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E-mini Nasdaq Volume Profile Trading Journal
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E-mini Nasdaq Volume Profile Trading Journal

  #41 (permalink)
Elite Member
London UK - Ostrava CZ
Futures Experience: None
Platform: Ninja Trader 7
Broker/Data: AMP, CQG
Favorite Futures: NQ
Posts: 60 since Jul 2014
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Daily analyses 11-10-2016

Analyses of the Daily chart

Determine the market condition (Price - Time analyses)
Is the price currently in balance or price discovery mode?
The price has pushed out of range, however it still may not be in discovery mode.

Review the Composite Volume Profile - get the big picture of what is going on (Price - Volume analyses).
The price has pushed out of the range on Monday. It has closed just above former high which was created on 23-09-2016. As the price is pushing into new highs there is less volume on the CVP at this area at this moment. The range which the price come from has 3 HVN at 4861.00, 4872.50 and 4880.00 levels.

What has the price done and what is it attempting to do?
The price is in long term uptrend. After a strong sell off on 10-09-2016 it has responded with strong move up. The market has reached the highest point of 4892.25 on 23-09-2016. Since then the market has been mainly consolidating. For the last 6 trading days the POC was at higher 2/3 of the range at 4872.75 level suggesting possible break out of range higher. The break happened on Monday 10-10-2016 even though the US had bank holiday. One can speculate if the move was strong enough to break out of the existing range and as it occurred during US bank holiday if it really count as reflection of NASDAQ traded companies.

Analyses of 120 min chart
Determine the market condition (Price - Time analyses)
Even though at the first glance the market created new high I am not convinced. The move occurred during US bank holiday and was not substantially strong to clearly determine the participants will to move out of the existing range.

Analyses of 10 min chart
Determine the market condition for the ON session.
During the ON session the market could not push above Mondays RTH highs. It has find support around Monday's Open and it has consolidated for a while. During the European Opening session the consolidation continued under low volume. The price attempted to push lower with interest from buyers. The price has pushed higher. It has retraced lower and find support around Close level from 23-09-2016

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E-mini Nasdaq Volume Profile Trading Journal-11-10-2016-10-min.png   E-mini Nasdaq Volume Profile Trading Journal-11-10-2016-120-min.png  
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