Speaking of range, here is my chart. I have it setup to show from 09:30ET to 16:00. Today you see the range was exactly 103 points. I drew a line at 40. What's more important than average in my opinion is the mean. But even more simply, its where are most days. Most days fall around 40. So getting 25 or 30 points a day would mean capturing a huge chunk of the range, which isn't too realistic. I used to use 10 point targets, and had good stats for this, but then it dried up since the range dropped (I think these were my stats from 2015 or so). All of a sudden, my trades weren't working as well, and stats dropped. Of course by using a smaller stop, that has its own set of problems. But to me, it really is just a matter of stop, target, win rate. My whole point is you seem excited by big days, but since these aren't too common, and you can't really build a day trading strategy around getting 20 points, you gotta focus on smaller targets, tight stops, and trades that set up many times a day. Then it doesn't really matter what kind of day it is because each day will have a few pieces for you to take. (after saying all this, you also have to know when you can break your rules and expand targets) I of course know you know all this cause it sounds like you've been around for a while, but you need focus. You're chasing money, but you should be chasing consistent wins, even if its just a bunch of +5 point trades.
Gotcha, query... I notice that you peg the daily range on RTH. Why do you not consider the range from previous settlement to 5PM ET next day? Isn't that the true "trading day range"? (In that case it was ~150 points or so...)
Simply because this is when I'm trading. Its also just a matter of interest really. There is no way to predict in advance what the range will be like (other than perhaps that after a big day you will rarely have a super quiet day). Also, just because I suspect the range will be huge, it doesn't tell me if its gonna be to the up side, or down side, or a combination of the two. So really, its just interesting to look at. Obviously if you want a 50 point target, this would have to be a swing trade, so at least you can see how rare 50 point trades for day trading would be via this chart. But other than this, it really isn't that useful. I like how sierra charts is so cool though that you can set it up to give you all the different ways to view that data though.
Oh, and I should also add, that when the chart isn't compressed like this to show the range, which is what I did here for illustration, its good to show where the gaps are. I put lots of emphasis on RTH vs. ETH.
"Ahh, I gotcha', Gotcha.™" Yep, I just trademarked that response. God-damned clever response if I say so meself. lol!!!
Okies. I have two pics that show the area of your two arrows on the unirenkos. The gaps don't show visually on them. I never could get used to time-based charts...Here the April arrow area... Here's the July arrow area... Just use your eyes to line up the timestamps on the bottom with your charts.
Don't forget these are gaps simply due to RTH. If I include all data, the 2nd gap is gone, since the overnight action filled this, but there is still a small gap on April 24 from the Friday close to the Sunday open. Once again though, I still don't find this all that useful. Sometimes the gaps fill, sometimes they don't. Sometimes when they fill, the area that it fills could be support or resistance, but sometimes it isn't. Also, sometimes the gap fills right away, and sometimes it takes weeks or months. So really, its all a toss up.