Trading Opening Range First Hour with ABC Pattern

The chart above shows Opening Range pivots along with an ABC pattern trade. On January 18, 2007, ER2 opened at a high of 791.8 and drifted lower in the first hour to trade near 784 area. After the first hour of trading, ER2 attempted to rally to the first hour pivot at 788.4 to form an ABC pattern. The trend and market direction was weak as prices continued to trade below the first hour pivot and the first hour high. Prices attempted to rally, but around noon, ER2 could not close above the first hour pivot and reversed its direction to signal a potential short trade.

1. Enter a "short" below the first hour pivot at 787.8.

2. Place a "stop" order above the first hour pivot at 788.5.

3. Place a target from 78.6% to 100% of AB range (from C) to 781.3.

3.4. FibZone Pivots

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