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. (RTH = Regular Trading Hours).
Today we'll look at an example which sets up just before the open.
Here's the general concept:
This concept can be applied in any market which offers pre-session trading leading into a clearly defined "regular" day session. Spot forex traders might apply it at the UK open, or the US open.
This example set up a break of the overnight low. Here's what I was seeing:
(YTC PAT FTC Ref: Vol 2, Ch 3, P143))
Happy trading,
Lance Beggs
Great
Thanks Sanjay! 🙂
Hi sir,
Its really a Awesome concept.
Is it applicable to Indian Market as well?
Thanks
Thanks Arun,
I’m glad you’ve found this concept useful.
Is it applicable in the Indian markets? I’ve no idea as I’ve never traded them. You’ll need to check some historical charts to find that answer.
Best of luck with your trading,’
Lance.