What was noticeable was an important part of the index - the banks not moving below value or to new lows.
If you had watched the value areas closely especially the relevance of the point of control, it was not at all a difficult day to trade today.
The OrderFlow charts made the job even easier. Take a look :
Order Flow suggested buyers coming to replace reluctant sellers at 5194.These confident buyers managed to take the Nifty up to 5328 in one continuous move measuring 134 points.
The BN got resisted at VAH early in the morning, but once it broke through there was no stopping. I tried to take a counter trend trade around 10265 levels, but had to quickly give up to persistent buyers for a minor 30 points of profits.When the previous highs around 10290 were taken, there was no looking back.
The profile charts of today throw interesting possibilities for Monday, many of which we will discuss in the webinar tomorrow.
So if you have not registered for it yet, try the link at the top right of the blog or send a mail to vtrender@gmail.com.
Market profile is one study which can call the major levels and the moves of the market right, 90 % of the time.So if you are still struggling in your trading, start reading up about profile.Your trading will get the edge it requires!
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3 comments:
Very nice & easy to understand OF chart. Does it give clear picture during rangebound market?
On flat days, we trade with the smaller OF green-pink.
There are rules to identify these days very early and are part of a presentation at Vtrender-2.
an interesting observation:
i vividly remember last time when TATA MOTORS rallied on its good result, following day morning within 60 seconds - it shot up by 50 pts - something similar quite likely to happen on Monday, today it has shot up a lot and there will be a follow up - combine this with RIL/SBI shooting up, no political negative news on domestic/global front......we certainly have a continued rally on Monday unless if something terribly wrong goes in between....do we see 5400 on Monday? and 10700 in BN?
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