10:50 A break above R at 46 and out of the chop area below the MP of the downswing from 52. Buyers still have to make a HH to confirm....
No by definition, but almost today. The premarket low is what happened between the close and the open for me. Perhaps other members have different views about this.
10:54 Was waiting for a long above 48, but it was not triggered and is almost 11 so I will call it a day.
My trading day: 1. After sellers failed to break below the premarket low and prices congested into a hinge, I waited for the BO of the hinge ant took the first RET (Not visible in the 1 min chart) 2. After reaching the MP of the movement from 52 buyers lost interest and sellers managed to set a LH triggering my first exit around the MP and the second one at the break of LSL. As I was at the MP and it looked like it had provided R i decided to take a Short, but then I realized I could be falling into the chop, so I decided to exit as soon as I had a chance, that came at 10:39 and I exited at BE. Market was too slow for my taste, so I decided to call it a day 5 min to 11.
We tend to equate "opening" with the NY open, as though NY is the only market in the world. However, the volume as a rule occurs during the NY session. The opening low, then, tends to be of greater significance because a greater number of traders created it. This is not to say that the premarket low should be ignored. Rather it should be considered among a number of factors, such as whether price swung wildly premarket or settled into a steady, tight range. What, in other words, might traders have in mind?
MSFT is clearly the tail wagging the NQ dog today. Not that a 12pt range is anything to sneeze at, but the tradeable range has been only about half that for the conservative trader.