Member Info for Ableton

The market is not random & more buyers doesn't mean the price moves higher & price moves for liquidity reasons & to ensure price is efficiently delivered.

I mentioned on the 31st August 'The 35.30 level is also one to keep an eye on & this level may well act as support' & all morning price has printed above this level. Price levels can be accurately predicted due to price not being about supply & demand.

If I'm bullish & looking for a new long entry on Friday (which I'm not) I'd only be a buyer below the 34.50 level & my decision making would also take into the account the price action on the day. Price may not retrace as low as the 34.50 level in which case I wouldn't be buying.

The 35.30 level is also one to keep an eye on & this level may well act as 'support'.

I mentioned in a discussion with JeremyP on 23rd August that Bullish traders would have anticipated price displacing aggressively higher as printed today. As previously mentioned on 23rd todays price action was an expected upside low resistance liquidity run.

Bullish traders will now be anticipating a retracement lower prior to a move higher & after reviewing todays 15 minute chart I can see @ least 5 valid levels that one could expect price to retrace too.

Results: 3rd October 2023

https://www.boohooplc.com/investors/financial-calendar

Take absolutely no notice of any so-called experts using retail TA indicators.

Price has moved lower to ensure price is efficiently delivered on the buy & sell side. Look @ any price chart on any time frame & you'll see price move higher & then lower & vice versa. Price was always going to move lower regardless of the short interest.

Bearish traders will be anticipating the 350 level.

Bullish traders? Price targets will be recent highs & other levels that price needs to reach for to ensure efficient price delivery.

Agreed! The 35.10 level is one to watch (July price range & late July & August bullish & bearish order block level).

Price printed a Daily down close candle on 17th August & the 13th August Weekly candle was also a down close which has caused a price in balance (all sell side liquidity). Therefore bullish traders will anticipate an upside low resistance liquidity run through the 35.10 level. Hopefully we'll find out sooner rather than later!

Price reached a high of 33.59 this morning & then displaced lower so it appears the 36.00 level previously stated is still offering some 'resistance'. I mentioned the 8th July in my previous post but meant to state the volume in balance created on 18th August @ 8.0am.

Price has moved lower for liquidity reasons (to pair buy & sell orders) & to ensure price is efficiently delivered on the buy & sell side. Sell stops will be triggered @ these levels which allows short traders to buy shares & therefore close or partially close their positions. Supply & demand / buying & selling pressure does not move price - This can be seen when price moves with very little volume traded.

Bullish? Price will move higher and the 33.60 level becomes 'support'.

Bullish short term price target? The volume in balance (gap) created on the 8th July @ 8.0am will be filled (34.70 level).

MA crossovers, trendline breaks, RSI's, MACD's, Elliot Waves, Bollinger Bands and the list could go on & so-called experts / media talking heads are all a diversion from what's really happening with price. Most retail traders use an indicator / share pattern to determine when to buy or sell & assume price is going to breakout. This is why most retail traders lose money. Professional traders don't base trading decisions on an indicator, trend line break, flag or wedge pattern or similar. People that publish books or make You Tube videos are doing so to make money from retail traders who consistently lose money & have no idea about went to buy or sell.

The market rejecting the 40 level is very telling and the downward spiral should continue?!?

It's a liquidity sweep which would have been fully anticipated by professional traders - The recent longs have just sold to willing buyers (short position buy stops).

Good evening Pedro - Do you believe that price is moved by the number of buyers / sellers & supply / demand?

@ Phoenixy - Thank you!

It appears the previously mentioned scenario No.1 could be playing out (400 level is 'support) but if I was looking for a long entry tomorrow (which I'm not) I'd want to be buying around the 390 level.

The tall bodied 15 minute up close candle @ 14.30pm has created a FVG (fair value gap) therefore price may well go lower to the 390 level to ensure price is efficiently delivered before hopefully moving higher.

500 on Friday would be great!!

It appears to be normal price action. Price went lower yesterday to pair / fill orders. Those orders have been filled so price is now moving higher.

Bullish scenario No.1: A market structure shift has occurred & the 400 level becomes the new 'support'

Bullish scenario No.2: Price moves lower but no lower that the midpoint of the up close candle (390 level) @ 14.30pm on the 15 minute chart before moving higher.

Price needs to be efficiently delivered therefore price has moved lower to fill the gap created on the 19th July @ 8.0am.

Price has also moved lower to a discount level which is where professional traders will place their buy orders. Their buy orders will be paired with sell stops.

I am invested & in a ideal world be looking to take partial profits above old monthly highs 840, 960 & 1020 levels & then if my bias is still bullish I would leave something on the table for the longer term anticipating price reaching the 1220 level (June 2022 fair value gap).

It all depends on how long you want to hold a trade for & how comfortable you are with price retracements.

Assuming you're bullish & anticipate higher prices - A short term bullish target could be 480 which is above an old high & just below a volume imbalance (gap in price between the previous open or close). The next targets could be 600 & 670 & 780. Above 780 price could look to take out the old highs.

Approximately 90% of retail traders lose money on the stock market - Therefore it's safe to say that 8 or 9 out of 10 people who post here lose & use message boards like this to vent their spleen. Trading needs to be learnt over a period of time (10,000 hours rule) & if you don't put the work in your history!

Jeff Mills - Likewise! Abe

The lower SP ensured price was efficiently delivered on the sell & buy side & liquidity