Initial Balance: 617.90 - 610.00 (7.90 points) Value Area as at 10:40 am: 616.40 - 614.00 - 611.40 (5.00 points)
Price opened @614.60
Today's High and Low as at 10:40 am: 617.90 - 610.00 (matching IB)
VPOCs: Top 646.50 and Bottom 603.40 (611.00 was touched) Overnight High and Low: 616.00 and 609.40
Price movement seemed undecided to me esp when it struggled within the same range bar for minutes! Good Luck!
I'm going to take a break from research. Spent the past 6 hours reading tons of posts/web pages. Am glad that I may make good use of the following (just to name a few) when I perform a bi-weekly system review this weekend:
- Volume Stop
- Better Volume
- Volume Patterns
- Volume Spike
- HiLoOfTimeRange (may use it to identify the High and Low of the Asian Box)
- Pace of Tape
- Trend Finder
- .. ..
You can tell they're mostly volume or trend-related indicators. I've mentioned before that I felt missing a volume indicator in my set up. Now after hours of shopping, I may be able to identify a candidate to fill the gap. Need to study them more ..
I'm also very happy to locate the following article on DMI (Directional Momentum Indicator) two of which are on my 4-Range set up:
Thank you for your question. Oh, newbie me has been identifying the overnight High and Low by reviewing the price movement between 4:15 pm (previous day) and 9:30 am. Probably not the correct way. Please enlighten me. Thank you.
Good Trading is about Trading Right!
Want What the Market Wants!
Trade With the Trend!
The following user says Thank You to wgreenie for this post:
Patience got paid off as I waited until the 10:00 am Existing Home Sales news was over before spotting a good signal. With the drastic drop upon the news release, I was more cautious in entering a Long trade. Waited for its breaking the recent HH (it's replaced by HH 593.90) and got in at a better rate. Surprisingly the PT 10 got filled with 2 ticks in favor too .. smile ..
I have to add the 15-minute chart has helped my Long decision too, ie with the magenta reversal bar.
Note: I added the Constant Lines indicator to the DMplus one (Panel 4) to help me visualize it's above 25 = strong trend.
Initial Balance: 594.90 - 586.40 (8.50 points) Value Area as at 10:40 am: 594.90 - 590.70 - 590.10 (4.80 points)
Price opened @592.50
Today's High and Low as at 10:40 am: 594.90 - 586.40 (matching IB)
VPOCs: Top 607.60 and Bottom ?? Overnight High and Low: 602.40 and 589.60 (I may have been using the wrong timeframe. Will investigate.)
Even I do not know the details of the Existing Home Sales news, must be bad since the market crashed. Now I wonder what the New Home Sales figure will be (to be released tomorrow at 10:00 am).
no enlightenment here. I am currently looking at different types of overnight ranges, just trying to identify what makes sense. I am not a savant, just putting up this question.
If I look at the different sessions, this is what comes to my mind:
4:15 PM to 6:00 PM Est After-Session, influenced by US news releases after the close
6:00 PM to 1:00 PM Est Asian Session, starts with Tokyo Open
1:00 AM to 7:00 AM Est European Session, influenced by European markets, starts with Eurex Open
7:00 AM to 9:30 AM Est Pre-Session, influences by US news releases and expectations
Your values come from all four sessions. The question is whether you look at European Session and Pre-Session separately.
For today this made sense, as the European Session low was an important pivot which acted as resistance, see chart attached. The pre-session only anticipated some of the price action which took place after the open.
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The following user says Thank You to Fat Tails for this post: