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I use RanchoDinero as my market profile/volume profile charting package.
In my opinion they are the best value for the money.
I don't have the NT8 version yet, but I have a full NT7 package. Because I still miss one or two components on NT8.
To be honeset I am really excited by RanchoDinero's NT8 package. I think i will migrate to that some time later this year.
Yesterday was a trend day. The profile was a elongated one with multiple distributions.
In yesterday's mid-day briefing I have said that the market is consolidating above prior day's value, it is likely to challenge the Tuesday high some time later this week. But the target was achieved very quickly after the NY session starts.
After that target being achieved, there is no more upside target i am going to tune back down my bullish bias that the most possible scenario for me is to consolidate to build energy for the next assault to the upside.
By looking at the daily chart, it seems that the DAX has broken out of a big fallen wedge and it might be ready to smash some major resistances.
There are two major resistance levels in daily chart, one at 12480 and the other one at 12600. Are we going to challenge these two levels today. It is possible. But I don't think it is very likely. Because yesterday's drive has spent quite some energy and there are plenty of poor structures in chart that needs a repair.
The scenario that I am looking at is a range consolidation market with a slight bearish tilt for the London session and then attempt to break out in NY session together with the US equities. The levels that I am looking to build some positions are
-- the 12400 high volume node
-- 12380 TPO hole
A selling tail appeared. This is a result of a vicious upthrust or stop run. It could just be a nice ending of the bullish auction just before the lunch break.
DAX reacted from a volume cluster at 12481.5.
Inside the volume cluster, there are trapped traders.
The volume cluster reaction strategy is very effective in a ranging market.
The market looks like ready to explode to the upside out of the open.
The tech rout seems to be behind us, the Trump tweets have less and less negative impact on the market.
ES has broken out of the triangle to the upside and successfully retested the trend line in the NY afternoon session. These are all bullish development. So brace yourself for the run away bull market in the coming sessions.
Yesterday's profile is balanced with bullish tilt which is going to supply strong support if market tests back into its value area. The overnight inventory is pretty much long only and I would like to see a counter auction to the overnight inventory out of the open and test the VAH or the POC of the prior day for a long.
If the gap is not close after 1 to 2 hours of trading, just go with the gap.
Key levels that I am watching:
VAH = 2670.75
POC = 2667 VAL = 2662
