Value Areas for today VAH:74.50 VAL :73.28 heads up we have a naked it point of Control in the upside a 76.63. Looking for resistance in 74.50. Question for all you here, yesterday I was introduce to range bar, does someone here use it and if they could explain,,,they told me they are good to differentiate a real breakout with a fake breakout.
TOS doesn't have them, and if it did, I'm not sure I'd use them. They're real popular with the Woodies Club people. My personal, novice opinion is that they ignore price and volume, which seems to me to be fairly important. The theory is they filter out noise. The Woodies Club people use a 20 tick range bar on CL, which to me seems like you're only going to catch the larger swings.
I watch a lot of little things that I don't want to talk about, so I don't mean to make it sound simple. 7514 was yesterdays HOD right, so I shorted resistance.
I use momentum range bars that OEC has and I love them. Once you find a setting you are comfortable with (I use 10 tick on CL) I know when every bar will close, what the next open will be, size of my stops (always 12). If you want to compare, get a demo from OEC and pull up the momentum range setting and take a look. Forewarned - when this thing is moving, those bars will print quickly. Personally that's what I want to see but others have said it's too hard to trade when bars are printing in sub 1 minute intervals. http://www.openecry.com/