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re: I am not 100% sure what you mean by "intraday bars are not synchronized at any point in time".
Trader action is strongly synchronized during EOD trading by market open and close times, this is why in EOD trading the Open and Close have significance.
Picking any 10 minute intraday bar and looking at the Open and Close, and sliding the bar period over a real-time chart and you will see no added significance for the open and Close. No increased volume, gaps are rare, etc.
Best regards,
herman
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Sunday, March 2, 2008, 8:26:54 AM, you wrote:
> Brilliant work Herman.
> First to clarify my statments on EOD patterns:
> a) (for daily bars and above) - a pattern than can be observed in one
> timeframe can be better executed by reference to the detail available
> in the lower timeframe (one level down) e.g. at the moment I am
> working on a system that I identified and tested (originally) in
> daily bars and that I will execute in intra-day bars (somewhere
> around 5min bar - I haven't settled on a timeframe - from your
> comments I guess I don't want to go too close to the boundary where
> continuity breaksdown - depending on volumes being traded).
> b) where volume is sufficient to establish continuity (wave) patterns
> are evident. They (wave cycles) are independent of time so that when
> (time based) bars are constructed they actually fragment the wave
> cycles and introduce a some pattern error (not necessarily serious to
> macro traders).
> Any trader who wants to eliminate that error can do so by following
> the macro trends in daily bars (daily bars also approximate the
> underlying cycles but relative to the macro patterns the error is
> quite small (in simple terms weekly traders who like to buy early can
> time their entry by the daily cycles).
> So I am drawing a line under pattern trading just below the daily
> timeframe.
> Which brings me to your work.
> I am not 100% sure what you mean by "intraday bars are not
> synchronized at any point in time".
> However my question is:
> Do you consider that intraday trading is in anyway analagous
> to 'pattern trading', albeit with different patterns to those that
> exist in daily bars, or is it something else altogether?
> Re "Of course, in the majority of cases, you can be sneaky and
> calculate HL precedence by assuming that the price follows path of
> least resistance from the Open to the Close... or subscribe to real-
> time data".
> It's not wise to make assumptions too often, especially in trading.
> I'll take the subscription thanks.
> brian_z
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