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Initial Balance and the New York Open
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Initial Balance and the New York Open

  #11 (permalink)
Elite Member
Chicago, Illinois
Futures Experience: Advanced
Platform: NinjaTrader
Favorite Futures: ES, YM
Posts: 47 since Jan 2011
Thanks: 1 given, 72 received

tflanner View Post
I use the 1st 15 minutes for the IB.

Seems more and more the High/Low of the day in the Indices is in the first 15 minutes....or very close. We are in very strong trend maybe that is why the IB seems to be the extreme of the day more often.

If the IB is not the high or low of the session, then you are in for chop.

For what it is worth, recently listened to a Linda Raschke webinar and she considers the first 20 minutes as the IB for the ES. Markets move much quicker now....hence IB had to be shorted from the 1st hour to the 1st 20 minutes.

One thing I have noticed about the stock indexes is that they tend to put in their first real swing points up and down on the day within the first 15 - 20 minutes of the session. That alone could be why she chose that time period.

I tend to look at opening ranges as context cues. How big is it? Did the market respect it at first test or run right out, etc. One thing they can help you with is identifying a trend day. Look for the market to break out and not look back. At that point you look to get in on a retracement.

Last edited by ValueFocused; November 18th, 2013 at 04:50 PM.
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