Jk21, once you use the charts and become familiar of how they work, then you must understand auction market, moneyflow, volume, level2 MM activity and way the PPS recorded to the tape. You have a lot of studying to do. I will try to put it in terms to help you. With MKA, you have to go to chart school links to see how the indicator works for learning confirmation. I always use two charts Stockcharts and the FMR which tracks OBV share value & moneyflow in real dollars. As far as I know, I have not looked or seen another explanation, if you find one, jk21, let me know. This is all my interpretation because of the confirmations I have gotten. I work only with money and share structure...I have no idea what the other chartists are talking about when it comes to hammers and PPS resistance. All I know is when the PPS moves up or down my numbers are cranked out.
First: here are how trades are executed on the tape, buys on downticks (bid support) show up as sells because the MM sells from his inventory.
'Buy', 'Sell' and '?' columns - Where the 'Price' is closest to the 'Offer' price, the trade is considered a 'Buy'. Where it is closest to the 'Bid' price, the trade is considered to be a 'Sell'. Where it is dead centre between 'Bid' and 'Offer', it appears in the '?' column; this indicates that the trade cannot be identified as either a 'Buy' or a 'Sell'. http://ih.advfn.com/p.php?pid=help&hid=1835
OBV as a dilution indicator and calculator works in the pinks because of the heavier volume at subpenny. If the AccumDist rises and OBV sinks it becomes apparent the float is unhealthy. The MA(20) dip always shows dilution or distribution. A better name for this indicator would be the balance of volume on the float. http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:on_balance_volume_ob
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