The First Trade… Do over.

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Friday’s post-close Turkey plunger had been rejected at Sunday night’s open. Fresh highs overnight up to 2163.25 were retraced to greet Monday’s open back at Friday’s 2154.25 cash session close. A quick dip to 2153.00 was recovered enough only to attack Sunday night’s highs. Unfinished business above was left outstanding at 2163.75..

Overnight action’s new info…
Very narrow ranging around Monday’s 2160.00 close finally resolved, down. The first leg attacked 2155.00 before bouncing 3 points coming into Europe’s opens. The next leg attacked 2151.00 coming out of Europe’s opens. Now a bounce is testing 2155.00 as resistance, back at Friday’s close and Monday’s open.

If, then…
The only nearby attraction is yesterday’s “unfinished business above” at 2163.75 and then last week’s.2168.00 “new Globex trend extreme which requires intraday retest. Its orbit includes “lower prior highs” in the 2148.00 handle. The rubber band need not test 2148.00 before being stretched enough for snapping back up this morning, unless already snapping back up through the open. That would risk triggering a downleg under 2146.00.

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2158.00 would be unlikely to trigger the 2154.00 bias-down signal at 10:15. Exiting the open under 2153.00 would be likely to trigger bias-down.