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Can an opening range be used to determine type of day?
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Can an opening range be used to determine type of day?

  #21 (permalink)
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sysot1t View Post
personally, I used to track CL starting from 7:00AM EST... I get up around 6AM EST daily... I noticed back in 12/2009 the market would start moving around that time ... I moved it to 8:30AM EST based on the logical trader method.. which is what I am using in conjuction with tape reading.

now, concerning the break to the tiny downside today, there was no reason to trade against the tide with the PVR being so far away and everything pointing to an up day.... assuming one did traded the A down.. and didnt take all variables into account, then the risk was 30 ticks.. realistically, the risk was about 10-15 ticks given the trade would have gone nowhere and I would have scratched it... to enter at 10:15AM EST @ 93.65 and let it ride until the trailing stop would have taken me out... overall, it would have been a good day... but I dont trade with this little volume, so I spent the day just playing with my kids, sleeping and catching up with reading that I needed to do...

The volume was little, but CL has moved over 9% during one day, you could have considered a long position...

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  #22 (permalink)
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Fat Tails View Post
The volume was little, but CL has moved over 9% during one day, you could have considered a long position...

hindsight is always 20/20.... I had no idea it had moved until I looked at bloomberg news about lybia and brent was at $108...

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  #23 (permalink)
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sysot1t View Post
hindsight is always 20/20.... I had no idea it had moved until I looked at bloomberg news about lybia and brent was at $108...

I also did not trade, because I expected volume to be low.

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  #24 (permalink)
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Also, have you noticed the Pivot Points (based on prior day daily bar) that Ninja Indicator.... most often at some point in the day the primary Pivot Point will be touched (PP, not R1, S1 etc)... this is particularly profitable when there is a good range between open and PP.

However, Mondays and Holidays are the exception, as I have seen no consistent touch PP. But on other days it is a very likely touch of PP. I observed this in TF and CL.

Yesterdays chart and todays are out of this context given it was Monday/after Holiday...

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