The break of the inside week to the upside lacked continuation, resulting in a strong counter move. The market remains in a state of consolidation after today's b-shape profile.
Since we broke the 4 day balance high, daily is technically one time framing up. However, as mentioned in the plan, we are still in consolidation mode.
There are certainly different ways to interpret OTFU/D and balance. Many traders will still consider the daily to be in balance, as you mentioned.
This is my process:
1. When One Time Framing Up/Down ends, I define the balance area - I had it as a 4 day balance.
2. After the balance area is defined, that area needs to break in order for me to call it One Time Framing Up/Down again - The 4 day balance high was taken out, meaning OTFU for me.
Some traders interpret the last 11 sessions as the daily balance, and will only consider going OTFU/D if the market breaks above 3918.75 or below 3788.50. It ultimately comes down to personal preference.
Thank you Brother Smash Elito 🙏
As always, thank you for your analysis!
Is daily one time framing up?
Since we broke the 4 day balance high, daily is technically one time framing up. However, as mentioned in the plan, we are still in consolidation mode.
Thanks for clarifying, I always thought if we break the previous day high and close within yesterday range daily goes to balance.
There are certainly different ways to interpret OTFU/D and balance. Many traders will still consider the daily to be in balance, as you mentioned.
This is my process:
1. When One Time Framing Up/Down ends, I define the balance area - I had it as a 4 day balance.
2. After the balance area is defined, that area needs to break in order for me to call it One Time Framing Up/Down again - The 4 day balance high was taken out, meaning OTFU for me.
Some traders interpret the last 11 sessions as the daily balance, and will only consider going OTFU/D if the market breaks above 3918.75 or below 3788.50. It ultimately comes down to personal preference.
excellent explanation brother. Please Share with us your short eLearning videos if you make any