Nov 172010

Yesterday I mentioned that I was concerned by the absence of pro bars at the bottom.  After I published my post, one appeared right into the close.  And another today.  This leads me to believe that professionals are buying the lows. Today 74 was tested twice and swiftly rejected both times.  I think a probe higher to 84 is next and I’m still holding 25% of my position.  Sweet dreams.

  4 Responses to “Evidence of pros buying the lows”

  1. How do you tell if it’s professional activity? Is it an indicator? If so, on what is it based?

  2. It looks for big size. Yes it’s an evil indicator. hehe. I only use two “indicators” and they’re both ones I wrote and they both detect professional activity. I use them to help confirm setups.

    The one I wrote is very similar to the better pro am paintbar from eminiwatch. He gave me the idea.

  3. Hi Mike, What’s the difference between the pink and blue bars ? I know EminiWatch uses blue bars for pro bars but your indicating pink and blue as pro bars. Is that the Better Volume suite of indicators on this chart ? Cheers Jason.

  4. My paintbar will color very strong professional activity magenta (not pink!) and very weak amateur activity white. My testing has shown that the magenta & white give better results so I like to distinguish between them & the blue/yellow.

    I’m working on a new version of this indicator. I’m still in the testing phase.

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