Trading Yesterday's High or Low ONLY

Discussion in 'Strategy Building' started by eminiman414, Sep 17, 2015.

  1. dartmus

    dartmus

    40 mins after midnight, cst exchange time not est. A tribute to 40d.

    1st c below 5.20ema since c 1st crossed above 5m ema nearly 40pts earlier. This is the exact timestamp of that event when price 1st crossed below this ema. And the exact type of situation k p struggles with reading. Was it the end of the trend? Obviously not, this is written in hindsight and price has driven to a new HH since then.

    In realtime it wouldn't take much to distinguish a particularly important distinction which often addresses this otherwise nagging question. Given yesterday's open is a ceiling in it's natural state and not a floor then it can be said price bo above this particular ceiling. And if you look closely there's 2 opens from yesterday in a tight group near each other. The pb dn which closed below 5m ema ...when combined with analysis of the location where this happens shows ...the inadequacies of the static horizontal opens contribute synergy that can be used to determine if the pb dn has legs. IOW, if using only 5m ema you will find it's not profitable same as if using only horizontal OHLC lines but together those 2 opens indicated a likelihood price could find buyers in this area of yesterdays opens.
     
    #11     Sep 30, 2015