hard · Volume Price Analysis

A trader sees an up-bar with an ultra-narrow spread closing on its high, on volume that is the LOWEST of the last 30 bars, appearing after a sharp two-day pullback within an established uptrend. A second trader sees a visually identical narrow up-bar on equally low volume, but it appears after an extended multi-week markup near all-time highs. In Coulling's VPA, the correct readings are, respectively:

1. No-demand in both cases, since identical low-volume narrow up-bars must carry identical meaning regardless of where they sit in the trend
2. A successful test (supply exhausted on the pullback) in the first; a no-demand bar (buyers absent at the top) in the second
3. No-demand in the first; a successful test in the second, because tests only matter once a market is extended and overbought
4. A buying climax in the first; a selling climax in the second, since low volume after a move always marks the climax of that move

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