Quote from ESclown:
I must admit that this may just consolidate and sit around this 80-90 zone for rest of the day.
However, the rally from 11:00-12:30 was dodgy price action. A good rally is usually quick blasts of buying with 3-4 points per 1min bar - then a little consolidation, then another blast.
However, it almost looks like today's rally from the times i mentioned was a lot of distribution taking place. Again i don't like thinking too hard at what the big players are doing as i just like to watch price.
This type of rally does not offer good places of entry for many other time frame players and it is in essence designed to trap certain player e.g. they keep buying, price just keeps going up without hardly any retrace and then they are left at the top as bag holders before blasting down.
All i am seeing is the last couple of weeks market profile value zone of 57 and 85-87 as decent resistance. Moreover, we have channel hit top at 88, hence, the reason why i am picking shorts at those levels.
Market profile is showing value dragging higher now with consolidation near the highs which may mean more rallying later in the day.
Its just probabilities, i find decent probability of going short with extremely low risk entries and massive rewards. Am i right? Well no one ever will know 100% - just good odds IMO.
If i see bulls in charge i am sure i will change my opinion very quickly.
Horrible price action.