Friday, April 19, 2013

Volume Profile for Friday

The POC for today was significant as well: off the open sellers took control bringing price to the PP first, but failure here put all of the weight onto POC. A temporary breach set a bear trap that propelled prices higher for the rest of the afternoon. Also of significance was the fact the first retracement of any magnitude was turned back to the upside by resistance turned support at VAH and next at R1. Price also managed to close above the POC of the Value Area for the last five sessions (cloud with vertical histogram to extreme right of screen)