Category:BLTFO

Bull trend from the open. 60% of BLTFO evolve into TR^[1], especially when most bars in the bull leg has LOPT, for e.g. 20230320. Only 10% of BLTFO days has the trend last from the open to the close^[2]. Also note that BLTFO doesn't mean it has to be SPBLT, it can be a BLCH^[3], but the single most important commonality is that they are both very respectful to EMA, because whether BLTFO or SPBLT, they are all bull trend.

Some time, a BBLCH can last for the whole day like 20230925, technically this is a BLTFO, however looking it as a BLTFO probably does not help on structuring a trade, because by the time the BLTFO pattern become clear, there is not much time left to structure a trade. Trader should simply treat a broad channel as a trading range, just as Al said. So it might be better to NOT classify such a day as BLTFO though technically it is a "bull trend from the open". It might be better to ensure there is clearly a bull trend on the screen when classifying it as a BLTFO, i.e. price stays well above EMA for most of the time.

Other key facts of BLTFO:

• Most days that begin with a trend have a TR in the middle of the day. ⚠️

See also BRTFO.