I suggest that those who are interested in this search the pdf using "range".
House of If You Can Draw A Straight Line
- Thread starter dbphoenix
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I suggest that those who are interested in this search the pdf using "range".
Oh. Are you looking for, "traders agreed on price"? Value area at Midpoint?
Sometimes your questions are vague.
The premkt range from about 4:30 to 7:40 established a range with a mid point "fair value" about 4319. Around 8:15 there was a breakout of this small range and a new range was established. The fair value of the previous range was tested twice. The second being a slightly weaker test "B". (AMT)
On the 1 minute chart coincident with this test we are calling "B", there was a SLA long entry.
And what are the conditions for taking a trade within a range? Again, if you don't know, search the pdf using "range".
I think at B we have already rejected going higher twice (formed a lower high), and although the trade would come off a higher low, we still would need to see which way it was going to break, and take the first retracement after the break, which is what makes the trade at D such a wonderful trade.
But the trade at A is trading in the direction of the LOLR, and at this point, its not quite a range yet, and there is that level of support at 28 forming which agrees well with where price was finding support for an hour before the open. The long would also happen above that resistance level of 32 that was outlined. So at A, I'm not sure if we have a solid range forming yet, and by B, this range is getting a bit more established.
A & B are reasonable in real time but I have trouble seeing how C would entice me for a long. Demand wasn't strong enough and as a result price ended up at C. This thread is more about straight line method and I would only attempt long around D not around C. Lets not try to put the cart before the horse.
Now don't get me wrong, but trading EOD is so much easier as one can contemplate, discuss, double check with Dband then place a trade. Intra-day has no time to do all that.
Gringo
LOL... I love your list of advantages for EOD trading Gringo! And the reason why I have C marked on my chart is not as a place to go long, but to discuss that this spike down breaks that level of support and the level I would have a stop out, hence I would be stopped out just before price turns back up.
Here is the link to the most current verion... version "e"
http://www.traderslaboratory.com/fo...yckoff-law-supply-demand-auction-markets.html
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