Pat Riley
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HOD and LOD are important levels, but most technical literature I've read and traders I've spoken with appear to utilise it on a previous day basis. Which kinda makes sense as you don't know what the HOD/LOD is in any definitive sense until after the day is done and dusted. All well and good I say.
But...regardless of the time slice you're trading you have local highs and lows. Now just how local you want to consider local is going to be a personal preference, but in my experience, each has its own 'memory' if you'll allow my rude anthropomorphismising and it comes down to a specific number which for no particular reason I don't find surprising.
Whatever bar you use as your trigger (I use Murphys on Richmond Street) if its high/low exceeds the most recent local high/low, then I consider I have a situation for which if I get any other entry setup signals, I'll give it some proper attention.
In visual terms, go back from any point on a chart to an obvious high or low. It sticks out like a sore thumb doesn't it now? Roll forward from that point until you find a bar which has a high/low outside the extreme of that prior high/low. That's what I'm talking about.
Now it's not for me to tell ya how many beans make five, but I'm going to suggest you might do well to follow the late, great JC in planning on having around a bakers dozen or so on your top table.
But...regardless of the time slice you're trading you have local highs and lows. Now just how local you want to consider local is going to be a personal preference, but in my experience, each has its own 'memory' if you'll allow my rude anthropomorphismising and it comes down to a specific number which for no particular reason I don't find surprising.
Whatever bar you use as your trigger (I use Murphys on Richmond Street) if its high/low exceeds the most recent local high/low, then I consider I have a situation for which if I get any other entry setup signals, I'll give it some proper attention.
In visual terms, go back from any point on a chart to an obvious high or low. It sticks out like a sore thumb doesn't it now? Roll forward from that point until you find a bar which has a high/low outside the extreme of that prior high/low. That's what I'm talking about.
Now it's not for me to tell ya how many beans make five, but I'm going to suggest you might do well to follow the late, great JC in planning on having around a bakers dozen or so on your top table.
