
notes · 003 ·
effort and result
Every bar is a small argument between effort and result.
Heavy volume should move price. When it does, the move is honest. When it does not, someone on the other side was waiting, and the effort was spent against them.
A spring that holds. An upthrust that fails. A breakout that arrives on a whisper and still keeps going. None of it is mysterious once you stop reading the story and start reading the trade.
The old masters did this with a ticker tape and a pencil. The tools have changed. The question has not.
Who is in control here, and how do we know?
more notes
what volume admits
the spring and the upthrust
five phases of a quiet range
the Wyckoff method · glossary