The most important relationship is between open and close (more important than between close and yesterday close)
knowing the high and low of the day????
- Thread starter jjf
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Quote from nazzdack:
1) For the "sake" of daily momentum, you want the daily extremes to happen during the first hour and last hour of the primary trading session.
2) Similarly, for weekly momentum, you want the weekly extremes to occur Monday morning and Friday afternoon.
Granted.
But how do you know the daily extremes until the close of session.
Quote from nazzdack:
1) For the "sake" of daily momentum, you want the daily extremes to happen during the first hour and last hour of the primary trading session.
2) Similarly, for weekly momentum, you want the weekly extremes to occur Monday morning and Friday afternoon.
What you want the market to do and what it does is two different things. Anyways, Highs and lows only exist in hindsight.
Come on, you don't need to know the EXACt close to understand the general relationship between open and close. My advice is worthless for day traders but for position traders you can put a trade in several minutes before the close if the stock "showed promise"
Quote from nazzdack:
Near the close of the session, ideally, one or both daily extremes should be "obvious". Granted....weird stuff can occur during the final minutes to change that.
Agreed, if the early morning puts in a low that is highly unlikely to be challenged after say 14:00 then the chances are that price will continue to climb for a while.