hard · Volume Profile Analysis auction-market-theory
A market opens with an 'Open Rejection Reverse' (ORR) type. It initially probes above the previous day's VAH, but quickly reverses to break through the previous day's VAL on high volume. This results in an IB extension that is 2.0x the IB range.
What is the highest probability day-type classification?
- Normal Variation Day (Bearish), as the IB extension is significant but the initial rejection limits it from a full Trend Day.
- Non-Trend Day, as the initial reversal indicates a lack of market conviction.
- Trend Day, because any extension over 1.5x the IB range is automatically classified as a trend.
- Neutral Day, because price traded both above and below the opening print.
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