Wednesday, April 19, 2017 5:39:45 PM
market profile defend the open
(open nunance)
So the market gaps up and then adjusts to too many longs.
The normal market tries to return to the the open and then rally.
The 2nd time failure thru the open forces longs to sell
and this is psychologically devastating as longs watch all their
profits go from positive to minus.
Longs do not immediately sell instead look for hopium (i hope it goes back up) and finally sell when they have to.
your chart below
(open nunance)
So the market gaps up and then adjusts to too many longs.
The normal market tries to return to the the open and then rally.
The 2nd time failure thru the open forces longs to sell
and this is psychologically devastating as longs watch all their
profits go from positive to minus.
Longs do not immediately sell instead look for hopium (i hope it goes back up) and finally sell when they have to.
your chart below
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