Price acceptance, rejection and value migration

Everything above serves one question: did the market accept a new price or reject it? The answer is read from time.

Acceptance and rejection

Acceptance is when the market spends time at a price so that multiple letters accumulate there (repeated trade). Rejection is when it passes through quickly, leaving single letters or a tail. The overarching rule: a price that is not accepted over time is in reality a rejected price, however large the volume there may look in a moment.