If we are opening above the base of the late spike at 4007.25 we are accepting higher prices, if we open below we are rejecting lower prices. We opened at 4005.75 and did not test the overnight low or what could also have been the base of the spike from yesterday, 4002. This was considered an open drive opening. Price remained solidly above the value from yesterday all day. Volume was just a small amount higher than yesterday, but not by much. There were 4 range extensions to the upside and 1 to the downside. POC was at 4029! The high at 4038.75 of the balance area of last week was tested and rejected at first but then tested again toward the end of the day. The final settlement was slightly lower at 4033. Trading was tricky with very long shadows. We went from trend day to range bound. Tomorrow is Thanksgiving.
We had a double distribution day:
Opening trade with Fibonacci and possible first Fibonacci trade:
A few more Fibonacci trades, Heikin Ashi candles explained, how to spot a trend and a balance area.
Martin's Travel Blog 