It’s Viren, back with an EOD report of today’s action.
It was a frustrating day of action for us in the markets, as there was no clear direction and a lot of whip-saws through the day.
Have a look.
The Nifty demonstrated it’s respect for value areas by returning back from Value area low of the day ( purple dotted line). If you are not incorporating value areas in your trading methodology, then you are missing out on a few things.
The profile is balanced indicating a market on “hold”.This market should resolve it’s directional bias in the first session tomorrow.
Far from being a short, the Bank Nifty was strong through the day. A firm move above value high in the earlier part of the morning, ensured that shorts were at bay. This was not a day for sellers in this index.
For those who have been watching this blog for value areas, I want to stress that the purple lines on the charts represent value for tomorrow and they are Volume profile values as opposed to the price profile ones Shai has been putting up earlier.
We have done a few changes to the way we operate intra-day, and choosing volume profile has been one of them.
We plan to do a free webinar on the basics of Market Profile on our new platform, which supports audio and video.This webinar will take you through the basics of incorporating profile in your trading plan and the importance of it.
Keep an eye out for an announcement to that effect soon.
Even though we have launched a premium offering in Vtrender-2, our commitment to this blog and the larger role we want to play in promoting the market profile methodology remains the same as before.
So keep visiting n stay in touch.