The overnight markets caught a rotation higher and are currently showing balanced trade. I have highlighted what I consider likely scenarios for today’s session in the NASDAQ on the right-hand market profile chart below.
I use the 24 hour profile to envision trade and get an idea of the overall structure of the markets. With electronic trading occurring nearly 24 hours per day, it makes sense to capture this data and give it weight.
On the left-hand chart I highlight key price levels and zones where an event occurred during regular trading hours. These events are caused by other time frame (OTF) traders who enter the market. The other time frame is not operating on a day-trade time frame, but instead a longer term. Should their actions be negated by an opposing other time frame, it would suggest sentiment has shifted.
I have primarily highlighted the work accomplished by OTF buyers on today’s market profile and will monitor these levels/zones throughout the session to determine how the market is feeling into the weekend.
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