Thank you, I was referring to your post#3 quote with video (from about 35 min into it to the end). These folks apparently extend the IB lines forward for future S/R. I'm not a follower but just curious.
I had only cited that video in post #3, that is the reason that I do not remember it. I have now checked the video and have found the following:
(1) The initial range bands that are used are on the video are false. If you look at the 43rd minute of that presentation, you will notice that the session template used for ES is 24/7, and consequently the 60-min bars are drawn for the entire hour. The IB range bands are therefore calculated from an opening period from 9:00 AM to 10:00 AM EST instead of the opening period from 9:30 AM to 10:30 AM EST, which would have been correct.
(2) The idea that the (false) IB range bands are still respected during the night session is nothing else than an illusion, also see @Big Mike's educational thread on random lines:
Yes, I totally agree, if you place random lines on any x/y plotted graph, you will ultimately see S/R. I too noticed the TF, however none of this matters IF he has the confidence to trade this/his method. I will look at that link later today. Thanks again.
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Previous IB bands (IB Hi/Lo) will correspond to a previous swing high/low formed during a session. They may oppose a move when revisited or offer trading opportunities. That's not what i would call illusion as discussed in the thread random line theory. However, projecting these lines in the future is not a necessity.
If the daily high/low was accidentally made near a previous IB band, then the high/low may indeed create resistance/support. But then it would be enough to plot the prior day high and low on your chart.
Ckeck for ES in March:
March 2: new high made during the early night session at the 50% upper range band
March 5: 50% and 100% ignored, 200% support, but fell together with floor pivot S2
March 6: 50% ignored, support near 100% and 200% band
March 7: not applicable
March 8: bands ignored
March 9: 50% ignored, resistance near 100%, as the band was near the prior day's high, 200% ignored
March 12: not applicable
March 13: bands ignored
March 14: not applicable
March 15: night session low at the 50% band, but close to prior day's low
March 16: bands ignored
My feeling: Prior day's high and low should be watched during the night session. Would not say that it is worth watching these levels otherwise, but of course I may be wrong.
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