NF & BNF Daily Plan | 3rd Sep 2024
Daily Market Profile Charts : ( NF )
Contextual Analysis :
NF opened sep series with a large gap and then closed the day by a spike. Spike rules were applicable for today’s session. NF today open higher above the spike high and unable sustain above spike high travelled back to the spike base around 25350-360 band. Demand expected to come around this spike base and then responsive buyers pushed price back from 25350 levels back to PDH. These RB could not tag day high and then later NF was trading in a tight range. This tight range liquidated downside travelling previous days balance till 25925 levels and then bounced to close below DVAL.
NF now after unfilled rollover gaps now we got 2 days of balance. As long as this gap hold bulls are in control and they would like to target today’s high and then make a new ATH.
NF closed near 2 days composite VPOC around 25335 levels. NF for next session if we sustain below 25290/25280 then odds gap closing increases and then look to travel towards 25220/25190 levels. Acceptance below 25190 levels targeting 25140/25112/25000 levels.
NF bullish scenario is we don’t get enough supply to break 25290/280 band and trade above 25350 levels targeting 25380/25400 levels.
Acceptance above 25400 levels targeting 25450/25485/25550/25600 levels upside.
NF not able to stay higher above 25400 and trade below 25350 is likely to go for another balancing session.
Daily Market Profile Charts : ( BNF )
Contextual Analysis :
BNF we got a clean short covering profile previous session. Fresh business expected above this P high and if not able to get fresh business above PDH, it could rotate towards the tail to look for demand. BNF if no demand around tails and if tails accept price then look for further down move.
Today we open higher and BNF gave open drive down after swiping PDH, looking for demand in the tail zone. No demand found and price started balancing in the tail zone and almost entire tail of previous session is covered now. BNF now we have 2 days of balance.
These 2 day balance is a 3-1-3 with tails at both extremes. Price closed slightly below the 2 day VPOC. With this 3-1-3 profile next session is to look for which side tail is getting accepted or rejected. If tails gets accepted we could look for a trending move in the direction where the acceptance happened. If tails rejects price at both extremes then look to mean revert towards the other extreme of the tail zone.
BNF bullish on acceptance above 51750 levels targeting 51800/52080/52173 levels. Above 52173 levels targeting 52280/52373 levels.
BNF bearish below 51530 levels targeting 51488/51353/51300/51280 levels.
Acceptance below 51280 levels targeting 51205/51138/51062/50932 levels.
BNF trading with in 51750-51530 levels could be making another overlapping session and could chop within the range.
Note : For such more useful stuff and unbiased contextual approach on understanding market profile concepts and micro nuances keep following this sub-stack or follow me on X at Trade_Pro_SM.
If u need personal mentoring or advice related to market profile concepts in executing trades, u can connect me on WhatsApp at 9894731924.