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Sessions Movement
E Mini Trading Before The Session Opens
One of my favorite times to trade the ES e mini is in the hours before the session opens. I usually start around 6 AM CST and find more than my share of good trading opportunities. The market is generally fairly tame and that trading is usually not frenetic.
Of course, a trader needs to be very careful around 7:30 AM CST because the Fed and Fed agencies usually make their announcements at that time. Whether the news is good or bad, the market usually spirals into wild gyrations, both up and down, before it settles down. I have not found any rhyme or reason to the market movement at this time as it seems traders interpret the data individually and the trading reflects that individuality. On the other hand, there are times when the market makes very large moves in one direction, usually overshooting where you would expect it to stop. These situations are generally fairly easy to trade using a simple fade technique.
Since the volume is not nearly as heavy in the pre-session trading hours, you can experience a random blip as the odd larger order hits the market. Sometimes these blips are due to other factors, like rumors or anticipation of a report that will make the market move in one direction or the other. Other than those two minor annoyances, the pre-session hours are generally pretty smooth sailing. A trader can use his or her normal setups with great success.
Trading generally slows down after 8 AM CST as the traders await the opening of the exchanges. Oddly enough, there are many days when the market will move to the previous day's closing price, closing in a gap that may have formed. This does not necessarily happen every day, but it is not unusual to see this phenomenon. There are also days when the futures market is quite some distance from the previous day's close, and this makes for a very shaky and unsteady opening. The day traders do not always agree with the overnight traders assessment of price action and sometimes outright ignore it, which sends the futures prices either tumbling or soaring toward the opening prices. It can be quite a melee, so I generally avoid being in a trade as the market opens.
One hazard of trading the early morning hours is getting yourself mentally prepared to trade. For me, it requires a stiff cup of coffee and an extra amount of concentration. I have watched good trades slip past me due to my lack of alertness. You are essentially getting out of bed and beginning the trading process without the normal breakfast and mental warm-up. Of course, you could wake up very early and go through your pre-trading routine, but I value my hours of sleep too much to wake up at 4 AM.
I feel the pre-session trading is often overlooked and am surprised when I tell people that I enjoy it this particular trading time. Most traders I mention this to have never considered the idea of pre-session trading. They assume the pre-session trading is similar to the overnight trading which can bore even the most patient trader to tears.
I highly recommend that you consider trading before the market opens, as you may be pleasantly surprised at the amount of price action and movement in the market. For me, it's too good to simply pass up.
About the Author
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Which activities can I do with a group of kids?
I'm doing workshops with children 5-12 years during the summer any suggestions what we could do? Something reasonably simple but worthwhile - Art, crafts or movement!! Sessions last about 2 hours. Thanks
Paper Mache! Use ballons to make bowls for mums/grans, or masks for a themed party/play... or get them to papermache people and do some animation with them- also play doh is good for this.
Or design and make their own board games- board, pieces, rules and then the fun part- they get to play them!
Music and Dance Lifestyles: House Session at The Movement Foundation