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Pink line at the start of single prints - low volume level - strong support/resistance
Also use volume profile (not TPO) low volume nodes for low vol areas:
Closing outside of current day value area makes previous day value area high/low
strong support/resistance the next day:
Normal variation day - starts outside of prev day value area, extends beyond initial
balance on one side by at least 2x IB - usually b or p shaped distribution
Neutral day (center) - failed extension to one side of IB, reverse to other side of IB,
failed extension to other side, balance between buyers and sellers
Neutral day (extreme) - failed extension to one side of IB, reverse to other side of IB,
successful extension to other side
Non trend day - narrow range - can signal trend or large range the following day(s)
Trend day - small IB, range extension occurs early and continues - several signal
print sections
Double distribution day - two areas of rotation with area of single prints between
Initiative selling at first. Then buyers bring price back up. Sellers couldn't lower
price further. Indicates the low has been reached. Maybe look for longs.
Open drive- price drives in one direction from high or low and never returns
20% of the time will result in trend. 80% price will balance
Open test drive - Market tests beyond key level at open, volume dries up, rejects
with initiative. Reversal holds as extreme of day, often results in trend or normal
variation day
Open rejection reverse - less conviction than open test drive. Reverse level only
holds as extreme of day 50% of the time.
Open auction (outside of range) - potential for big move in one direction