Good afternoon all,
Currently reading this book and it is providing a great deal of 'food for thought'.
There are some assertions in the book that I am curious about:
"The opening price of a daily or a weekly bar usually reflect the amateurs' opinion of value"
"The closing prices of daily or weekly bars tend to reflect the actions of professional traders"
"If prices closed higher than they opened, then market professionals were probaby more bullish than amateurs. If prices closed lower than they opened, then market professionals were probably more bearish than amateurs"
Given that Elder wrote the book was written in 1993, do you believe these still hold true in a trading world where people work around the clock, online, from anywhere. I can see that 20 years ago when amateurs were reliant on newspapers for their information and phone calls to their brokers to make trades that this would definitely be true. But, now the gap in capabilities (eg. access to information and ability to trade) between amateurs and professionals has narrowed and this might reduce the accuracy of the above statements.
Everyone's thoughts are appreciated.