8:15 AM (7:15 AM for Early Econ Release)
- Power up the charting platform and snap lines to mark the Globex support/resistance levels. This information will assist me in making sense of the opening range (first 15-minutes of market open)
- Check for News and U.S. Economic Data
- Extra caution during opening range. Indicators are relatively useless during this period. Focus is on overnight support/resistance as well as significant pivot from prior day's price action.
- This is GO TIME. Active trading. Take every setup that offers favorable risk/reward in direction of trend.
- Lunch time. Step away from the screens!
- Return to screens. Assess current price action and prepare for 1 PM.
- GO TIME. Active Trading. Take every setup that offers favorable risk/reward in direction of trend.
- In general, avoid entering new positions and look to close out open positions. Sometimes this time-frame does offer "gifts" so be extremely selective in initiating a new trade. No hard fast rule to "stay out of trades". This is a trade settlement time-frame, where traders may be exiting losing trades to avoid holding overnight, so be extra mindful of the winners and losers based on the day's price action.