Original subtitles

The next profile you want on the chart is

the previous day's profile. This is your

previous day's regular trading hours

profile. And just to clarify, just so you

understand, the regular trading hours

session is 9.30 a.m. through to 4 p.m.

Eastern Time. And the reason the session

is so important is because it's the

session with the highest amount of volume

traded, the highest amount of

institutional and algorithmic activity.

The volume and the value that transacts

through the regular trading hours session

are most heavily referred to by

institutions and algorithms as price

develops. Hence why we want to be aware

and know where these levels are every

single trading day. So with this profile,

these levels are ones you will set every

day. So every time you come to sit down

for your trading session, you want to make

sure you have the most recent regular

trading hours session on your chart and

those value levels plotted on the chart,

just like we did with the weekly profile,

but obviously on a smaller time frame. So

the levels are just the same, but we label

them as PDVAH for value high, PDPOC for

point of control, PDVAL for value area

low. So every time a new RTH session

closes, we withdraw a profile from 9.30 to

4 p.m. And we will use these levels,

extending them all the way across through

the overnight session, through the next

day's regular trading hours session until

that session closes at 4 p.m. If you look

at the picture on the right here, you can

see we have the orange levels where our

previous weeks levels were, but then you

see also in white, we now have previous

days value high, point of control value

area low, and it's a smaller profile, but

we extend those out through until the

close of the next regular trading hours

session. So these are our medium term

levels we refer to. And again, hugely

important as day traders that we

understand and know where these levels are

due to that institutional interest. So

let's jump on the charts now and show you

how to draw this out properly and how to

label these correctly. So every single day

when you're coming to sit down and trade,

make sure you have the most recent regular

trading hours levels on the chart. So for

me right now, it's currently 8.42 p.m. on

a Thursday. Because I live in New Zealand,

I would typically trade this overnight

session. But no matter what session you

trade, all you're doing is looking back.

And remember, one minute time frame. All

you're doing is looking back on trading

view and just looking for that most recent

9.30 to 4.00 p.m. session. So if it's 8.00

p.m. now, then I'm looking back to this 4

.00 p.m., Thursday 4.00 p.m. and drawing

that from 9.30. It doesn't matter if you

draw it forwards or backwards, as long as

it's drawing across that 9.30 to 4.00 p.m.

Eastern time range. That'll extend across

a profile from that time range from 9.30

to 4.00 p.m. And then just like we did

with the weekly profile, we'll mark out

the levels here with the horizontal ray.

And I've got labels saved. You can also do

this. It makes it a bit quicker. Previous

day's value area high, previous day's

point of control, and previous day's value

area low. And look at that. You've already

got some nice reactions from these points

here, which we'll go into in a second on

how to actually trade these. But you're

going to want to keep these levels on your

chart all the way through until the next

day is 9.30 to 4.00 p.m. And you'll refer

to these, say, if you're trading the next

New York session. I know most of you

watching are New York traders. So you will

trade these levels all the way through

until tomorrow's 4.00 p.m. close. So no

matter what session you're trading, these

must always be on your chart. A common

question we get is, what about on a

Monday? So if we scroll back to Monday

this week, the reason traders ask that is

because on a Monday, the previous day was

Sunday. So how do I get my previous day's

value levels? Well, on a Monday, because

the most recent regular trading hours

session was Friday, you will simply do the

same from Friday, 9.30 a.m. Extend that

through 4.00 p.m. Label those previous day

value levels and extend through to Monday.

So to put it simply, every day you come to

sit down and trade, just look back. What

was the most recent regular trading hours

session? Draw the profile, grab the

levels, extend them until the close of the

next regular trading hours session. So

that is your previous day profile. And

when it comes to actually day trading,

this is probably the most important

profile we refer to. So go ahead and

complete this lesson now. And now we'll

move on to the overnight profile.