Authoring an Overnight High (11 PM–1 AM) Is Extremely Rare

That window is mid-Asia — after the Asian open, but before Europe comes online. Because liquidity and participation are thinner there, it’s a smaller “high-printing” window, which is why it likely accounts for only ~4–7% of overnight highs.

The tape will show you an authored high, sag, echo and higher (11 pm - 1am)

Also, to be clear: I’m not talking about…