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The high or low of the day, at any point during the trading session is the
intraday high or low. It is vital that you know the intraday high and low
as when the market (b)reaches this, it will be significant. It will either
give you a double top or bottom or will produce a break out - depending on
what time, how it gets there and other factors.
Today, the bonds bounced nicely off the intraday low, then, later, breached
it. If you had sold the original intraday high of the first 5 min bar and
'absorbed' the retracement, you would currently be short with 10+ ticks
under you belt. The intraday low was important for your decision making
process.
The current intraday low may well be breached again, but whatever happens we
are likely to end with an Inside Day, which will make tomorrow's High and
Low potential breakout trades - but the intraday high and low will also be
significant, both before and after.
Hope this helps. In haste,
Bill Eykyn
www.t-bondtrader.com
-----Original Message-----
From: MS <mseflin@xxxxxxxxxxxxx>
To: Real Traders <realtraders@xxxxxxxxxxxx>
Date: 07 September 1999 16:28
Subject: FUTR: high-low
>Question for the group. How do you define the intra-day high and low?
>Is it based on a time period...like the high and low made within the
>first hour of trading?
>
>Thanks,
>Mark Seflin
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