Я думаю это отличное дополнение к "Правде о ленте котировок" для тех, кто решил вернутся к основам. Мой совет не читать перевод на русский, так как переведено ужасно, смысл предложения иногда просто не возможно понять.
Williams - Undeclared Stockmarket Secrets
С уважением
Jinis
Дважды проработал книгу. Сама книга составлена ужасно конечно, никакой логики изложения, одно и тоже повторяется по несколько раз, тему в заголовке не выдерживает, прыгает с одного на другое. Поэтому систематизировал ту информацию, что изложена в такой вот памятке.
1. Выделил все ключевые определения.
2. Нарисовал схематично накопление и распределение.
3. Обозначил места, где нужно ожидать признаки описанные в пункте 1.
Selling happens on the up bars/days/weeks/months, buying on the down bars/days/weeks/months in order to prevent rising/falling prices against buying/selling. If selling drops prices down it then be supported in order to create another up move for next wave of selling.
Volume + Price Action + Price Spread
The close of the bar is used relative to the previous bar close. Where a bar closes lower than the previous close we refer to it as a down day, or we might have an up day, a level day, gaped down day.
Excessive volume is never good, supply swamping demand.
Why to play with prices? To trap as many traders as possible into poor position.
Weakness or strength doesn't not just disappear.
During bear market there are corrections, when price is going up, but volume is low, as professionals are not interested to participate just because price is going up.
Look at move on different time frames.
1 - Selling Climax/Stopping Volume
High volume on bar that bounces from lows and closes on highs. Professionals buying into market can produce this action.
Alternatively ultra wide spread down with close on high or middle on large volume means the same as stopping volume.
2 - Reversal to the up side
Bar makes lower low than the previous bar and closes higher or next bar closes higher.
3 - Two bars reversal to up side
Strength in the background
Rapid move down bar closes on lows and rapid next up bar closes in high or near high.
4 - Accumulation
1. Up bars with low volume as professionals not interested yet in higher prices.
2. Often seen also high volume bars closing in the middle or low. Professionals just selling to knock price back to accumulation area.
3. Narrow spread bars on high volume, no selling pressure, professionals buys any supply.
5 - Shake-out
Strength in the background
Sudden wide spread bar down on bad news. It engineered to create panic selling and to catch stops, this will final stock transfer to professional money. Usually happens before holidays.
Alternative to shaking out is persistent bad news that creates slow and long selling that is absorbed by professionals. This scenario doesn't require shake out or test.
6 - Test
After accumulation/absorption
Price marked down to the area of previous supply but now the volume is low and bar closes on high or in the middle. Test fails if volume is high or average, there is still supply. Probably will retest. If market doesn't start up immediately after the test this is sign of weakness.
7 - Wide Spread or Gap on high volume
Trading area to the left with locked traders, encourage them not to sell.
8 - Wide Spread on low volume
Generally sign of weakness. But if designed to lock traders into poor position then sign of strength and continuation of the move either up or down.
9 - Buying Climax
Excessive volume on the up bars with wide spread closing on highs. But price fails to advance on the next bars.
10 - Gaping up
Sign of weakness
Into new territory after bull market ran his course. To trap bulls and catch stops of shorts.
Sign of strength
Trading area to the left with locked traders, encourage them not to sell.
11 - End of rising market
Up day on high volume with narrow spread into the new high ground .Professionals sell into buying.
12 - Reversal to the down side
Bar makes higher high than the previous bar and closes lower or next bar closes lower.
13 - Two bars reversal to the down side
Weakness in the background
Rapid move up bar closes on highs and rapid next bar closes on the low or near the low.
14 - Distribution
1. Up bars with high volume closes in the middle or low - professionals selling into up moves
2. Narrow spread bars with high volume.
3. Up trusts
15 - Up Trust
Weakness in the background
Price is marked up to catch stops and encourage bulls to buy then bar closes on the low.
High volume - supply overcoming demand (selling).
Low volume - no demand.
16 - Strength
During an move up
Any down bar closes on the high or in the middle on the low volume. No selling from professionals. Narrow spread with high volume on down day.
17 - Weakness
During an move up
Up bar closes in the middle or low or closes on high but with low volume.
18 - No demand
During an move up
Up bars closing in middle or low or closing at highs but volume is low. No professional buying.
19 - No supply
During a move down
Down bars closes in middle or high or closing on lows but volume is low. No selling pressure.
20 - Effort vs Result
During an move up
Effort to go up usually seen as wide spread up on high volume. Then should be result. Positive result is price advances on the next bars and down bars has low volume - no selling. Negative result is price is not advancing means high volume and wide spread contained more selling than buying - sign of weakness.
The same for down move.
С уважением
Jinis
