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One more view after 90 minutes.
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----- Original Message -----
<DIV
>From:
BobR
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Cc: <A title=Joel.Marver@xxxxxxx
href="">Marver, Joel
Sent: Monday, May 12, 2003 7:21 AM
Subject: [RT] Toby Crabel ORB
With the price of Toby Crabel's book being out of range and
unavailable atany price, I dug through all TASC articles he wrote and did
someexperimenting this weekend. Remember the book and articles were
writtenback in 1988 and following years. The opening range breakout
starts withusing the "stretch", a ten day average of some opening period
such as 5 orten minutes, and further refined to use inside bars and narrow
range days toselect days that preceeded trend days. I believe the
concept needs somereadjustment with the advent of computerization and
electronic trading,globex, and speed of markets. After concluding
that the original ORB"Stretch" value needed some updating, the next thing
was to figure out howto view that early day action. At the same time
Toby was writing his book,Steidlmayer was introducing his market profile
ideas. Of course Gann's ideaof midpoints or 50% retraces and eighths
had been around. So without goinginto more details, here are some
shots of this morning's snp on 1 tick barsusing 30 minute mp and the poor
man's profile of midpoint and 1/3, 2/3divisions of the current day's high
and low. Over the years, I have come torespect the realtime midpoint
of today's high minus low divided by 2, thered line on the chart.
Without further statiscal proof, my intuitive feelis that the ORB using
ten day Stretch average is better replaced withsomething like a market
profile using tick bars. Using a combination ofmidpoint, point of
control and value area levels might be good
startingpoints.enjoy,bobrTo
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