Wednesday, January 9, 2008

update on Market Profile


Here's an update on the weekly profile view along with some lines drawn in to show how I interpret it. Basically, just alot of peaks and valleys up and down the price scale. I view the "peaks" as a value/consolidation area where there tends to be alot of trade activity, and the "valleys" are more like support/resistance areas. Today had the 1408 area as a kind of upside resistance which we closed above, so am viewing that as support for now with the 1425 area as the next main level above (ironically the same level as the 120 min EMA.......currently have buy div on that frame).

Rolcol

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