Trading the Trend – Part 1
This is very typical behavior for ANY market with ANY symbol without exception. All markets, all symbols, period. The open range from pit sessions of trading are clearly dividing zones for price. That is nothing new, and it is something that will never change.
June 11th, 2013 – Similar behavior. Price opened with a gap-up move during the overnight, and quickly sold off to fill said gap. The market then pulled back up into what was then open-range resistance which held for a period of time until price action settled back down to close lower for this session. Again, traders seeking shorts somewhere at or below the bottom of range resistance were (as usual) on the winning side of price action again.
Once again, this market opened on a gap-down from prior session and slid a bit lower until the first five minute’s range had established. From there it rose thru the top of range, not quite to close said gap and rolled back down to open-range support again. First test of that popped the market back up several index points before it settled back lower into the close.