Thank you for highlighting that 5782 is a crucial level to watch. I'm currently practicing with a Tradovate demo account. I initially thought the price would keep falling and expected absorption to occur at a lower level. To my surprise, absorption appeared quickly after a slight drop. As a result, I closed my short position and decided to join the bulls.
I'm using MotiveWave, where the red box indicates areas of absorption. However, I'm not entirely clear on how it calculates this. Why didn’t the red box show up immediately when the price reached that level? Instead, it only appeared after a strong rebound. Additionally, during price fluctuations, the red box keeps disappearing and reappearing until the 5-minute candle closes, at which point the red box is confirmed to exist.
Thank you for highlighting that 5782 is a crucial level to watch. I'm currently practicing with a Tradovate demo account. I initially thought the price would keep falling and expected absorption to occur at a lower level. To my surprise, absorption appeared quickly after a slight drop. As a result, I closed my short position and decided to join the bulls.
I'm using MotiveWave, where the red box indicates areas of absorption. However, I'm not entirely clear on how it calculates this. Why didn’t the red box show up immediately when the price reached that level? Instead, it only appeared after a strong rebound. Additionally, during price fluctuations, the red box keeps disappearing and reappearing until the 5-minute candle closes, at which point the red box is confirmed to exist.
video link:
https://x.com/williamwong47/status/1840937642520932773