medium · Volume Profile Analysis reference-levels-migration
A trader's daily composite volume profile on ES shows the Value Area migrating higher for four sessions, then the prior day's session produced a 'p-shaped' profile (bulge at top, thin tail at bottom).
How does the p-shape refine the migration narrative?
- The p-shape confirms continuation of the upward migration because the bulk of volume is at the top
- The p-shape suggests possible short-covering or late-entry buying drove the session's high; the thin tail at the bottom indicates responsive sellers may be positioned just below, potentially signaling a pause or top in the migration
- The p-shape is irrelevant to migration analysis — only POC location matters for migration
- A p-shape always precedes a Trend day higher the next session
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