Buyers have registered clean trend day via double distribution day and ended at day high in last session with a sign that auction was incomplete.Buyers were next expected to create value higher due to 45 degree move away from wide POC..NF got a clean gap and then a drive moving way higher to print large IB then all day spent balance inside IB range to close at dPOC at higher quad..Hypo A second part and then B full part played out from 17810 to 17965 then moved way higher today.
Pointers from today's auction :
Another day buyers shown full control with gap + large tail zone..This tail zone swing support zone now..
It was clean short covering auction with P profile..and dPOC skew at close..Buyers next should stay away from this POC of P profile, failing to stay higher of this P could get overlap/repair today value area.
Swing obj for long side 17950 met today..and mentioned in weekend report under weekly projection as below..
//buyers should go early in the week away from this week range to get 17840/17950 next then pullback possible to retest 17650-600 zone.Acceptance above 17950 could be extreme move towards 18100-18200 band and not seeing anything above this as of now//..
No pullback from 17950 but buyers moved straight to next band and probed above 18100 now..And, as long as staying above 18080-18050 zone next could fill till 18200-18240 zone..18200-18240 zone strong res zone..If sustains then 18330-350 probe possible..But, am sensing lot of risk attaching with longs now due to the underlying structure.. DD trend day with large imbalance close from 17650-17740 in last session, got follow through today with gap and tail zone from 17765 to 17925..
So, this 17650 to 17925 is a large LVN (low volume node now) + thinly auctioned zone time wise.So, as long as no retest and fill there, its risk with long side..Context is every price zone need a fair auction on small time frame and such large zone of thin auction brings in risk with longs from here..Am leaning with a bias for retest in this zone in current week itself so will play with long side with extreme caution. Will change the bias if coming sessions shows other way of auction to negate this view..
Charts,data & Hypos :
Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.
Notes :
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