Mind Markets And Money by CA Rudra Murthy B V

Author:CA Rudra Murthy B V [V, CA Rudra Murthy B]
Language: eng
Format: epub
ISBN: 9781684667741
Publisher: Notion Press
Published: 2019-05-15T05:00:00+00:00

Image 4.24: Open-Drive-Down or Open-High

In case of open-drive (either open-low or open-high) open, we can easily anticipate a Trend Day or a DD day possibility. It also helps traders take positions early before getting the confirmation of day structure through IB range.

Open-Test-Drive

This type of open is very similar to open-drive, but it lacks the initial confidence required to drive the prices immediately after the open. The price opens and tests a known reference point (Support or Resistance - previous day high, previous day low, value area high, value area low, etc.) to ensure that there is no interest left in that direction and then it rallies on the opposite side. This open provides the most reliable type of open after open-drive in terms of conviction.

There are 2 types of open-test-drive – 1) Open-Test-Drive-Up and 2) Open-Test-Drive-Down

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