an uptrend we are waiting for accumulation/re-accumulation to take place. To identify when this is happening you need to see stopping volume (climatic volume)... If this is something that you want to get good at:
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA* Sam Seiden (supply and demand)
Read the ticker dot com
Wyckoff analytics
PsychFX
MentFX
Element 15 trades (bitchute/odessy)
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
Also Pete Faders VSA is starting to put free content out on YouTube again. He can explain it better than I can and offers courses if you want to go down that hole. However, you can learn the majority of the material through the free videos posted there. Once you leanr volume analysis you will wish that it is where you started.