Pax Plan 12/2/2019 - The Opening Range
The Opening Range has been traded for over 100 years. According to CQG developers, it was originally documented around the time Dow Theory was popularized. It is STILL documented by the Chicago Mercantile Exchange in their glossary & bulletin.
At The PAX Group we track the lineage through PAX, to his mentor Judd who began trading in the 70's in the currency pits of the CME, back to his peers and mentors trading the meats and grains in the 50's. Note: The true OR is defined by the High/Low of the first 30 seconds of trading, we do NOT take every wiggle out and we do not trade off charts. We trade off the DOM and we want to see sustained bids above / offers below the OR.
With over 23 years of empirically developed risk reduction and position management techniques, target levels and price points, PAX navigates the days price action, takes advantage of the days range and builds positions through larger trends. At a minimum, we trade units made of thirds or quarters (3,4 or more contracts) and cover at proprietary targets that PAX releases each day before the regular trading hours (Pit) open.
PAX has been called "The master of execution" by Yra Harris, one of the most well-renowned traders alive today.
The OR presents opportunity every day, look at the volume spike on your own charts at 8:30am Chicago / 9:30am New York / 14:30pm London. But don't be fooled by the fact this occurs every day, this is NOT a day trading methodology. This is a real strategy, traded by real and successful traders.
Here is a snippet of Pax's plan for 12/2/2019:
Good Morning Traders,
I was reminded this weekend of the importance of executing... I have to do my homework and work out my plan and execute it one trade at a time. Focus on the process not the profit. One trade at a time will give us a long career.
ES needs price action over 3154 to target 3156-58. Price action over 3165 targets 3169-71.
ES downside targets 3139-41. Price action under this level starts to show weakness. Next downside target is 3128-31. Next target is 3121-23. Price action under 3114 targets 3107-09.
NQ targets 8460-65. Price action over 8480 targets 8500-05. Price action over 8520 targets 8545-50. Price action over 8580 targets 8605-10.
NQ downside targets 8380-85. Price action under 8360 targets 8325-30. Price action under 8300 targets 8275-80.
RTY needs price action above the 1629-31 level. This seems to be the dividing line. Above our first target is 1637-39. Price action above 1646 targets 1653-55. Price action above 1663 targets 1668-70. Next upside target is 1679-80.
RTY price action under 1629 targets 1617-19. Next downside target is 1605-07. Price action 1599 targets 1591-93. Price action under 1585 targets 1578-80.
We start off the first week of Dec with so many opinions. For us, as always, take it easy, keep it simple and let the price action tell us what to do. I will return to the room tomorrow. Dani and Jack will run the room today. Have a great day all,
Pax
Pax also covers CL, GC and 30YR every day.
See the full plan here
At The PAX Group we track the lineage through PAX, to his mentor Judd who began trading in the 70's in the currency pits of the CME, back to his peers and mentors trading the meats and grains in the 50's. Note: The true OR is defined by the High/Low of the first 30 seconds of trading, we do NOT take every wiggle out and we do not trade off charts. We trade off the DOM and we want to see sustained bids above / offers below the OR.
With over 23 years of empirically developed risk reduction and position management techniques, target levels and price points, PAX navigates the days price action, takes advantage of the days range and builds positions through larger trends. At a minimum, we trade units made of thirds or quarters (3,4 or more contracts) and cover at proprietary targets that PAX releases each day before the regular trading hours (Pit) open.
PAX has been called "The master of execution" by Yra Harris, one of the most well-renowned traders alive today.
The OR presents opportunity every day, look at the volume spike on your own charts at 8:30am Chicago / 9:30am New York / 14:30pm London. But don't be fooled by the fact this occurs every day, this is NOT a day trading methodology. This is a real strategy, traded by real and successful traders.
Here is a snippet of Pax's plan for 12/2/2019:
Good Morning Traders,
I was reminded this weekend of the importance of executing... I have to do my homework and work out my plan and execute it one trade at a time. Focus on the process not the profit. One trade at a time will give us a long career.
ES needs price action over 3154 to target 3156-58. Price action over 3165 targets 3169-71.
ES downside targets 3139-41. Price action under this level starts to show weakness. Next downside target is 3128-31. Next target is 3121-23. Price action under 3114 targets 3107-09.
NQ targets 8460-65. Price action over 8480 targets 8500-05. Price action over 8520 targets 8545-50. Price action over 8580 targets 8605-10.
NQ downside targets 8380-85. Price action under 8360 targets 8325-30. Price action under 8300 targets 8275-80.
RTY needs price action above the 1629-31 level. This seems to be the dividing line. Above our first target is 1637-39. Price action above 1646 targets 1653-55. Price action above 1663 targets 1668-70. Next upside target is 1679-80.
RTY price action under 1629 targets 1617-19. Next downside target is 1605-07. Price action 1599 targets 1591-93. Price action under 1585 targets 1578-80.
We start off the first week of Dec with so many opinions. For us, as always, take it easy, keep it simple and let the price action tell us what to do. I will return to the room tomorrow. Dani and Jack will run the room today. Have a great day all,
Pax
Pax also covers CL, GC and 30YR every day.
See the full plan here
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