Using a 6 month time period for prior price pivot determinants and a 2 week opening range we can draw some conclusions I believe.
If we break the two weak opening range, and hold above for a period of half the opening range (1 week in this case) we can draw a conclusion of bias in the direction of the break. The green lines as always will determine the opening range and the blue lines will be the prior 6 month pivot which show where the meat of the market is.
Remember, what is the first question one answers before placing a bet? Where do I get out, and the answer is below if the opening range or in other words the opposite side of the initial break. So if the market goes up breaks the top of opening range and then 6 weeks later drops below the opening range, you create a bearish bias, but it has to break to a significant degree.
I'm going to start this analysis in 2005 with crude oil in 6 month increments:
So easy even Birdman knows the secret, with his oil rig tat...He knows all about the opening range.
Can you make money off the opening range?