Establishing Reference Ranges Early in the Market Session
Monday, 6 July 2009
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Note how we're building value in the 885 area of the ES contract just prior to the market open. We can view such a value area as a pre-opening range to gauge early buying and selling in stocks and determine morning market direction. A trending move should reject this range in early trade and never look back; a range market will tend to oscillate around this range. Finding such early reference periods can be highly useful for intraday traders.
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