RE:RE:RE:Understanding shorting sell and CXRLOL, you only like negative posts. But if you only posted good content, I wouldn't be such a critic of yours as well.
Also L2 for retail is next to useless since it doens't include dark exchanges. 22.2% of the volume today for CXR was done on dark exchanges. The things setup by "the street" for "the street".
1nt2Trade wrote: Great post PROtrading if you published this content all the time I'd be foilowing you around 5 starring. Hard to believe but I agree with pretty much your whole assesment.
The L2 bid ask data means little now on most stocks especially highly volitile manipulated ones like CXR. I mostly use it now to assess when/whether to sell at market to avoid slippage but thats not always garanteed. Today I was watching a 5000 bid float all around just out of the money as price changed then diappear. Just a fake bid that likely never gets filled moved around by algos.
Nonetheless what the L2 data is lacking in reliable value prior price does show where the likely REAL institutional bid orders will be lurking. These prior accumulation points are what's somewhat reliable to focus on. Today I was watching the 31.10-31.25 CXR price range which had alot of demand following on the mini recovery post the earnings crash. This was the first test of that prior demand block I was watching to possibly go long with the institutional buyers, who will be accumulating, and likely have been the last day or 2. This demand range held but the sp was not bid up quick enough to go long so I waited. A second test of this range by shorts or longs exiting will be weaker and if broken you should be able to get CXR at the next institutional demand block in the low 30 ish range.
The RSI is 32.1 on the daily timeframe which is realtively low ..... only reached 5 times since last May. Each time it was a profitable trade going long for at least 5%. Outlier RSI's data points are 60% accurate on their own so going long CXR soon should be worth considering very soon despite the short algos. Ultimatley value/real buyers and long algos will win at some point soon notwithstanding specific negative news or overall trean macro risks.
In part of my TA I plot the price with on balance volume (OBV) and watch how they react relative to one aonther to look for institutional accumulation and later distribution by watching for convergence or divergence of thw sp and OBV.
Ask yourself is there lots of volume but little sp move following a down trend at significant prior demand levels? If yes go long. Today we had divergence ie relatively larger volume but relatively small sp move after the down trend following the peak capitulation at $36. If you watched the on balance volume on that recent bull rally there was divergence again where the sp was increasing but the on balance volume was decreasing. This is a leading indicator suggesting that the rally is weak and selling pressure is greater then buying demand. On Thursay April 7 the OBV crossed the CXR sp. Turned out to be accurate ......end long positions @ 35.7 ish and go short like the manipulators did.
Today the on balance volume crossed the sp which means that there was increased volume but decreased sp move post a down trend at a demand level. Should be time to go long again soon watch for what happens tmr if the 31.1 demand range gets tested and how the sp reacts. A second test might wipe out the bids taking cxr to the low 30's. If we go higher and don't test the low 30.1's then a good bet is long for the next ride up with the institutional manipulators.
OBV with CXR sp:
https://imageshack.com/i/poN4e6Brj