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TinGull

How to estimate the range

By TinGull, in Market Profile

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TinGull    10

TinGull
Posted

Not sure if this has been covered, but I think it's a really great thing. I was able to tell today when the top was in place before it happened. My long trade on the YM exited at 45 as I felt 50 would be a top. How did I estimate this?

 

Since we opened up inside the range of last Friday, but outside of value, you can begin to superimpose Fridays range on today, and a good part of the time be pretty darn close to the range of the current day that hasn't played out yet.

 

Friday we had a range of about 75 points. From 525 to 600. We opened today at 600 and as the Initial Balance was being played out, you could superimpose the range of 75 points. We opened up the B period at 580, auctioned 5 points lower to be rejected. Price wasn't gonna go there. At that point, I figured we'd see a top about 75 points above 575, which would be 650. Our top for the day...652.

 

Today is a HUGE range and the biggest I've seen in some time. Out value area one of the widest as well in a long time. If we were to open inside of the range but outside of value tomorrow...I wouldn't necessarily expect a range similar to today. This is an anomaly from my viewpoint.

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