“At the end of every bar, most traders ask themselves, “What just took place?” With most bars, they conclude that it is just too confusing to understand and choose to wait for a pattern that they recognize. It is as if they believe that the bar did not exist, or they dismiss it as just institutional program activity that is not tradable by an individual trader. They do not feel as though they are part of the market at these times, but these times constitute the vast majority of the day. Yet, if they look at the volume, all of those bars they are ignoring have as much volume as the bars they are using for the bases for their trades. Clearly, a lot of trading is taking place, but they don’t understand how that can be, and essentially they pretend that it does not exist. But that is denying reality.”
(from Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader)