NF left clean weak low at PDL and rallied to close at high in last session as neutral extreme day.Buyers expected to get drive or gap and sustain else expected liquidation move towards POC/VAL of last 3days composite. NF had a clean gap but failed to hold the gap and gone back into 3days composite range which cleared entired composite and weak low at 17240.Looked below 3days balance then bounced to close at dPOC.
It was clean liquidation day with 5IB down move and outside day. Likely to have another 1-2 choppy overlap sessions.
Large buying tail now below 3days balance and excess and disbn balance at top above 3days balance..Whichever accepts could get directional move that side else chop inside this value area for next session being today outside day.
dPOC skew higher into close but data was still weak with no commitment from buyers..So, buyers with this dPOC skew should sustain higher above 17410 in next session and should not rotate below 17380. Failing to sustain higher and rotation below 17380 calls for probe back to 17320/17280/17250.
6days of one time frame stopped now with this outside day and heavy volume 1.7x than average. As long as no acceptance above 17450 with value now skew is sideways to downside to fill this composite and then look below to test gap zones down.
Swing short got triggered below 17350 today and probed obj 17225. Now, prefer to wait for a event tomorrow to get entry points and probe zones for next swing.
Charts and data :
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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