Market Open Traps are by far my favourite opening play right now.
I've demonstrated these quite a bit over the last year or two. Sorry for the repetition – but they're just working so well lately.
Not always for massive profits. The two shown today are definitely singles, rather than home runs.
But they're reliable. And while they keep working, I'll keep watching every open to see if I can catch one.
Here's the general concept.
The opposite applies as well. Price approaching a level of significant overnight resistance, breaking it just prior to or immediately after the open, and then smashing lower and trapping any LONGS in a losing position.
My plan of action upon seeing this set up is to prepare for either BOF or first PB trade opportunity, as taught here.
Let's start with Monday 24th February 2020…
And again the very next day…
Simple PB setup opportunity… but within the unique context of a trap setting up just before or immediately after the market open.
They're not always home run trades, as we've seen. But they're reliable. And right now, they're certainly my favourite opening play.
Review your charts and see whether you can apply this concept in your own markets and your own timeframes.
And if so, be ready, watching and waiting prior to the open.
Market open traps are a great way to get a quick and early entry into the market's opening trend.