Thanks and yes, you’re absolutely right
I’ll also add lack of good and tested (over and over again) working plan and the discipline to follow it.
If one has a good working plan she or he will not worry about impatience and margin calls as this will be imbedded into a good plan. And discipline I think it says for itself -- don’t think just stick to it
So As expected we have a beautiful counter –trend move of the NY Opening Hour Move
Now we'll patiently wait for our 3:00PM - 3:30PM Delayed Afternoon Move
– the 2:00pm move will help dictate what may happen at 3:00pm,
expect a resumption of the NY Opening Hour Move if a counter-trend move occurs around 2:00pm
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(1) 9:35AM - 10:15AM NY Opening Hour Move
Market develops its trend or bias for the day This move is important as a reference to what is going to happen later in a day
(2) 10:00AM - 10:45AM Morning Move Expect a counter-trend move to the NY Opening Hour Move in the first 45 to 60 minutes
(3) 10:45AM - 11:45AM Delayed Morning Move Expect a resumption of the NY Opening Hour Move
(4) 12:45PM - 2:00PM Post-Lunch Move Expect a resumption of the NY Opening Hour Move trend (or upward or downward bias)
(5) 2:00PM - 3:00PM Afternoon Move Expect a counter-trend move of the NY Opening Hour Move trend if the market is testing the high or low of the day.
(6) 3:00PM - 3:30PM Delayed Afternoon Move
– the 2:00pm move will help dictate what may happen at 3:00pm, Expect a resumption of the NY Opening Hour Move trend if a counter-trend move occurs before 3:00pm
The following user says Thank You to dario1 for this post:
Thank you for reminding me about this one. I remember I was using opening range indicator before ( I've experimented with different hours though) and some how I've faded away from it during my research progress -- may be I should take a second look
For the ES i use 60 minutes for the initial balance (9:30-10:30am EST). This is a standard and consider range extention has been established when price makes 4 ticks outside of the IB, some people use 3 ticks for range extention.
The following user says Thank You to trendisyourfriend for this post: