Today started out slow. I took the opening trade short because the first candle of the day had a range of only 5 points. I got stopped out pretty quickly with a 10 tick stop loss though, unfortunately. Most likely, that was due to stop running by larger players. The overnight high of 3776 was tested with a session high of 3777.25. From that point the price moved slowly lower. Session B at 7 am was the first range extension to the downside. Session B did retrace 2/3rd before moving lower though. The rejection of the overnight high should have led me to the conclusion that we are looking to close the Gap left behind from overnight trading. The gap was pretty substantial. The range high from yesterday was 3702.50 and the open today was at 3773.50 which makes the gap at open 71 points! The gap was almost eventually closed during the D candle at 8 am which was low at 3703.25. The E candle at 8:30 went even further down to 3697.25 and closed the gap completely. After that trading circled back up and closed at over the halfback of the session at a settlement price of 3732.25. This settlement price is 7 points above 3725.25, the excess high from Friday meaning we have acceptance of higher prices.
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