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Though i occasionally biased for what to take , especially this happens when i see news and some one else analysis ( if its like EW..which i could never got ) , but this has reduced form previous nature of one sided biased for long or short. S&P downgrade of India Rating's caused 11-June noon sell-off. But how then pullbacks and pauses comes on daily chart...some thing has always to happen to shape the chart. When i logged around 10:50 , 12-Jun..soon after that i noticed a jerk in prices. My trading buddy told me it was due to news scheduled for IIP numbers....and that were poor...not surprising. There was a contrarian feeling about this and that was what market doing at that time just heading up at location A. This was an obvious entry but i was mocked...just letting it passed. Soon i realized its trading and filling single prints and low TPO zones of 11-Jun. It leads a shy long entry. I had an expectations to got it like previous spurt and flag type, but delayed rise some caused me to shut it prematurely without any foreseen weakness.
Nett result of day = +9 Pts after comm.
Harvest The Moon Nest The Market
Can you help answer these questions from other members on NexusFi?
One of benefits of coming late to market for me is, it already opens well and often gives clue about its forthcoming nature. Market Profile guys rightly say, pay attention to Initial Balance....( though i always found to be sleeping in that ...) and then trade. Not everyday is simple like this one....but on profile front these happens in some or other forms with variations.
It need to see first on left side. 11-June Sessions before sell-of was a sort of balance and then recovery and price placement back in that zone with creating point 2 and 3 ( 1 was already in 11-Jun ) in 12-Jun session. Nothing is changed to that balance region till the end of 12-Jun Session. Points 1,2 and 3 and their price parallels formed 2nd SD of this balance. This all would have been of no relevance for today, if today's opening would not have been dull and slipped towards center. But todays's opening despite two large bearish bars, simply stalled. This was the indication that it still needed to remain in balance and points marked will be going to play their role as usual - Price had to react from those zones. More 2nd SD points 4, 5, 6 and 7 appeared throughout the day. Whole region is still forming balance with Neutral day in hand.
What Next - Though it can pan out and break any side...no guesses, it make me biased...still holding what im thinking.