Short covering early following price opening at the previous two day balance low.
Traditional market profile references are not as reliable in instances of short covering. Wednesday’s late spike base was of little significance as price one timeframed higher to begin the trading session. The one timeframing higher stopped in H period, and price reversed and continued to one timeframe lower for the remainder of the day trading session.
Thursday’s profile left multiple anomalies. Often at least some anomalies in a multi-anomaly profile structure are revisited the day after, or soon thereafter, they are created. The low from Wednesday remains questionable, being exactly at the half back level from the 9/18 profile.Share