But then the market just keeps providing more examples.
So let's look one more time.
The general concept is a trap that occurs through failure of a significant break, very late in the pre-session market and just before RTH Open (RTH = Regular Trading Hours; ie. the pit session).
Our most recent example fits in the second category – a break to new overnight highs, failing on or shortly after the session open, giving us opportunity to enter SHORT.
Let's begin… with the NQ 1 minute chart on Friday 15th November, 2019.
I've written a lot about displaying patience at the open. About waiting till the bias is clear and trading conditions are favourable.
But there are some situations where I don't display patience.
Where I'm keen to get a trade on as soon as I can.
No patience. No delays. It's game on!
One of these situations is when the market sets up a trap just before or just after the RTH Open.
Keep an eye out for similar opportunity in your own trading.