Definitely a more tricky session than yesterday. I can see this swing both ways, but I'm leaning long. My simple and naive analysis is that the market had the chance to sell this morning, but didn't even take out yesterday's low. Buy the rumor; sell the news? Or buy the rumor; buy the news?
Well, I'm long here. 08.75. Giving it 7 points for now. Small size. Will add above 20 if we get there. Targeting the full V.
My entry may have been a beautiful short if this sells. Looks like I was too early. 7 point loss. Not really. Do you? I've plotted the volume profile on my RTH charts (5-minute and weekly 30-minute) for a while, but I'm not sold on its utility yet. RTH POC = 5900.
Ninjatrader says 5920 so far this week. That's RTH charts only. Close enough. So, how do we use that information? Will it be resistance? A magnet? The current bounce came off today's POC. Also a round number. So, which was it? Definitely possible. 5910 is short term resistance, so I'd like a push above that before I start salivating. Just don't have the stomach to short this today, so I'm nibbling a small long.