attempt 6 at a bottom is occurring. Long here at 1305.75. Loss of .5 pts from the previous short trade. It seems to me that there should be at least some sort of bounce occurring and then a potential for a later selloff and perhaps test of 1300. Plenty of trading day left .
Things are not shaping up the way I like . Out at 1305.25 .5 pt loss. There is clearly now more technical room on the downside developing. Sidelines for now.
B1S2, for your short term trades, I suggest you check out wide range bars on 15 min chart that occur during the morning. I do use this strategy a lot. Whenever there is a wrb (either way) and the body is substantially larger than 2 shadows (upper/lower) and the range from low to high is at least 4 points, MOST of the time is followed by another wrb in the direction set by the first one. By the way it's really weird calling you B1S2, it's like talking to R2-D2
I think if I understand you correctly, that may be one of things that I do look at albeit not on 15 min charts. Does this sound right when I say I like the close of a bar at one end of the bar? Is that what you mean when it is a large range bar?
When I say there is technical room to the downside, the 3 minute chart showed a bounce in RSI , in fact a double top in RSI. That's right folks , I have time today to look at 3 mnute charts. I should have been short there at 1305.00 again when I went to the sidelines with a close stop, but I am seeing whipsaws here and I'll let the positionals work lower for now. Edit-- Here comes attempt 7 at a bottom.
Check out attached chart, @ 9:45am there is the first WRB (H:1321.25/L:1316.50) after the open of cash index. I never trade them pre-open though. As you can see it is followed by another WRB. 90% of the time I can get 2 points out of the 2nd WRB.