let me comment on India Nifty. 5 Apr - day range was very high at 550 points. IN was down decisively due to covid problem or whatever. 6 Apr - day range decayed to 230 points which was still relatively big. IN was ranging.
There is only one help which I need (under ET CHIT CHAT thread). it is about the MULTIPLE SCREENS windows rearranging after Unlock. Unfortunately, no one can help me.
His approach just gives us a framework for understanding PA. It is working for me. I don't care if he made money through trading. I got my priorities in place.
Now talk about 6 Apr the 2 very long candlesticks. those were the time we wanted to profit from it. you were using 5 minutes chart. so you ended up with very long candlesticks. lots of professional writers failed to spend thousands of hours analyzing and staring at the charts. so for this case, you have to use a finer time frame chart ( 1 min or whatever) (or smaller volume chart) to profit from it. do note that in some cases, you have to use a coarser time frame chart.
Agreed. At open, I use 1 min charts. Then move to 3 min and 5 min charts. But for day end analysis, I use 5 min charts. During middle of the day, 1 min charts are kind of haphazard.
I would also like to add on one more point to the above. During slow times of the day (not at open), the last half minute or the last few seconds matter a lot in the formation of the 5 minute bar. This was also mentions in the book "Trading Ranges" in the chapter "Close of the Bar".
If you like Al Brooks, also check out the PATs Trading. He learned from Al Brooks and simplified it into his own version.