For traders who are done being inconsistent and want a real process.
Open Types: How the Session Opens
The first stretch of the session shows you how sure the market is. Some opens leave and never look back. Some just wander around the open price. Learn the four, and you get an early read on what kind of day it could be.
The idea in one minute
At the open, the market has one question: is anyone confident enough to push price away from here?
How the first stretch trades answers it. Traders who use auction market theory sort the open into four types, from most conviction to least:
- Open drive. Price leaves the open in one direction right away and does not come back. One side is in control from the first minutes.
- Open test drive. Price first pushes one way to test a known reference, usually yesterday's high or low. It finds no business there (no new orders show up to trade those prices), then turns and drives hard the opposite way.
- Open rejection reverse. Price starts one way, runs into the other side, and reverses back through the open. Less sure of itself than a test drive.
- Open auction. Price rotates around the open, both ways. Nobody is sure yet.
Watch the four opens
The first ninety minutes of four different sessions, in five-minute candles. The dotted white line is the open. The teal lines are yesterday's high and low. Pick one and watch it play.
Inside or outside yesterday's range
Where the session opens matters as much as how. The same drive means more when price opens outside yesterday's range than when it opens in the middle of it. Flip between the two.
Name the open
Five opens. Look at the first ninety minutes and pick the type. In these charts, a test drive gets to yesterday's high or low before it turns. A rejection reverse turns before it gets there.
How I use it
The first stretch of the session tells me how much conviction there is, and that decides what I look for next. An open drive away from yesterday's value, and I stop looking to fade it. An open auction inside yesterday's range, and I expect rotation and wait for price to reach the edges of yesterday's value area: the top and the bottom of the price zone where most of yesterday's trading happened.
A test of yesterday's high or low that gets rejected hard is a clue I pay attention to: the market looked, found no business, and the other side is now in control.
Checkpoint
Checkpoint4 quick questions on open types
Price leaves the open in one direction right away and never trades back to it. Which open is that?
Price pokes above yesterday's high, finds no business, then drives hard down past the open. Which open is that?
Which open shows the least conviction?
An open drive starts outside yesterday's range instead of in the middle of it. What changes?
Recap
- Open drive: leaves and never comes back. Most conviction.
- Open test drive: tests a reference, finds nothing, drives the other way.
- Open rejection reverse: starts one way, gets rejected, reverses through the open.
- Open auction: rotates around the open. Least conviction, but outside yesterday's range the day can still move hard. Context, inside or outside yesterday's range, changes how much each one means.
Reading the open is one piece of the plan. The Mentorship is where you put the whole plan together.
The Mentorship
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