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Today's Opening Type in the ES
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Today's Opening Type in the ES

  #1 (permalink)
Elite Member
Danbury, CT
 
Futures Experience: Beginner
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Today's Opening Type in the ES

Hello All.. I'm a beginning trader with a basic question:

From my reading I'm thinking today's open in the ES was an open test drive since it tested down to yesterday's high then reversed. Is this correct or would it be considered an open-rejection reverse?

Best,

jhspann

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  #2 (permalink)
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  #3 (permalink)
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i do not trade the es but...


the difference in types of openings is not just a probe in one direction then a reversal. it is the tempo .. how fast the market moved or conviction. if it slowly grinds in one direction for one or two 30min, bars ..that is a opening rejection...if it sprints there fast like a opening drive then the brakes are slam-ed on. that is a opening test drive. there is most of the time a 3 or 4 tick leak with small prints going through the reference point. with the rejection it my stall or retest the reference be for it reverses ....hope it helps

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gloucester gloucestershire/england
 
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if you want to find out more on the differing opening types, there are plenty of videos on Youtube or you could look online for a PDF of dalton's book/s. They're there. They would help you to discern the differing opening types.

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