We had a late spike yesterday and we opened below the late spike yesterday. We opened at 3837.25 which should mean rejection of higher prices, but we did not reject higher prices. We left an excess high at 3897.50 in E period at 8:30. The price then circled back down to a weak low at 3834.25 B period went down to that exact level yesterday as well at 3834 (orange horizontal line). The excess low from yesterday remains at 3807. Overall value is still overlapping and higher (value accepted higher) with settlement 30 points lower at 3841 compared to yesterday. Settlement is within 4 points of the open.
I could have caught the move to the upside with Fibonacci:
Could have caught Fibonacci .618 retracement at 10:56 for a nice extension upwards. https://www.tradingview.com/x/s0BdwAhU/
stacked imblance in the footprint chart indicated presence of buyers. Execute at .618 fib retracement, confirmed at the same candle 10:57 through stacked imbalance. The third stacked imbalance can be disregarded.
The POC moved up from 3866 to 3886 at 9 o’clock. My instict told me that the high 3897.5 at 8:43 was the high of the seesion. The real confirmation only came at 9:41 when the .618 retacement passed. The following pictures shows another potential entry. Here price was not able to even make it back up to 50% retracement.
The following chart shows strong presence of buyers until 11;38 as presented by a stacked imbalance. the following candle is stacked on the sell side and is proof of the strong presence of buyers at the level of 3853 around the POC from yesterday. At that point I should have reversed my position. or at least got out of my long from 11:37.
At 11:37 the POC was 3865 so far enough away to enter a trade at the 3853 level.
Towards the end of the session I entered a few trades that I should have not because I was too close to the VPOC. The stacked imbalances also gave conflicting signals and generated buy and sell signals. The blue line is the VPOC.
Here is the Profile and TPO chart:
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