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What are the defining characteristics of a trend day? Brannigan shares a story about how early on in his trading career he used to consistently lose money on trend days, but the experience ultimately forced him to develop a set of rules and characteristics to recognise and profit from them.
These main characteristics of a trend day are:
1. Volume & volatility. When and where it occurs is important.
2. Delta. This shows the net interaction between buyers and sellers and should accumulate in the direction of the trend at points of continuation.
3. How price responds. Is the market grinding, swinging or directional?
4. The market leaves low volume areas where trade is unable to be facilitated. For example, if the market is moving higher and leaves a low volume area, those prices are deemed to have been at a discount by the buyers.
5. The nature of price overlap - the degree to which prices overlap is important in defining what might occur next in how the market progresses its move.
Brannigan uses an example in EURUSD Futures on 21 September 2018, and notes that how you execute once recognising a trend day will depend on the defining characteristics present in the market.
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