Hello, my friend, and welcome to this video on Learn Day Trading. In this post, we will discuss how to day trade the open of the stock market to supplement or replace your current income. Enjoy!
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Learn Day Trading – Video
Hi, I’m Barry Burns with Top Dog Trading, and today we’re discussing how to approach day trading, particularly at the beginning of the week. Mondays can be tricky, but you can gain insights by looking at the markets on Sunday. Yes, some markets are open on Sundays, so let’s explore that.
First, even if you’re not trading futures, it’s useful to check the futures markets as they open on Sunday afternoon in the U.S. This can give you an idea of what to expect on Monday.
Here’s an example: you need to configure your charting platform to display pre and post-market data, as well as all seven days of the week. This example shows Sunday data leading into Monday’s pre-market, marked by shaded areas. The market opens fully on Monday, and even though this particular day was shorter due to a U.S. holiday, you can see the transition.
Using Pre and Post-Market Data – Learn Day Trading
It’s important to note that Sunday data won’t always predict Monday’s movements perfectly. For instance, if you compare Friday’s close with Sunday afternoon’s opening, you might see minimal changes, but if you only look at Friday’s data without Sunday’s pre-market, you could miss a gap-up, which can provide valuable insights.
Monitoring pre-market and Sunday data helps you anticipate gaps and prepare a trading plan for Monday. Most traders create a plan before the market opens, so having this additional data can be beneficial.
Let’s look at another example. Here, Friday’s close is followed by a significant gap down on Sunday afternoon, leading into Monday’s open. By observing this, you can plan accordingly, avoiding surprises at the market open.
Analyzing Market Sentiment – Learn Day Trading
In another instance, after Friday’s close, there’s a gap on Sunday, and by Monday’s open, the market has bounced back. This pre-market activity can indicate market sentiment, helping you prepare for the day.
Viewing pre and post-market data, including Sundays, is crucial for identifying support and resistance levels. For example, a resistance level on Sunday can influence Monday’s trading.
Additionally, consider monitoring Asian markets like the ASX200, Nikkei, and South Korean indexes. These markets open before the U.S. and provide insights into global sentiment and market trends since Sunday in the U.S. is Monday in Australia.
Wrapping Up!
By analyzing these pre-market indicators, you can better anticipate Monday’s market open, though it’s essential to remain adaptable as news and market conditions can change rapidly throughout the day.
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