13,

I've never heard about this to be honest, but after a bit of thought, I wondered if this could work:

Weekly ATR gives an idea of the range for next week as Rog1111 says.

If we assume the low/high for the week has been printed, we can get an idea how far price could travel for the rest of the week. If this low/high pivot is broken, then the weeks range can be re-assessed using this new pivot as the low/high. This may allow us to estimate how far price may travel in the remainder of the week.

If the trend is down, then use the high of the week so far to predict how much further the trend may have left to go - ie predict the low.

e.g. It is Tuesday, and the weekly ATR is 5.6. If the trend for the week on an hourly chart is up, and the low so far is 24.7, then we could assume the high of the week may be somewhere around 30.3 (24.7 + 5.6). This may be able to help you plan the trade/project a probable and profitable target exit.

I doubt it would be that accurate, but could give a guideline or reference point.

Never tested this, never investigated this - just a quick thought, but may have some mileage.

What do others think?