If I find an early trade, I ignore the first hour range and take any setups I find all day. If I can’t find one in the first hour I assume we may have a sideways day, and if so I try not to trade.

That’s when I mark off the high and low of the first hour and start looking for strong setups that might break out of that range. Otherwise I wait until we get a breakout and then look for a setup — which might be a pullback. This keeps me out of a lot of bad trades.

Lowell

I’m really enjoying your site. Thank you for sharing your trading experiences so generously.

My question is this: On pullback trades, am I to understand that you do NOT bracket the first hour’s range with stop entry orders, but rather you wait for the break out of the range and then you enter on a retest of the first hour’s range as support/resistance?

Thank you,

David