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The next profile you want on the chart is
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the previous day's profile. This is your
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previous day's regular trading hours
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profile. And just to clarify, just so you
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understand, the regular trading hours
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session is 9.30 a.m. through to 4 p.m.
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Eastern Time. And the reason the session
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is so important is because it's the
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session with the highest amount of volume
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traded, the highest amount of
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institutional and algorithmic activity.
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The volume and the value that transacts
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through the regular trading hours session
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are most heavily referred to by
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institutions and algorithms as price
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develops. Hence why we want to be aware
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and know where these levels are every
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single trading day. So with this profile,
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these levels are ones you will set every
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day. So every time you come to sit down
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for your trading session, you want to make
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sure you have the most recent regular
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trading hours session on your chart and
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those value levels plotted on the chart,
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just like we did with the weekly profile,
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but obviously on a smaller time frame. So
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the levels are just the same, but we label
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them as PDVAH for value high, PDPOC for
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point of control, PDVAL for value area
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low. So every time a new RTH session
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closes, we withdraw a profile from 9.30 to
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4 p.m. And we will use these levels,
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extending them all the way across through
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the overnight session, through the next
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day's regular trading hours session until
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that session closes at 4 p.m. If you look
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at the picture on the right here, you can
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see we have the orange levels where our
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previous weeks levels were, but then you
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see also in white, we now have previous
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days value high, point of control value
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area low, and it's a smaller profile, but
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we extend those out through until the
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close of the next regular trading hours
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session. So these are our medium term
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levels we refer to. And again, hugely
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important as day traders that we
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understand and know where these levels are
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due to that institutional interest. So
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let's jump on the charts now and show you
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how to draw this out properly and how to
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label these correctly. So every single day
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when you're coming to sit down and trade,
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make sure you have the most recent regular
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trading hours levels on the chart. So for
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me right now, it's currently 8.42 p.m. on
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a Thursday. Because I live in New Zealand,
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I would typically trade this overnight
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session. But no matter what session you
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trade, all you're doing is looking back.
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And remember, one minute time frame. All
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you're doing is looking back on trading
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view and just looking for that most recent
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9.30 to 4.00 p.m. session. So if it's 8.00
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p.m. now, then I'm looking back to this 4
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.00 p.m., Thursday 4.00 p.m. and drawing
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that from 9.30. It doesn't matter if you
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draw it forwards or backwards, as long as
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it's drawing across that 9.30 to 4.00 p.m.
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Eastern time range. That'll extend across
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a profile from that time range from 9.30
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to 4.00 p.m. And then just like we did
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with the weekly profile, we'll mark out
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the levels here with the horizontal ray.
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And I've got labels saved. You can also do
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this. It makes it a bit quicker. Previous
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day's value area high, previous day's
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point of control, and previous day's value
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area low. And look at that. You've already
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got some nice reactions from these points
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here, which we'll go into in a second on
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how to actually trade these. But you're
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going to want to keep these levels on your
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chart all the way through until the next
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day is 9.30 to 4.00 p.m. And you'll refer
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to these, say, if you're trading the next
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New York session. I know most of you
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watching are New York traders. So you will
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trade these levels all the way through
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until tomorrow's 4.00 p.m. close. So no
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matter what session you're trading, these
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must always be on your chart. A common
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question we get is, what about on a
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Monday? So if we scroll back to Monday
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this week, the reason traders ask that is
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because on a Monday, the previous day was
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Sunday. So how do I get my previous day's
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value levels? Well, on a Monday, because
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the most recent regular trading hours
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session was Friday, you will simply do the
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same from Friday, 9.30 a.m. Extend that
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through 4.00 p.m. Label those previous day
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value levels and extend through to Monday.
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So to put it simply, every day you come to
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sit down and trade, just look back. What
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was the most recent regular trading hours
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session? Draw the profile, grab the
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levels, extend them until the close of the
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next regular trading hours session. So
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that is your previous day profile. And
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when it comes to actually day trading,
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this is probably the most important
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profile we refer to. So go ahead and
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complete this lesson now. And now we'll
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move on to the overnight profile.
8557
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