Multi-distribution trend day leaving behind six (!) sets of single prints - emotional. So, how much new buying interest do we have following today's short-covering rally?
Jun 28, 2023·edited Jun 28, 2023Liked by Smashelito
Hey Smash, I have a question about actual trading.
Wouldn't the ONL we saw in the Asian and European sessions be considered structurally as a Weak Low? It provided a reference that could easily be revisited, and there was a possibility of a break-out the ONL in the RTH. In my case, I took a conservative approach and went ahead with the trade after seeing the IBL close above the previous Spike Base. Nevertheless, I am curious as to why you opened the position from the ON session. I know that RTH likes to tease ON.
Due to being away from the trading desk during RTH, I solely focused on trading the Euro session. I perceive the range around 4375-4370 as a weak area. Yesterday, the B-period experienced a bounce from the value area low of the previous session, which is not regarded as the most reliable starting point for a rally.
I expect a consolidation tomorrow, but hope (secretly) for a strong rejection because that would mean the top is in for a while. Question: what do you mean when you say 'multi-distribution day'?
I associate distribution to selling, but I think in this case means something different
In market profile, distribution refers to the sections on a TPO chart that are separated by single prints. A "double distribution" has one set of single prints. However, if there are multiple sets of single prints, it is termed as a "multi-distribution".
Fantastic post! Thanks for all you do!
I appreciate your posts enormously, thank you.
Hey Smash, I have a question about actual trading.
Wouldn't the ONL we saw in the Asian and European sessions be considered structurally as a Weak Low? It provided a reference that could easily be revisited, and there was a possibility of a break-out the ONL in the RTH. In my case, I took a conservative approach and went ahead with the trade after seeing the IBL close above the previous Spike Base. Nevertheless, I am curious as to why you opened the position from the ON session. I know that RTH likes to tease ON.
Due to being away from the trading desk during RTH, I solely focused on trading the Euro session. I perceive the range around 4375-4370 as a weak area. Yesterday, the B-period experienced a bounce from the value area low of the previous session, which is not regarded as the most reliable starting point for a rally.
Great stuff.
I expect a consolidation tomorrow, but hope (secretly) for a strong rejection because that would mean the top is in for a while. Question: what do you mean when you say 'multi-distribution day'?
I associate distribution to selling, but I think in this case means something different
In market profile, distribution refers to the sections on a TPO chart that are separated by single prints. A "double distribution" has one set of single prints. However, if there are multiple sets of single prints, it is termed as a "multi-distribution".
Thank you - very clear