Applying a concept from a previous post, here's an intra-day example of using the largest range that corrected greater than 100%.
The example being the SPY from Wed. Oct. 6th. There was an impulse momentum move 25-minutes into the open, that was erased (retraced > 100%) within 45-min.
Price corrects, and we look to see what will progress within the box:
In this case, price holds AGAIN within it's boundary:
Towards the end of the day, price breaks out from this box and bounces between the Open price and the upper boundary of this box. Considering today was an inside day following a trend day, these last 20-minutes provided a solid range for scalping:
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.