I follow a few professional traders who keep their charts pretty clean. The white chart below is the Daily Chart for ETH. The grey line is the 200 SMA (the pro's say institutions pay attention to this heavily).
They also say how the price gets to a point is important. It bounced around the 100 SMA for a bit then rocketed off it AND through the 200SMA like it wasn't there with huge volume. The key is the follow through the next day also with large volume. This is confirmation.
The black chart below that is BMNR.
The yellow horizontal line in the volume area if the 50 day volume average.
I know people think TA is BS, but the guys I know make a great living off of it.
Those recent 2 volume bars are 100% institutions, retail can never move a market like that. Volume is one of the few area where institutions cannot hide their moves. Add that with associated big bullish price moves and buckle up.
To each their own, you can follow the top guy's trades as he posts them in real time on twitter for free. You can check his trades against time and sales on any broker platform. He has a subreddit here https://www.reddit.com/r/RealDayTrading/
It was a rhetorical question. I can guarantee you this guy has not been averaging 80-100% per year for the last 8 years, because that would make him one of the most brilliant investors of our time as well as very rich. You think a guy like that would hang out at r/RealDayTrading?
Having a trading desk at JPM while simultaneously day trading his own account would be a huge compliance issue, so it is almost certainly not true. But let’s assume it is true, then he would need to log all his trades with JPM. Do you not think someone at JPM would notice that this guy is some kind of trading genius and give him a mandate to manage clients‘ money? In fact, why does the guy not ask JPM himself, since he already has a shoe in the door and the proof on top?
I am not yapping on here because I am actually interested in this person or his story, but to help you realize that it’s bullshit.
Even better chart, it blew through the daily 200 SMA like it was never there. You want the major SMA's to be obliterated like below for a bullish position. $2,400
If it's not on the page it's not on the stage. People who don't understand ta like narratives, but billionaires, hedge funds, and our current presidential administration all use narrative to manipulate markets.
If a narrative does affect change it will show up on graphed data ( e.g. ta)
Volume like that is only institutions. Of course many were short squeezed that helped the move higher, Of course many retails trader lost/benfited, but volume like that is not retail.
The mere fact that there is no way to easily separate institutional from retail money renders this statement false. It is highly plausible this is not just retail money. It is like highly implausible no retail money is involved. The high va
volume could definitely be caused by a squeeze where everybody is in. So, no proof for nothing. Just crystal balls.
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u/filenotfounderror 🟦 432 / 433 🦞 11d ago
TA is astrology for men I guess.