Four out of the six sets of single prints from yesterday were filled before sellers got a bit ahead of themselves. Buyers aiming for today's excess, targeting the resistance area. Sellers aiming for the poor low.
Hi Smash. Could you explain "Today’s session . . . and held the halfback, which we carry forward as both poor and weak. I don't understand how a halfback could be poor as, by definition, there is volume above and below it. I guess it could be weak if the prior day had the same halfback, but it doesn't, and I've never heard of such an application of "weak". So, I'm a bit confused. But at least I'm showing that I am carefully reading your writeup :)
I was referring to the halfback from the session on June 27th. Yesterday, the market saw a bounce from that specific area, which makes it weak, and the lack of excess makes it structurally poor.
In the mean time if you look at todays market profile there is excess at lows, crowded traders stuck at a bad location meaning unfinished business we have to carry forward. That is called a poor low. So today's low is quite ugly. Weak and poor are 2 different things happened both at lows today.
So whats more interesting is that today there is excess at highs like smash metioned. So the high is not poor and could mark a very short term end of upside auction. The logic is yesterday market failed holding below prior inside weeks low resulting a trend day upside auction till today, we reached a daily balance high basically the same spot then reversed hard making it weak.
"A weak low is formed when a market falls and reverses right at a specific point which is often a technical or profile nuance" In this case 4400 is a halfback also a century that traders would kept eyes on.
OK, so the LOW is both poor and weak, and the weak is in relation to the prior day half back. I read it that it was sayin that the [current day] halfback itself was weak. Thank you, Gamma, for clarifying that for me.
Very interesting how much passive buying was there just above 4400. Sellers tried to break that so many times, and it was absorbed every single time.
We've seen the classic picture of a state of balance. "the top of the balance acts as resistance until it is proven false."
Hi Smash. Could you explain "Today’s session . . . and held the halfback, which we carry forward as both poor and weak. I don't understand how a halfback could be poor as, by definition, there is volume above and below it. I guess it could be weak if the prior day had the same halfback, but it doesn't, and I've never heard of such an application of "weak". So, I'm a bit confused. But at least I'm showing that I am carefully reading your writeup :)
I was referring to the halfback from the session on June 27th. Yesterday, the market saw a bounce from that specific area, which makes it weak, and the lack of excess makes it structurally poor.
In the mean time if you look at todays market profile there is excess at lows, crowded traders stuck at a bad location meaning unfinished business we have to carry forward. That is called a poor low. So today's low is quite ugly. Weak and poor are 2 different things happened both at lows today.
*no excess at lows
So whats more interesting is that today there is excess at highs like smash metioned. So the high is not poor and could mark a very short term end of upside auction. The logic is yesterday market failed holding below prior inside weeks low resulting a trend day upside auction till today, we reached a daily balance high basically the same spot then reversed hard making it weak.
"A weak low is formed when a market falls and reverses right at a specific point which is often a technical or profile nuance" In this case 4400 is a halfback also a century that traders would kept eyes on.
OK, so the LOW is both poor and weak, and the weak is in relation to the prior day half back. I read it that it was sayin that the [current day] halfback itself was weak. Thank you, Gamma, for clarifying that for me.
Amazing work as always - thank you sir!!