Analysis 2nd May – Market Profile

We gave 6 stocks to trade @8AM today Morning in our telegram channel.

Almost all the stocks did give good movement, I traded on two stocks. OIL and CHENNPETRO. Following the analysis and my thinking while I was trading. I used to post these charts live when I trade in Telegram. So join my telegram channel to know how I visualize the market using Market profile and Volume Profile

I am available in DISCORD Channel for discussion

CHENNPETRO

CHENNPETRO rallied high and got rejected from yesterday’s high. we generally wait for initial balance(IB) period to complete but if we get any signal before IB we will enter into trade. As the days unfolded it first breached Yesterday Value Areal Low (VAL). And went further which says buyers at VAL are not strong enough. It went further breaking Yesterday Point of Control and Value area lines proving the strength of sellers.

OIL

OIL again is Open Rejection reverse day from yesterday High. We entered the trade after getting confirmation that open rejection reverse will tag the days low. once it tagged the days low it broke the yesterdays low, followed by breaking the Supports lines of March 19th (HVN, VAL etc) so each confirmation helped us to stay in the trade and churn out all the profits.

Join our DISCORD channel to know more about Market and Volume Profile

Thanks

Team FIG

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