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Key features of each day to watch for along with several examples.

     P - V - A - C
Day Color Characteristics
C-Day Yellow
  • Consolidation day, aka 'consoly' day. It may not chop, but it may have an accumulation or distribution quality to the action
  • Trade often and trade fast
  • Pattern traders fade 4HHs and 4LLs with backfill/pullbacks 3 bars later
  • Apexes and angulars tend to have less importance
  • Numerical traders trade after Bar8 open and use support one horizontal below, resistance one horizontal above
  • C day opens often at the 25%
  • The afternoon action tends to be opposite to the morning action

 

Next: Other Uses of the Box Concept
Back: Price Action Strategies, Part2


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