GU:
Into the asian session several hours, PA has been worked down. My reading of NVO is the lower PA goes the more trading activity there is. Hence, price is being worked down making it more favorable for taking on long positions.
To set up for a possible long trade, I measured the range (black) with FR tool. Then moved it up, successively 50% each time, creating TP lines above at 50% range intervals. These will be my targets for a long trade.
Asian trading so far has kept PA within the range, and clearly the top of the range marks the EP area for a long trade breakout. And it marks with latest low, the likely EP area for a short trade breakout. I would set up for a short trade, but as I said, my reading of NVO is that traders are favoring the lows, meaning they are buying in preparation for a move up. Warning: Speculation!
SonicR - Let the market decide.
Into the asian session several hours, PA has been worked down. My reading of NVO is the lower PA goes the more trading activity there is. Hence, price is being worked down making it more favorable for taking on long positions.
To set up for a possible long trade, I measured the range (black) with FR tool. Then moved it up, successively 50% each time, creating TP lines above at 50% range intervals. These will be my targets for a long trade.
Asian trading so far has kept PA within the range, and clearly the top of the range marks the EP area for a long trade breakout. And it marks with latest low, the likely EP area for a short trade breakout. I would set up for a short trade, but as I said, my reading of NVO is that traders are favoring the lows, meaning they are buying in preparation for a move up. Warning: Speculation!
SonicR - Let the market decide.