What do we KNOW about the OB... 1) RTL breach close was in the container. 2) imo... The 2 volume elements of the OB are T1/P2 ... the OB is NOT an EE. 3) The 2 elements T1/P2 are supported by the OB close in relation to the bar itself, plus my recollection of activity during the construction of the OB. Lower volume(high) followed with higher volume(low) 4) Volume on your 120 minute chart DOES support a valid BO. On the 120 minute chart, we are at continued P2 or heading to T2P/F. It is FBO of the RTL, by default. Depending on your level of trading with JHPV, the default trading action was exit the short. I think we all at a different trading level than that though.
Jack mentions it in many places, this is but one. You in fact have participated in that very thread. https://www.elitetrader.com/et/threads/questions-to-jack-hershey.229669/page-15#post-3349654
He said nothing about Daily Bars. In fact on his videos (forgot what year that was) he stated that degaping will not help beyond 10:00 AM EST Bar. Stick with original authoritative source.
lol, you should take your own advice. He mentions it in several places and in several ways. from https://www.elitetrader.com/et/threads/questions-to-jack-hershey.229669/page-25#post-3357578
Friday's view of the ES. Jack's perspective and work is awesome! However, I consider the market itself the original authoritative source just as Jack recommended. For high accuracy and precision, the market says degapping is required. Atm, I can't fully explain why, I just know from my logs, what Jack says about degapping is true especially as it relates to the RDBMS. Edit: In the above first three attachments, that is the scale what I monitor at. The fourth attachment changes the scale to fit the day. Keeping the scale consistent supports the carryover channels as well as keeps my calibration in alignment. The most recent volatility required 3 to 4 pages to fit what would normally fit on a single chart page from last summer. Jack's work especially shines on the assigned P1's and the beginning of new trend segments being called out prior to the bar as the VTP is performed.
This is not a daily chart. Did you make any money of of it? Your "Friday's view" means nothing until it converted in real time MADA and subsequently in real dollars extracted form the market and deposited safe in your bank account.
Put real money at work. It will change your perspective. No trolling, friendly advice. Happy trading to you too!