An interesting session for the open the US markets, and one where there was some divergence between the NQ emini and the YM emini. For the former it was a case of sideways congestion with extreme volatility as the exchange opened alongside Globex. For the YM it was a case of joining the steady and even trend higher as the Dow set off to reverse yesterday’s losses. Across both the time and non time based charts of the renko and the tick, this developed into a wonderful trend with the index climbing steadily and moving through the various levels of support and resistance.
One of the interesting questions which came up during the session was the question of scaling in and scaling out. Every trader has to find what works for them as there is never a right way or wrong way to approach trading.