Hi David,. . . If you look at each trading day there is a high and a low. There has to be really doesn't there? But what you'll find is there are some statistics on where these prices tend to appear most often.
Once you determine where the H/L's most often appear during a trading session you'll be happy. You will have answered a couple of important questions . . .
. . . That will give you an indication that it is possible to identify the H/L more often than the' voices of trading' say is possible . . .
You raise some interesting points. Certainly, if a trader can identify the likely high and low of the day as they print - then that is an edge all by itself - and probably enough to ensure consistent profits. The usual caveats about risk and money management apply of course.
I don't recall any threads devoted specifically to this topic and wondered if you might be tempted into starting one? If you don't have the time or aren't willing to share the fruits of your labours - no worries - just thought I'd ask!