ON a random note, EMAMI today made the classic buy limit order face all day long at 1090. Say Jhunjhunwala kinda fish decided to play it in plain sight, as they usually disguise the large orders.
Probably a big time short covering
So this wud indicate no_buying pressure? Coz previously it had happend that on the second day the dude walks in say at 10 am and continues to execute his order at a another level say 1080 or whatever and continues all day or the untill the order gets completed then the price plunges.
but weekly suggest that it cud be a reversal(so price may not pluge down afterall, as one wud expect it to do after jhunjhunwala gets filled and there wont be many buyers at thay level.), thats why short_people :D are booking profits. wondering if one cud take advantage of such once_a_month occuring structure.
@Bravetotrade, Forget the weekly, how wud u translate the 5 min chart behaviour? no buying interest of the people yea?
And okay yea, triangle/flag on 60 and just a range candles on daily.
i was talking about what one can do the next day after finding such a structure and that specific level (1090) at the EOD. Guess it isnt that special and one just goes with what other timeframes say diluting the noise.
Bravetotrade
⋅
@Einstein15, On 5min it's supply which is pushing the price down.. Just notice those spikes. Sellers are up there.
Such flat moves are common in less liquid stocks. I think they are more important when they occur in liquid stocks.
Einstein15
⋅
@Bravetotrade, Liquidity. yes. Makes sense.
Thanks!!
Bravetotrade
⋅
@Einstein15, on hourly charts it's consolidation, may be a triangle pattern. Let's see which direction it breaks.