Why Price Progress Matters More Than Volume Alone

High volume doesn't always mean strong directional movement.

Consider two NQ scenarios.

In the first, buying volume increases and price advances steadily.

In the second, buying volume increases significantly, but price barely moves.

The same increase in buying activity can have very different implications depending on the price response.

The second scenario may indicate opposing liquidity absorbing the buying, although other explanations are possible.

I like to think in terms of effort versus result: how much trading activity occurred, and what did the market achieve?

Volume tells us how much traded. Price action tells us what happened to price.

Combining both can provide a more useful picture than looking at either in isolation.