medium · Volume Profile Analysis trading-strategies
A price probe at $1.3615 is followed by a sharp retreat, leaving a single-bar wick that traded only 200 contracts compared to the 4,500 contract average.
How should this 'Failed Auction' influence a long trader's profit target?
- The target should be relocated to the nearest HVN consolidation zone above $1.3615.
- The target should be moved slightly above $1.3615 to account for the magnet effect.
- The target should be canceled because that extreme was strongly rejected by committed sellers there.
- The target should be set down at $1.3610, just beneath the high-volume resistance shelf above it.
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