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If you are in a position at the end of day, 1 hour/ half hour remaining, should you trade the same or start using tighter stops for a possible profit-taking crash. example above (entering near the end, and no early exit)
If you are in a position at the end of day, 1 hour/ half hour remaining, should you trade the same or start using tighter stops for a possible profit-taking crash. example above (entering near the end, and no early exit)
Weak days that are TRs or very broad channels often have a move towards EOD starting sometime in the last hour (often after bar 75) having much bigger bars. Entry is when the breakout happens and stoploss tight since there's no time left to sit through a PB.
Weak days that are TRs or very broad channels often have a move towards EOD starting sometime in the last hour (often after bar 75) having much bigger bars. Entry is when the breakout happens and stoploss tight since there's no time left to sit through a PB.
Does either of these charts apply to what you are talking about
note: 1245 PST = bar 75
That's a good slide of this concept. If I remember correctly, Al mentioned in a few webinars that if there's no BO happening around bar 75 and the market is stuck in a TTR then probably BO won't happen so best to wait for tomorrow. Also a few times he mentioned refusing to take a trade too early before 75 or if too many bars after it because no time left. A good backtest would be to take many examples of doji days from daily chart and study them on 5M to see at what time the move towards EOD usually begins.
Instead Al recommends to wait for a BTC/STC breakout at end of day and trade with stops, but it can't start too early before B75 or else 70% chance won't go far and will reverse back. And if breakout happens too many bars after B75 then not enough reward for the big risk and almost no time left in the day.
Ref: Bonus Video 03: Trading the Final Hour @ 12:34
Ref: Videos 48 I,J,K: Trading the End of the Day
Considering small PB trend and time of day, is there any way to justify selling 74 in this example
There was a breakout of the bull TL and a two legged retest of it + HOD at the same time. B73 was a good setup too as LH for a swing down. The main idea (for me at least) was to look for an end of day STC selloff to test OOD (it went much lower even) like covered in the course Trading End Of Day videos + Bonus Video #3.