NF left large buying tail with weak data in last session but end of the day buyers had intent at close on P profile.. Best way of further auction from them was to get gap or drive..They got drive at open above PDH but instantly failed falling back in P profile which gone to test part of large tail left in previous session then bounced..Bounce tried to sustain morning tail at top but failed and moved down to dPOC for close.
After failed that 30th Aug 4IB trend day, was expecting few sessions of balance in that day's range..NF continuing the same for 4th day now. Its 5day composite now..Getting into bell balance and max this week then imbalance out of this balance could emerge.
It was 3-1-3 profile today leaving tail at both ends and having two way balance in between..Sustain value area/tail = trend ; else back to value area probe..
NF looked above PDH and failed and then brought down dPOC down and closeed there..As mentioned in closing commentary, skew with sellers at close..They need to stay below 17720 and clear 17650 next to get weak round number low at 17600 then another weak low of 17540 from yday..
For buyers, failing to stay below 17540 and accepting back in today's range could help to move higher to probe today value area..or defend around 17650 and accept above 17720 to get clean move higher towards 17810-830..
Swing short view negated above 17740 today.Will allow two more sessions to look for chop to continue roughly in 17450-17850 zone. Structure wise, weak lows till 17440 so till we get that cleared all move upside could face pressure to pulldown NF..Need value above 17850 to turn bullish on swing.. or test 17450 fail then get one time frame up on daily to have swing bullish view.
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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