The Trouble With Scribbles

I do agree, but there is a reason for the lines. The blue lines, ONH and ONL are simply the highest price overnight, and the lowest, so these aren't arbitrary. What makes the ONL at 51.50 so juicy is price bounced off twice before the open, and when it comes down to here again a third time, the buying is intense. How you get into that move though is tricky given that price didn't hit the level, and went up so quickly. But the point is, those two lines aren't all that arbitrary.

Same this with the cyan line at 64. Look at how many times price bounced off from there and went higher. There is an art to finding a range, I agree, but I much more prefer horizontal lines than diagonal ones because the diagonal ones are quite subjective. The horizontal ones are in the market as these are prices that traders were no longer willing to pay.

The fact that you mention the other swing points just means that overnight, we had lower highs, and this to me is a clue as well.

But I'm with you B1S2 in your quest for proof. Without real time calls and the demonstration that you can take trades based on this and be consistently profitable, then none of this matters.

 

Went long near the bottom of the range - In Long @ 4414 - out here@ 4427
result: +13
PaukRandomRange is now chip leader.

 

That's not a range; it's a reversal. But you got the direction right. That's a start.

 

Nice Pauk. Thanks for the posting. Here is your trade as it looks on the 5 min today

 

Also Pauk --here with Bollinger Bands

 

and Finally, the ROMY(t), MACD:

 

It's only on the 5 min chart though--here is the 60--Certainly oversold, but just be very careful with new shorts here.

 

All of which is hindsight, but thanks anyway.

 

I realize that nobody's interested in this but there's always the possibility that some future generation might stumble on this thread.

A range is created when and because traders are seeking equilibrium, what some call "value". Eventually, once traders have finished their business, they will explore the upside and the downside looking for buyers and sellers, i.e., trades. These moves are called "breakouts". The exact price one pays is not as important as whether or not the trader wants to be in the trade at all. If he does, then he should enter. Since he'll be entering with a market order, the exact price is irrelevant anyway.



The Foresight Thread has a month's worth of examples of pre-open ranges.

 

Good range detection Pauk! Your random range was just as good or better thany other today. Good Job