Friday’s session was all about cleaning up structure from Thursday's trend day. The profile displayed a b-shape, signaling long liquidation. I'm observing the main distribution of the attached 11 day volume profile.
I have read your stuff on twitter but never checked out the substack before. Great read. I found the 'mechanical' selling to be a fitting term for price action I haven't categorized before but its an apt description.
So the MGI I got is, judging by the ON action, when A in RTH couldnt take out ONL, a ON inventory correction should be expected but market is forming a poor high instead, meaning more to sell.
"The selling activity appeared to be mechanical"
-> What does this mean: "Trading bot algorithm?"
I have read your stuff on twitter but never checked out the substack before. Great read. I found the 'mechanical' selling to be a fitting term for price action I haven't categorized before but its an apt description.
So the MGI I got is, judging by the ON action, when A in RTH couldnt take out ONL, a ON inventory correction should be expected but market is forming a poor high instead, meaning more to sell.
Great analysis. Helping me to see mine is in line. Thanks for all you do Smashelito!
I like the VIX context additions. 🙏
Thanks! You notes have really helped me a lot !!
First time I noticed your signature at the bottom. Cool. You are the best, Smashelito.
Are your vix levels correct? I thought at the high you want the vix to be higher and lower at the opposite end ? Thanks