On my trading chart (2 mins) I just exited when the POC changed, rather than hold my short for more profits to the older POC. (Snap picture to follow). I submit this as an idea on the 15 min chart even though I don't use it, however you can see that the current bar is having a big upmove. It started off going down, then the POC changed intrabar and now it is in the process, perhaps of changing the trend for the day...
Kommentar
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Here is the 2 min chart in snap format (no subsequent updates). I exited on the bar marked with yellow arrow beneath. This shift in the POC was a good 'tell' that the market might soon change.
This doesn't always happen, of course. But it is worth paying attention to.
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Zooming out to 30 mins, you have a great example of the market 'flying through' low volume area. You can see the current POC at the bottom of the day's range illustrated by red line. To the left is the day-session histogram so the price with most volume is there highlighted in a somewhat greenish color. Up above is another zone sticking out around the current price level (where most likely a new POC will be formed. Quite likely today will end up being range-bound between these two POC's unless there is a clear breakout up or down. Could go either way (as always) but it is still a longer-term bull market, and there has been 2-3 day selloff, so quite likely some buying pressure will enter in. On this 30 min chart, the Collective is still up above as resistance, however, so it will take a while, which is why I suspect probably not today, barring some sort of strong breaking news. Also, the cloud, which cannot be seen without changing chart zoom level, is even further up above. It will take quite a while. Which is why I took a short pullback trade on the 2 min chart for (hopefully) a quick 10 points.
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AshHowes
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11.23
POC just changed. Expect a move soon....
AshHowes
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3 mins later, down she goes!
AshHowes
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11:32
Moved quickly down to close to old POC (top of its bulge), and now the POC has changed again back down. Looks like a range day is settling in before lunch.
Again, a strong move to lower lows could change all this (or later, high highs), but for now wouldn't be surprised if goes back up to previous POC and it flips again.
AshHowes
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11:01 Tuesday Mar 7
I put in a green vertical line to show that the POC is about to change higher if the market continues to waffle around the current level. At which point it is time to watch carefully (after the lunch hour, i.e. around 12:30 onwards) for either a strong upside move (less likely because of so much upside resistance) or a probe back down to the current POC about 40 points lower. I took a long breakout signal (breakthrough of previous day high set during opening minutes), but if the POC shifts I will take a loss and get ready for either a new stronger breakout signal higher up, or, more likely, a short signal back down to the old day low.
chartmojo
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@CaperAsh, Good observations. I'll often see an intraday trade when the poc moves up to say the current higher consolidation, usually other correlating instruments or say tick/tickq start ramping up right then.. if its in say qqq and faang I'll jump on nq...seems to often be an indication of coiling..or in the case of up a platform for another wave force committment up..
chartmojo
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@chartmojo, I wouldnt mind an alert for when poc changes..
POC just changed. Expect a move soon....