Plot these levels on your chart and see how the market reacts to them.
Overnight High and Low
Previous Day Close
Gap fill from Previous Day Close to Today's Open
Premarket levels prior to the US open
Five min Opening Range
These may be used for breakouts or rejection points, based on current market price action
Not trading advice. Do your own research.
After a few years of development on the Zone Predictor indicator/strategy, it was suggested to add Pivot Points to show confluence between the trading Zones and the Pivot Points on a higher timeframe. By adding the Pivot Points, one can clearly see the levels at which there may be a better opportunity to trade the Zones around.
This chart is MNQ using 40 range...
This is an idea that uses Pivot Points, Fibonacci, Fractals, and Momentum to attempt to predict "zones" where the market may pass through. Typically used on faster chart times, but this example shows a 15 min chart for demonstration purposes. This idea has been used on ES, NQ, RTY, YM, and their related micro futures products.
Consider using multiple chart types when performing technical analysis for a clearer picture of what the market may be telling you. Here is a tri-screen view of Traditional Japanese Candles on top, Renko Candles in the middle, and Heiken-Ashi Candles on the bottom. Each setup has something to share.
This is a split screen 15 chart of MNQ. The top shows standard Japanese candles and the bottom shows Heiken-Ashi candles. The instrument, chart time, and Pivot Point indicator are the same on both. Which do you prefer?
There are patterns that show in the market each and every day. Some of those are repeatable and follow a somewhat predicable setup. Is this always the case? Of course not. But more often than not (i.e. higher probability) is what we look for in trading. Today, NQ is following right along. Starting with the Asian market, right through London, and at least thus far...
When looking at BTC, there appears to be a structure to the movements. Not necessarily a "pattern" but more of a correlation to the more recent movements. Let us know what you think of this idea and the associated indicator included below.
If anyone would like assistance with multi-chart layouts, indicator templates, or general TradingView use, let me know. By answering your specific questions through screen shares, I may be able to save you days of research, trial-and-error and frustration.
Consider using different styles of charts simultaneously for a clearer view of what the market is presenting.
Top: Traditional candles with fractal breakout levels.
Middle: Point and Figure candles for cleaner price action.
Bottom: Renko candles with a simple reversal strategy.
Consider trading the breakouts/breakdowns of the Pre-Market and Opening Range levels in the USA Futures Session. In this example, Pre-Market time is 4:00AM-9:30AM Eastern time and Market Session time is 9:30AM-5:00PM Eastern time. The Opening Range is defined as the range between the high and low of the first 5 Min candle.
In my opinion, there is no need to hold through a draw down. Exit the trade that goes against you, and place an order at your original entry in case price comes back up to that level. Why sit there at look at a negative PnL HOPING the trade will turn around? Check out the video example.