Correct, true opening ranges are products that are actually "opening"for trade, not continuous. Pretty much everything now is continuous.
Maverick, when you said "hit the ATR" is that the ATR from the open of the day (or other trading period), the ATR from the top or bottom of the opening range (i.e. if a confirmed A is 20% of the ATR, it moves the remaining 80%) or a full ATR above or below the confirmed A? Many thanks.
It depends on the product. For stocks, I use the ATR from the low to high. For futures it's the 24 hour period.
CL has been long in my observation since I posted this. I am still new to this way of looking at charts so just sharing my observations/experience here but since the failed QTR A down it looked like it would bounce and break but hung above the mark and the now made a weekly A up yesterday. Along the same lines, ES, after making 4 consecutive failed weekly A ups (+/- few ticks) has finally made a weekly A down today. In my observation, ES had been biased short since the last week of Dec. I have nothing but my gratitude to offer to you guys for helping me see charts this way but hoping I can also contribute like you sometime in the future.
Once the 5 day came off the negative values, the buy was legit. That is what the 5 day is there for. To keep you from catching a falling knife but also to greenlight you to take the fade.
Thanks. Thats the next thing I am adding to my charts - the number line. I dont mind being slow at getting this as long as I get it right . Thanks for your help.
This GBP/AUD refuses to go down. It's been confirmed this whole time and sure enough, it's the only pair that has stuck out from the crowd. The USD/MXN confirmed for me a few days and is trying to break through the QTR A up. Keep an eye on this one. The peso has been breaking down now for months. All it needs is a good push.
Well, there is no "right". It's about helping you see the market more clearly and finding patterns. Once you understand how all the tools work and see how they interact with each other it's like going to eye doctor and finding out you need glasses and once you put them on, the entire world becomes clear for the first time.