Winners again (and a loser) for the Opening Range plays. The Institutional Range plays didn’t give valid triggers. We also had a winner on the NQ that barely stopped the second half before working huge. See that section below.
The markets gapped up and sold off sharply. Volume was strong early but then gave us a warning anyway and closed at 1.8 billion NASDAQ shares, back near the high of the day.
Net ticks: +2.5 ticks.
As usual, let’s start by taking a look at the ES and NQ with our market directional lines, VWAP, and Comber on the 5-minute chart from today’s session:
ES and NQ Opening and Institutional Range Plays:
ES Opening Range Play triggered long at A and didn’t work, then triggered short at B and worked great:
NQ Opening Range Play did the same:
ES Tradesight Institutional Range Play, the entry bar moved too far from the trigger level to take:
NQ Tradesight Institutional Range Play:
Just a reminder that we use half points for ticks on the NQ and not the quarter point measurement that the exchanges switched to in recent years. This allows us to use 6 ticks as a key target as we do on the other contracts. It also keeps the value of a tick at $10, closer to the value of a tick on the other contracts.
Triggered short at A at 4150.00, hit first target for 6 ticks, and stopped the second half just barely over the entry: