$1000 profit
80% rule in effect. Close in previous VA area indicates a full coverage of previous VA area.
ON session saw reclaim of yesterday low and acted as new support. Brown line drawn at 4131 before news announcement. Price moved rapidly when news announced and hit the brown support line perfectly. I took $500 on this trade.
Analysing profiles - A steep decline yesterday before market followed by a further decline in cash open (double distribution. In this DD we observe to areas of price acceptance. The ON session kept price within this range and clawed back up in to the VA area. The ON session buyers fought back at the final stages which provided sentiment they were ready to challenge the bears. This mode of thinking along with price movement gave me confidence the 80% rule will work in this occasion.
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