The First Trade… Friday factors

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Thursday’s wide-ranging session missed an opportunity for buyers to gain traction. Its rejection offered an opportunity for sellers to gain traction, but that was missed, too. The session’s final minutes dipped to unchanged around 1933.00 before bouncing slightly into the close.

Overnight action’s new info…
Initially extending Thursday’s late bounce another 7 points to attack the 1949.75 within 2 points. The excess was retraced back at 1942.00, where Europe’s opens triggered a slide that has extended down to 1927.50.

If, then…
Thursday’s action suggests trending is unlikely, although the wide range does allow normal noise to be pretty productive without actually trending. The morning’s bias tends to persist through the noon hour on Fridays. The prior two Fridays gapped open and ranged choppily intraday, but  didn’t trend. So, bias-down would be credible if triggered, but a range bound session would more likely hold the bias-down signal’s test so that the overnight high’s would become required.

First Trade…
Exiting the open at 9:45 under 1930.00 would be likely also to trigger the 1932.00 bias-down signal at 10:15. Exiting the open back above 1937.00 would be unlikely to trigger bias-down.