The market is a battleground between bulls and bears.
A strong buyer is called a bull, and a strong seller is called a bear. If a bull wins, the price rises, and if a bear wins, the price falls.
A particular entity is not always a bull or a bear.
Depending on the time, foreigners can become bulls or bears.
The same goes for institutions and individual powers.
Bulls and bears are always fighting, both in the market as a whole and in individual stocks.
If the bull wins, the market goes up and the bull makes money.
If the bears win, the market falls and the bears make money.
During periods of tight market conditions, the market moves sideways or arbitrage trading linked to the derivatives market determines market fluctuations.
Most investors, other than bulls and bears, have no power to move stock prices.
By watching the fight between the bull and the bear, you have to figure out who is the bull and who is the bear, and figure out which one will win.
And you have to ride on the winning side.

--- p.18

The important thing is that buying or selling a large amount of money does not cause the stock price to rise or fall.
It is not uncommon to see prices fall when buying a large amount of stock, or to see prices rise when selling a large amount of stock.
(…) This means that the stock price does not rise just because you buy in bulk, and the stock price does not fall just because you sell in bulk.
If someone bought in bulk, someone else sold in bulk.
Trading volume is the sum of all buy and sell transactions.
In other words, the stock price does not change because 'you bought a lot' or 'you sold a lot', but rather moves according to the supply and demand of bulls and bears who 'buy by raising the price and sell by lowering the price'.
That is the core of stock price movement and the core of chart analysis.

--- p.22~23

A surge in trading volume, especially instantaneous trading volume, indicates increased volatility and liquidity for the stock.
For whatever reason, the market's attention was focused and trading increased rapidly.
Stocks that fluctuate with high volumes of trading are liquid and therefore advantageous for quick trading, while high volatility means a higher probability of profit from short-term trading.
No matter how good the news is, it is difficult to make a profit without price movement accompanied by trading volume.
Profits can only be made when price changes occur, and price changes do not occur without increased trading volume.
When the price moves, the trading volume should increase, and especially the instantaneous execution volume should increase sharply, which is an important timing.

--- p.118~119

Price movement refers to changes in price, either rising or falling.
When instantaneous transactions occur continuously and the trading volume increases in conjunction with price movements, this is called trading volume movement.
The movement of trading volume becomes rapidly active at the beginning of an uptrend or downtrend, and then gradually stops at some point.
The movement of the bid/ask balance refers to the increase or decrease in the bid/ask balance while the price rises or falls.
As prices fall, the number of ask orders increases, and the number of bid orders decreases as buyers cancel their ask orders.
Then, at some point when the price movement stops, the opposite movement appears in the remaining order volume.
In other words, it can be summarized as 'price movement = trading volume movement = price volatility = trading volume volatility'.

--- p.123

Strong stocks rise more than expected, and weak stocks fall more than expected.
In the market, stocks that are thought to have risen too much often rise further, and stocks that are thought to have fallen too much often fall further.
It is sometimes expressed as so-called upward or downward momentum, but ultimately it is due to supply and demand driven by psychology.
A stock that is rising attracts a psychological buying force driven by greed, and if the stock falls even slightly, a strong buying force comes in, saying that this is an opportunity not to be missed.
(…) Since buying pressure is strong for strong stocks, it is difficult to find the right time to buy if you wait for a downward adjustment.
It usually rises along the 5-day moving average, and any adjustments due to trading battles also end with intraday adjustments and continue to rise.
If a stock that has been rising strongly falls to the price I want, there is a greater chance that the stock will turn bearish later.

--- p.181~182

Stock prices are formed at the balance between buying and selling, that is, the equilibrium point of supply and demand.
If there are absolutely many investors willing to buy even at a high price, it rises, and if there are absolutely many investors willing to sell even at a low price, it falls.
It's just a matter of which side is more dominant, but transactions are formed because there are always buyers and sellers, and when they trade actively, the trading volume increases.
Trading volume is the result of the difference in thinking between buyers and sellers.
It is often said that 'stock investing is the art of timing.'
Even if it is a stock that has risen sharply, you can make a profit or suffer a loss depending on when you buy and sell.
Volume provides timing.
Whether it's a buying or selling moment, the day when trading volume increases significantly is the timing.
The buying timing is when the market leaders start buying by raising the price, and the selling timing is when the market leaders start selling by lowering the price.
Trading volume increases significantly during periods when they are actively buying and selling.

--- p.194

There are stocks that initially surge during the day and then continue to surge daily.
The characteristics of these stocks are that they rise with large volumes of trading, and that the increase is large while creating a trend with continuous increases in a short period of time.
When there is a correction within a day or two after the initial strength, the subsequent buying force becomes stronger if the range is small.
When the price falls, the decline is deep due to sellers seeking to take profits after a series of sharp rises.
As the short-term surge increases, the volatility is also high.
On the other hand, when the price falls, buying power also flows in strongly.
This is because there are many buyers waiting to buy in anticipation of further increases after the adjustment.
(…) The trading point for stocks with consecutive surges is to take advantage of the upward momentum.
The higher the stock price, the stronger the upward momentum becomes due to chase buyers.
We seek to profit by buying when the price temporarily declines in the morning and then taking advantage of the upward momentum that arises again.
And, when a stock that has been falling throughout the day due to profit-taking begins to rise in the afternoon due to the re-entry of buying forces, it is bought.
It is about seeking profits by taking advantage of the momentum that rises again from the next day.

--- p.212~214