After all that buying on the left, smart money is accumulating longs again by creating a trading range.
They had a stop hunt to grab a ton of orders, then kept buying on the lows of the range. Just before they move prices higher, they have a shake out to get rid of weak hands who keep selling into their uptrend. The volume is much lower on the retest of the shakeout bar, which means No Supply, now they are confident that there are no more sellers to slow their move up until they reach new highs (liquidity). Breakout to new highs will get retail traders to buy so they can sell into without driving prices down. Target is at a 50 percent retracement
They had a stop hunt to grab a ton of orders, then kept buying on the lows of the range. Just before they move prices higher, they have a shake out to get rid of weak hands who keep selling into their uptrend. The volume is much lower on the retest of the shakeout bar, which means No Supply, now they are confident that there are no more sellers to slow their move up until they reach new highs (liquidity). Breakout to new highs will get retail traders to buy so they can sell into without driving prices down. Target is at a 50 percent retracement
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.