Within a certain percent, obviously nothing is perfect. Nevertheless, you can make an edued guess. As the day progresses further you can then refine that discard the guess. Still, it is a good way to filter out the least predictable times. Having a good way to determine if you should stick out of the market is useful in and of itself.Originally Posted by ;
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Now was another classic Moment. We had an early day imbalance over yesterday's high, but dropped back in range. That speaks plenty to volatility and orders you to watch for a potential range expansion which may stick. Price did exactly that, it rallied in the hourly rate 21 EMA and re-extended up to land right on the weekly R2/R3 midpt (also happened to be the 50% retrace of the big move down).
If you had any questions about the daily move they would've been clarified when price came over the daily high, retested for support and broke higher. This was the closing lifeless give-away, but there was a hint to be discovered earlier when the underside did not extend further.
I don't wish to come off seeming like a guru here, I'm fairly new in this style of trading and it's been around since the 80s in one kind or another... so I'm the new kid on that particular block. Most of what I've heard so far comes from a combination of the CBOT substance, some stuff out of Linda Bradford Raschke, the publiion Mind over Markets and a lot of pattern study.