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It amazed to see at EOD...how market made this and turned the week (4,1) after four stretched streaks of (3,2)/(2,3).
Simply unbelievable.
Terrific rise just remind me a scene from just released animation film "Arjun : The Warrior Princes". Arjun is indian mythological hero from Mahabharat. Just watch how he bows the fish from underwater....a trader need such a passion,concentration and rock-skill to hook that giant rise.
As a review of day, each night i atleast look what the day finally looked like and can it be useful for any trade guidance next day. 7th June seems like ( clear on TPO profile ) dissipative profile ( im attaching a quick reference in next post for it from my old post last year in other forum ) , as a single entity. And LTZ was a good reference.
When i logged in , it was familiar look of rejection from LTZ....that lead to those Shorts. Though 2nd lot as add was a decision that i could not handle properly but overall it worked as expected.
Dissipative Profile ( i liked to call it cause of psychology behind it...though its not a big variation from Double Distribution ) i found a very common situation in NF...it would be naturally everywhere. Im copy pasting a reference/example about this form last year posts...just for reference.
"Dissipative Profile", what exactly means here is just like frictional forces it tries to dissipates the energy of one type of auction players by trading at each and atmost prices of profile. What more pronounce here is obviously if we think it as war type between two type of auction players trying to pull price and value in thier direction, resulting profile might well look like thick ( a nature for ensuring trade at each and atmost prices ) and B-shape ( not necessarily double distribution with single prints ) Normal Variation profile with a Low TPO Zone in middle.
Now most chances of appearing this type of Dissipative Profile is near swing high/low than in continuation ( they still might appear in middile of running imbalances ). Rather i look it for hint of market turning in near term. And important to watch is to how Low TPO Zone is served by next day auction. Once a winner takes prices in own direction then they will try to restrict prices to go again towrads this Low TPO Zones...thats like boundary they already won. Opposite might be the case of accepting this Low TPO Zone indicating once again anothers victory.
With Some practice i think many can easily spot this type of situation, in summury what i look for in order,
1) Previous prevailing auction.
2) Appearence of a Decipitive Profle.
3) How next day auction serve Low TPO Zone.
Never felt easy today since coming early morning...first like waiting for continuation...second waiting for breakout....
where are those big bull bars today...
perhaps no more trade today