Did NF saw Failed Auction on downside on Friday ??
Whats Failed Auction= Its Single Prints at one end of Profile after Initial Balance but then Range Extension at the opposite end.
As its visible on chart, NF had Failed Auction in "F" Period and Range Extension on opposite side in "I" Period.
If market holds failed Auction Price, NF can head for some good UP move or at least some rotation.
(I understood this Failed Auction Term from Barros Blog.. )
Here i would like to share what he mentioned about Failed Auction :-
"Market Profile Theory suggests we ought to see a Failed Auction’s price within 5-trading days. The fact that we did not, will suggest that the market has more Upside." ( which is honestly very New to me )
Now im curious to see Action Near Previous Failed Auction on Upside on 7th Feb "K" Period i.e.5445 ( 14th Feb will be 5th day ) :)
All Comments are welcome .
Yes, Murtuzaa..u got it right..also check if close is inside IB or not(after rejection of IB breakout )..if close is inside i dnt consider it as FA..
ReplyDeletehope this helps