nice analysis with clean chart. by the way, what's the volume well on the side of the chart ? i have the same view on the possible inverse head and shoulder or if it head south a retest of previous low zone doing a W pattern. After it's still back to the whales when they decide to move the money. keep up the post !
Hey @onepercentbetter, thanks for the comment, a volume well is an area where the order book is really thin. Volume wells usually tend to provide support or resistance (depending on which direction the price is coming from) in low volume markets however in high momentum markets the price tend to slice through them thus producing large candles. This is a type of analysis called volume profile and it's very reliable to understand the architecture of any market, where the areas of support/resistance are etc.
oh so it's a read on the order book for that particular exchange on the asset ? what's the indicator you load on tradingview or how to load it ?
Exactly, and it's real time unlike almost every other indicators that are lagging.
In Trading View go to:
Indicators > Volume Profile > Visible Range
oh thank for the info man ! some new to learn everyday =) will go test it out
Hey man did you manage to make your Volume Profile work?
@onepercentbetter
yes i manage to find it, thank for the guide tradealert =)