Tutorial | How To Identify Potentially Strong Trend DaysI got smoked shorting the MNQ today. And it was avoidable.
The MNQ1! and the MES1! were flashing warning signs since the Sunday open to NOT fade the move. I stayed off the sell side for the opening 30 minute candle, but then got sucked in at a level. The entry was a violation of one of the Golden Rules of Range Trading - STAY AWAY from Outside Days!
In this video, I discuss how to identify Outside Days and look for Untested Prior Session POCs as signs that conditions are pointing to trending price action.
Outsideday
Tutorial | Lesson 4: Key Levels When Trading 24 Hour MarketsLet's look at some key levels to identify before each trading session, especially when trading around the clock markets like futures.
Before the cash session bell, what are the prices for the following levels?
Prior Session High/Low
Overnight High/Low
Developing Value Area High/Low
And then, at 8:30a ET, is price above or below the prior session high or low? Are we seeing an inside or outside day? Other levels worth consideration are prior sessions POC, High Volume Nodes (HVN) for possible areas of support or resistance, and price relative to our trend filter.
