Chart Review (NFLX) (12-1-2010)

I spent some time trying to find something on today's NFLX chart. After I really started looking at it, there was more to see than I had at first realized. Bars can overlap to varying degrees, and though not as significant as one would find on a time based candle, wicks can test new price areas. Both of these combined can be a measure of hesitancy or reluctance to drive price. Overlap will change the degree of trend slope and wick shows retreat (same principals apply to time based candles). Then there is always the lower/higher highs/lows and counting the number of times a stock moves/retraces.

And I found more patterns in the volume than I was at first aware of. It always seems to be relative, but tops/bottoms of trends were marked by spikes in volume; I am assuming this is the last rush to get in.

Of course I might be making all of this up - e.g., seeing patterns where there are none, but I am willing to give it some more time to see what happens. Again - per Brooks - the trades are in the details.

I drew S/R on significant spikes in volume (ones that caught my visual attention after a casual glance) and tops/bottoms of moves. I made every attempt to draw trendlines from the start of the trend to first retrace (in a downtrend, this would be down, up, then down, with the trend touching the end of the up).

Primarily for my own exercise, but if you need something to fall asleep by:

(EDIT: Seems Blogger reduces the image size - I couldn't read anything on the image that was uploaded. So i tried splitting it into three different images)