I still like to give it 30-40 minutes more.Market profile is about price, volume as also time.
If these levels persist that one can take a long above 5079 with a stop below 5060.
Starting to believe that this is a trend day in the making.
Buyers have been dominant and sellers have withered.
Crucially, we are now above our 5065 level and over 5078 as well, which was our second confirmation level.Somewhere else I had mentioned that the move above 5065 should take us to 5177 levels NF.Let’s see..
All’s well with the longs till 5078 and 5065 are maintained.
Hope you guys are going through the notes in the classroom.
Market profile is a forward looking indicator designed to keep you looking ahead and be better prepared for what to expect.
Unlike your traditional stocs and macd’s which give you confirmation post movement of price, we believe in looking at what to expect and look at emerging or current action for confirmation.
Like today, MP is telling me that it may be a trend day, and I will look at the flow of prices to confirm that view.
Some reference levels I am watching before we hit 5177.
5121-5132 will be a point to part book longs.
Trend reverses below 5060-5065.
There seems to be a determined seller sitting at 5101 NF.
A tussle happening at that level for the past one hour.
If you are intra-long, bring your Sl to 5075.
That last break down to 5080 NF has severely dented the possibility of today being a trend day.
Even though volume was not very high for the break,sellers have begun to assert themselves at this level of NF 5100.
The only way buyers can control the hourly trend now is to bring price above 5100.
Longs be careful below 5060.
Description : Positional trade. Buy Grasim.
Cost : 1786
Sl : 1760
Target : 1876.
If you are as perplexed as me, as to why a perfectly looking trend day, froze right in the middle, then have a look at this chart of the Bank Nifty :