on a friday the daily candle closes below the open: how big is the average percent difference between high and open? Here is the result: Average((high-open)/(high-low)*100,137) 23,72%
days 137
but what can we do with it? when the intraday price is above the open plus 23,72 % of todays range(high-low) it is an indication, that the close will not be under the open. we don't know todays range, but we kow the average true range of the last 5 days .
but is it enough to make money? The strategy tester shows the result. On friday we place a buy stop at the open + 24% of the daily atr(5)[1]. exit at the end of the day. no stop.
Do not get me wrong, this is not a complete system. but it gives you an idea.
ps: long every friday makes a loss $-1364 and 39,71% percent profitable