I’m back with my EOD update.
Have a look at the charts from today.
First the Nifty.
We were aware at the close yesterday that sellers were covering their positions. Those who didn’t did so in the morning. However we were waiting for a confirmation at the open itself for the same. Within a few minutes of the open, we saw the sellers covering and responsive buyers emerge. We were looking for longs and took one near 5386 for 5404, which was achieved.
Next up we looked at the Bank Nifty.
We took a safe long at value area low for a target of value area high.
We reached our price objective in about 17 mins.We also attempted a short later, but bailed out at cost with our stop being saved by 10 paise and the trade having shown us a potential 20 point gain.
The point is that the charts show how easy it is using profile to identify events in the day and take advantage of them as they happen.
With an open below value and outside of range today, we knew that it was going to be a large range day and the same happened today.
Market profile keeps you ahead of the curve.Proud to be a profiler.