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For a comprehensive view and further reading
on this theory as well as the value of previous closes,
see:
"Detecting High Profit Day Trades in the Futures
Markets" By J.T. Jackson.
Walt Downs
CIS Trading
http://cistrader.com
BrentinUtahsDixie wrote:
>
> RT's,
>
> I recently read that Opens are the most critical part of the trading day. I
> set out to see if there was some way to study this. I wrote the attached
> .ela file for this. Your thoughts appreciated.
>
> The Four Plots for the Open Analyzer are:
>
> #1 the % of the Open above the MedianPrice times 2
> #2 the % of the Open below the MedianPrice times 2
> #3 a 10 day average of Plots 1 and 2
> #4 zero
>
> If the Open is at the upper end of the bar it will be above zero.
> If the Open is at the lower end of the bar it will be below zero.
>
> The MedianPrice {(H-L)/2} is the demarcation point.
>
> How to use? I only wrote this 2 days ago but there are a few things I
> quickly picked out. The days trade tends to continue in the same direction
> most of the time. The more extreme the percentage the stronger the trend.
> Trending often stands out by the large percentages. Flip flops often signal
> a change in direction.
>
> Brent
>
> ---------------------------------------------------------------
>
> Name: Open.ela
> Part 1.2 Type: Application/Omega-zip
> Encoding: base64
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