Establishing a bias intra-session is a simple process of following our 6 principles for future trend direction.
It's a little more difficult at the session open though, when the lack of prior data adds to the uncertainty.
Last week we worked through an example in which we established a bias from the open. Essentially it's a process of "best guess" based upon judgment and experience, as we reconcile the often conflicting information provided by pre-session trend, position of the open with respect to the prior day's close and range (high-low), position of the open with respect to support or resistance, width of the new opening range price bar, the direction of break of the new opening range high or low, and of course the strength or weakness of the opening price bars.
Read that article first if you missed it: http://yourtradingcoach.com/trading-process-and-strategy/establishing-a-bias-from-the-open-part-1-of-2/
Today, let's work through another example, offering a variation on the initial opening conditions and the subsequent attempts to determine bias.
We'll start again by looking at two different views of the market at the time of pit-session open.
The first is the pit-session only higher-timeframe chart, which shows the position of the open with respect to the prior day's close and prior day's range. This is followed by a trading timeframe chart showing the position of the open with respect to the pre-session trend.