Predicting tomorrow’s trading range

<b><i>This question was sent to me from one of our students:</b></i><color=blue> "Hey Joe! Do you have any statistics that help predict tomorrow’s trading range?"</color>

I certainly do, but please check me out on these numbers because I haven’t verified them in a long time. Here’s what I believe about tomorrow's trading range:

About 11% of the time, there will be a higher high and a lower low (outside bar).

About 11% of the time neither the previous day's high or low will be exceeded (inside bar).

Eighty-nine percent of the time, the previous day's high or the previous day's low will be broken by tomorrow's price action.
The previous day's close will be in tomorrow's range 65% to 85% of the time. If today had a higher high and higher low and higher close, there is a 70% probability the short term trend is bullish. That's quite a bit of trading knowledge, don’t you think?

 

Thanks for the info.
How do you define "short-term?"

 

Amateur's stuff. Dangerous bullshit!

 

Who cares about predictions?Amateurs.

 

I'd never personally trade off of something like that solely, but am open to considering any such analyses. Sometimes, they can be used effectively in conjunction with other, more precise strategies.

 

LMAO - anybody who claims to be able to 'predict' markets is a charlitan. Plan and simple.

Nobody can predict markets; all we can do is respond to them.

 

There is a 50% chance I might believe 30% of it...

 

I could not express it better! Perfect!

 

I think there's a 72.4% chance that you may be 45.3% correct ^_^

 

There's a 99% chance I don't give a damn. Open your eyes and trade what you see, not what you think.