I received a pm asking whether I did the study for monthly highs/lows I posted here also for weekly data. Thought I post the results here in case other users are also interested. It covers the same futures markets as for the monthly study. Limitation is, that I did the analysis on daily data, i.e. looking at how often each day of the week is the weekly high or low (and also seperately for high and low). However, in the real world one wouldn't wait until the first day of the week is over but instead use a few hours, so the same study on intraday data would be more informative (which I didn't do yet) Overall the result is that the first day of the week is indeed the high or low more often than any other day, only Friday also makes highs/lows quite frequently compared to the other days.
Wow, those stocks didn't go anywhere. Of course the market was pretty quiet as well. Let me offer some advice. When I started trading stocks in 2000 one of the things that separated the good traders from the bad traders was not technique, but stock selection. It's very much an art, not a science. After watching 1000's of hours of tape, you begin to get a feel for what is going to move that day. There are no indicators or short cuts on this unfortunately. But at the end of the day, you can only take out what the market gives you and those stocks were offering nothing. I wouldn't be discouraged. It takes a lot of time. You are just going to have to be patient.
SLG had a decent reversal. DB was ehh not so good. I was actually watching MS and GS on the A-up, but they ripped through the A-values and didn't look back. DB was my sub-par setup. Prob not the best, but something could have been taken out of these stocks. Stock selection is definitely an art like you said! But I am noticing that I am getting in late on many of the trades that I am taking. Do you not think that tightening up my ACD parameters would be more consistent with take the type of trades that I am taking(Breakouts)?
20-minutes, Haven't noticed the opening range's changing as much when I change it to lets say 15 minutes. What do you think?
you are correct on this, sorry put this up hastily doing 8 different things, will put a sheet together when I get a minute, I was trying to show the more simple aspect of this. Taking that range you get a breakout at the top of the range at 124.19 I was long around this area off the pivot. It looked like a continuation from yesterday with a failed short in the morning. I am long here want to see if it can break 130 then will look to add a stop.
bidu ten minute chart looked liked a short early on reversed up thru the open and never looked back, look at spy yesterday, gap up held all day.