I am using the vanilla 8:30-9:15 OR for CL, as well as A / C values (8 / 13-ticks). The requirement for a valid A is for price to trade "at or beyond" that level for 1/2 of the OR duration, ie. 22min for the 8:30-9:15am OR. What I am trying to get clarification on, is what "at or beyond" means in practical terms, when there is one (or several) pullbacks that cross that A-level.
Thanks! your definition of clean A is quite stringent, but it certainly allows to identify the strongest directional opens. Thanks also for the reminder of narrow vs wide OR depending on the application.
based on your definition here the mkt made an A up. In the book he says if an A up is made you "would establish a long postion/bias". I think it depends on how strong you feel about the move. To me the move in crude was strong off the open, so I would have taken the trade based on price action. Also, in the book he says there is only one A up or A down per day.
This is just me but multiple pullbacks across a level that don't meet the time requirement I would consider a fail. It needs to decisively cross the A/C level and stay there, not just pierce it off and on throughout the day and cumulatively meet the time requirement. I'm looking for price to have the balls to take out a level, not just tickle it.
So TLT made an A down intraday (116ish), but is sitting right around the monthly A down (116.20ish). Looks like SPY made monthly A up few days ago. Taking no action right now. Waiting to see how TLT and SPY turn out end of day today and maybe pull the trigger tomorrow.
aapl, yahoo amd on deck to report so I expect quiet till then. You can scalp the QQQ after aapl reports. They usually report late though.