Posted by chartboy on 26th of Feb 2021 at 05:47 pm
Market Maker make markets, they do not place market moving
proprietary orders into the close. What you saw was selling plain
and simple.
This action is exactly what you should expect in a bearish
trading environment. Mid-day rallies are created to suck in weak
long, to squeeze weak shorts, and to create additional overhead
resistance levels. Then most bars (daily, weekly, monthly,etc)
close at the low end of the range, often at the low tick. Coming
into a day like today, the presumption should be that we are
closing at the low of the day.
Posted by chartboy on 26th of Feb 2021 at 06:39 pm
Here is the driver...that move was the breakout from the
pennant, which immediately followed a head fake making bulls think
it was going the other way.
As I mentioned, presuming we were closing on the lows was enough
to keep an experienced trader wither from taking that first
breakout, or at least to have stopped themselves out real fast.
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Wow WTH about that last
Posted by lapri24 on 26th of Feb 2021 at 04:04 pm
Wow WTH about that last second slam? I hate market makers...
Market Maker make markets, they
Posted by chartboy on 26th of Feb 2021 at 05:47 pm
Market Maker make markets, they do not place market moving proprietary orders into the close. What you saw was selling plain and simple.
This action is exactly what you should expect in a bearish trading environment. Mid-day rallies are created to suck in weak long, to squeeze weak shorts, and to create additional overhead resistance levels. Then most bars (daily, weekly, monthly,etc) close at the low end of the range, often at the low tick. Coming into a day like today, the presumption should be that we are closing at the low of the day.
Here is the driver...that move
Posted by chartboy on 26th of Feb 2021 at 06:39 pm
Here is the driver...that move was the breakout from the pennant, which immediately followed a head fake making bulls think it was going the other way.
As I mentioned, presuming we were closing on the lows was enough to keep an experienced trader wither from taking that first breakout, or at least to have stopped themselves out real fast.