I was going to post a similar reply to tfg.
I was trying to figure out how do you know what you have the low and the high of the day. I tried to back test this and about half of the time I get it wrong. I don't seem to enter the trade within 20 pips of the hi/lo.
While the day is still in progress, you only know the CURRENT high/low of the day. By the end of the day, the current high and low will the the Daily high and low.