Hi All
Don’t normal trade the open of the NZ Market. But watching this trade set up over night I found it to hard to resist.
What I liked was that price broke out of a range and then tested that range several times without re-entering the range. This is a good indication that the break out bulls were keen to buy. The fact that price moved so quickly on the open suggests that there could have been some price action on the news of the British Election results.
I took quick profits because when price action moves so quick in one direction on the open can reverse all those gains during the course of the day. However if price looks like continuinng in the right direction there is always the opportunity to re-enter the trade.
This is strictly a day trade and what I would call a scalp.
Welcome any comments.
Cheers
Blackduck