It was the prior retracement point at 11:13, and due to the meandering nature of the move, I expected it to tick above one or two, and then have a nice little fall, like it just did a minute or two ago now. Also, the volume balance area prior to that had a pretty sharp cutoff at .72
Like you MFB, I was looking for a move to 87.10-.20 to consider a long, however, buyers found at .40 instead, and the premise is that it's not a strong enough push to retest the high, and that it will have to go down for stronger demand, in the low 87s .. so, I was looking to short .73, and wait for the lower demand to exit the trade.
fwiw, in case you dont have it on your chart already, camarilla and standard pivot points can be a fairly decent help.
i agree--i have standard pivots, and the short i took earlier at .59 was due to both the PP and yesterday's vpoc being at .60-.62 edit: also, maybe your short earlier had something to do with R1 being right below 88.00 -- also, the weekly pivot is at 88, so good potential resistance from people who watch pivots.
I was thinking a good buy may be above 87.10-.20, but we have built up quite an area of value here north of .40 .. if it breaks below .40, perhaps it will go 100 ticks south to the prior balance? EDIT .. seems a bit unlikely due to the strength up, but anything's possible I suppose... VWAP in the 86.90 to 87.00 region, could attract buyers .. maybe this is a moot point and we will just shoot up from here, who knows?