Merge For a Clearer Picture

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Sometimes when a session like Monday occurs with very little movement in price and trade entirely contained within the prior session’s range, I will merge the profiles into one, to get a better sense of the overall trading range and relevant guideposts it can present.

By merging Friday and Monday sessions together, we get the below profile.  Interesting note, the volume price of control at 1423 (also Monday high) has been tested three times overnight.  Going into the open we’re priced to open right on the level. For all these reasons, I consider the range from 1422 to 1423 my pivot line.

Above resistance is the confluence of the profiles value area high and last Tuesday’s session low at 1425.  The next interesting area above is last Friday’s high.  Trading above 1428.50 would demonstrate buyer strength.

Very important support below is the confluence of last Monday’s VPOC and the profiles value area low from 1418.50 to 1419.

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Previous Posts by Raul3

Merge For a Clearer Picture

246 views

Sometimes when a session like Monday occurs with very little movement in price and trade entirely contained within the prior session’s range, I will merge the profiles into one, to get a better sense of the overall trading range and relevant guideposts it can present.

By merging Friday and Monday sessions together, we get the below profile.  Interesting note, the volume price of control at 1423 (also Monday high) has been tested three times overnight.  Going into the open we’re priced to open right on the level. For all these reasons, I consider the range from 1422 to 1423 my pivot line.

Above resistance is the confluence of the profiles value area high and last Tuesday’s session low at 1425.  The next interesting area above is last Friday’s high.  Trading above 1428.50 would demonstrate buyer strength.

Very important support below is the confluence of last Monday’s VPOC and the profiles value area low from 1418.50 to 1419.

Comments are closed.