QUOTE(TraderEd @ Aug 16 2019, 07:18 AM)
Previous day high low is a Client Side VTL indicator that draws the last day�s high, low and today�s open on the chart. When day trading, the previous day�s high and low are important reference points or support resistance levels. In a bullish market price breaks above the previous day�s high early in the day and continue to trade above that level. In bear markets, price break below the previous day�s low early in the day and continue to trade below that level. Trading ranges form when price fails to break the previous day�s high or low successfully. This info alone can improve your trading results as this give you a clear vision of what is likely to happen today.
Breakout trading strategies work best when price is above or below yesterday�s range. Trend following strategies also work best in this situation. When price is inside yesterday range, counter trend strategies work better. Oscillators like RSI and Stochastics work best in this situation.
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