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Day Trading Grain Futures: A practical guide to trading for a living by David Bennett

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9: Support and Resistance

I like to trade the open. That’s when the greatest volumes hit the market and price often seems to swing wildly. To me it is a time of opportunity!

But it is also a time when I don’t have a lot of information to go on. Maybe the market has opened higher or lower than yesterday’s close, but I don’t find that gives me much of a clue as to where it will go during the session.

The challenge is to find my bearings and identify potential trades as quickly as possible. This chapter gives a brief overview of the principles I rely on to do this. The next chapter gives the precise rules.

Turning points on charts are significant

Charts reveal levels at which the market has previously turned. These levels may be price peaks ...

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