Price didn't even attempt a test of the Previous Day's High (PDH) and we got yet another trend day down, giving us a close just below the neckline of our head & shoulders pattern.
Price did get a bounce at the Previous Day's Low (PDL), but failed a second test on strong volume.
After a trend day, such as today's market, I'll be watching the low ($88.) from the last hour, and watching how it creates a support/resistance/target level.This 60-min chart of the SPY looks pretty ruined. Price has closed at an important level (pennies above $88) and the momentum indicator looks like it's ready to build another momentum swing to the downside.
Here's today's market profile on the SPY
5 comments:
Footprints! :-)
What a coincidence. I was just listening to a 27-year-old lady explain the footprint chart. How do you find it so far?
I've always liked the concept, since reading "Markets in Profile" ages ago. I find it particularly helpful in noticing really "coiled" markets, where price forms really fat profiles that tend to result in springs in one direction or another. Also, for noticing S/R at single print levels.
I read on another blog sometime back that discusses footprint charts (not Dr Brett) and he kept losing me. Yours definitely look a lot more palatable :-) Yet to figure out what those alphabets mean but I'll take my time going over all your charts :-)
Thanks for sharing them!
BTW, do you pay a subscription fee for these charts?
I'll try and do a more thorough post on them sometime in the near future.
The alphabets just represent one segment in time that price traded at that level.
I don't pay a subscription per se. I have Tradestation as my charting and data feed service. This market profile code was found within their forums, someone wrote it and shared with Tradestation users.
I see :-)
Thanks, Todd.
I'm experimenting with volume bars. so far it seems better than 5 mins. just gotta get used to not looking at my clock LOL!
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