Just as an example, last few weeks good ran up and down heavily during extended hours so so speak. Your strategy needs to be automated to take advantage in today's markets.
There were some interesting characters, that's for sure! I started my career just before the CME Globex launched the eminis. So I saw is how the pits disappear and the "silence of the servers" taking over.
https://www.businessinsider.com/the-trading-pit-era-is-officially-ending-2015-7?IR=T https://en.m.wikipedia.org/wiki/Open_outcry
RedDuke, Does this mean pit hours pivots is not really useful? I struggle between using 24 hours pivots versus pit hours pivots (8am to 1:30pm).
I don't necessarily agree that you require automation per se - but in order to get filled in a moving market you should step out and hit a bid or lift an offer. But I agree that automation makes trade entry and position management cleaner in many cases.
Other than certain options markets there is no longer a "Pit". It's history. But to your point, if you want to model a given time frame every trading day that's fine. I personally use 24 hour data myself for my own modeling.
You bring up a very good point - every technical analysis indicator that I can think of existed prior to the advent of 24 hour electronic markets. Finite trading sessions and concepts like opening gaps are hardly relevant.
While there is no longer an opening to monitor for volatility there are certainly still news related moves (Fed and Eco reports) to be aware of.