Chart Folder - June 10, 2003:
On a 5-minute chart using candles and the simple moving average line…we wait till exactly 10:00 (not 9:59, not 10:01…but 10 o’clock sharp.). We look backwards in time between the Open, 9:30am EST and 10:00am EST, and we draw a line at the high and low of the first 30-minutes.
Notes: They say the high and low of the day are attained in the first hour…so any breakout of the high and low of the first 30-minutes after the first hour you would have to use extreme caution. You would look for momentum and move your target higher to pull the trigger…1-1/2 to 2 points. Risk may be more than 2 points to stay in the game.
This strategy is about as mechanical as they come…but you still must remain focused.
First Hour Breakout…
Take the same approach as the 30-Minute breakout.
Notes: Look at pivots if they are in range…Use them as support and resistance.
Chart from Tuesday June 10th 2003
This chart shows more than just a breakout of the first 30-minute and hours high. You can see the 10 o’clock and 10:30 reverse…Two major breakouts, and the anticipation of turn around Tuesday.
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