Thanks for emphazising this again. This is something I'm investigating at the moment. In terms of the opening range, which timespan do you take into account? 1,5 to 2 hours before the bell? Is it fixed in general? The setup itself does not differ? On the 1M there were two tests and then the failure (TDTDNB?) close to the midpoint which could have been the trade entry short... At least I shorted the small pause. But in generell I need more practice - and a bit more testing to see the light within the oftentimes rough moves of the first half hour. But I'm getting better at that by replaying the days...and less lines on the chart...
Nothing is fixed. Find the levels above which buyers won't pay the ask and below which sellers won't lower it. You'll know at the open whether you judged correctly or not. The "setup" is the determination of the range.
Setup in terms of AMT? For me the determination would be more about the location where a "setup" (reversal, retracement more in terms of SLA) could be expected. Did I understand something deeply wrong? So this is not so much about terminology, just about the correct understanding...
The task is to determine the range. What one does with it is up to the trader. What he calls it doesn't matter.
Your lines look pretty smooth. The candles are squeezed together though. Wouldn't OHLC be clearer? At times candles give a false sense of price because of emphasis on colors and the body and tail distinction. Then again it's up to you to see what works for you. Gringo
A few days ago, DbPhoenix mentioned that the same set up for a short occurred two days in a row. Some might notice that today and yesterday likewise repeated the same set-up. Over the past year and a half, I have noticed that trends from the open often come in pairs, imo. Long from the open, and I've scaled out of more than half of my contracts. But I'm holding a "swing for the day" position with a breakeven stop. My plan, as it always is on days that exhibit such behavior, is to hold until near the close or get stopped at breakeven. A holdover from my days when I only traded gap up stocks. The fact that price traded back to its long term mean and found vigorous renewed buying interest helps one make proper preparations for the day, imo.