Sellers became initiative for the first time since last Wednesday, giving the tape a heavy feel on this late-summer Tuesday.
But before bears can go around dancing the tapioca, they need to make a clean break down-and-out of our massive balance.
BEHOLD, The Massive Balance
See that orange line? That is me envisioning a break below last Friday’s low and how we could still be in balance.
Most of you do not pay attention to market profile. The few that do rarely practice the method in its simplest and most effective form, often instead obfuscating the process with aggregated data and arbitrary time breaks, but that’s none of my business
Bottom line, we are still in balance, and pressing into the hole right now is dumb. You could have already been short when the failed auction triggered.
Now you just sit. A bit lower you can consider buying, especially if the algos trigger.
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what time frame is that chart?
That big profile starts at 6:15am on 8/24 when we broke down and away from the high value formed on 8/23. But I manually merge profiles based on overlapping auctions and split the profiles when a change event pushes us out of value.