IB= first 60 min range.
Just read all the post/s from start, you will understand the concept...!!! what is IB ,80% rule ...along with this
anyways just go through this image
I have read the whole thread last weekend and taken notes.More rereading are necessary.Is it right to say that failed auction is modified by you as it doesnt seem to depend on IB range(but on open , previous day VA and first 30 min close).According to marketcalls website failed auction is IB breakout and breakout not sustaining for 30min and then break of the opposite extreme of IB.Setup presented by you is more like gap rules of pivot trading with high low replaced by vah val and instead of 5min using 30 min
time bracket for trade tigger.
so pattern definition as per what i understand is given below.Please do correct if there is any mistake in understanding.
1.Failed auction.
Open outside VA,First 30min close outside VA,Break of first 30 min bar towards VA.
2.Open drive.
Open outside VA,First 30min close outside VA,Break of first 30 min bar away from VA.
3.80% rule
Open inside VA,First 2 30min close inside VA,Filling of all of VA range is expected.