{"id":5125,"date":"2010-06-01T18:18:32","date_gmt":"2010-06-01T22:18:32","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=5125"},"modified":"2023-04-28T08:44:44","modified_gmt":"2023-04-28T12:44:44","slug":"opening-range-play-mon","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/opening-range-play-mon","title":{"rendered":"Opening Range Play (MON)"},"content":{"rendered":"<p>On my latest StockTwits TV show, SMB University, I was asked about trading right on the Open. \u00a0Often new traders struggle with this time period for two reasons:<\/p>\n<p>a) they miscalculate their downside risk before entering the trade<\/p>\n<p>b) they do not have a playbook with trades that work for the open.<\/p>\n<p>Well let&#8217;s try and correct some of (b) with this blog. \u00a0I will introduce an Opening Range Play. \u00a0Perhaps you can make this trading pattern your own.<\/p>\n<p>On Thursday there was this from the financial paper of record, the Wall Street Journal:<\/p>\n<blockquote><p>Monsanto Co. cut its earnings forecast Thursday for the second time in seven weeks, as it slashed prices of its Roundup herbicide, largely putting to pasture the onetime cash cow that funded the company&#8217;s push into crop biotechnology in the 1990s.<\/p><\/blockquote>\n<p>MON gapped down Thursday AM about four points from 52.50ish to 48.50ish. \u00a0MON ended the session near 50. \u00a0 A quick peak at the intraday chart on this Thursday shows MON in a nice uptrend.<br \/>\n<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/mon-thurs1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-5132\" title=\"mon thurs\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/mon-thurs1-300x204.png\" alt=\"\" width=\"300\" height=\"204\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/mon-thurs1-300x204.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/mon-thurs1.png 667w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>On Friday MON opened above 50, first moved higher to 50.70ish and then started a nice range between 50.20 and 50.35. \u00a0 During our Tradecast after the Close today one of our traders mentioned, &#8220;There was a huge seller at 50.35.&#8221; \u00a0MON broke above this range. \u00a0As intraday traders we get long. \u00a0We are long above the opening range.<br \/>\n<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/MON-uptrend4.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-5134\" title=\"MON uptrend\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/MON-uptrend4-300x204.png\" alt=\"\" width=\"300\" height=\"204\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/MON-uptrend4-300x204.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/MON-uptrend4.png 668w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>If you missed this move, there was more opportunity. \u00a0MON traded in another range between 50.40 and 50.60. \u00a050.40 held the bid cleanly. \u00a0There was never any 39c, 38c, 37c, 33c, nonsense shakeout. \u00a0There was 50.40 on the bid, holding, and not dropping. \u00a0Beautiful. \u00a0We have MON above the opening range and an impressive held bid at 40c, so buy more.<br \/>\n<a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/held-bid1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium wp-image-5135\" title=\"held bid\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/held-bid1-300x205.png\" alt=\"\" width=\"300\" height=\"205\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/held-bid1-300x205.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/held-bid1.png 666w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>For those who struggle in the first 15 minutes of trading this is one play to consider. \u00a0Perhaps you can make this trading pattern your own. \u00a0If you have any questions please do not hesitate to contact me at mbellafiore@smbcap.com, or post a comment on this blog.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On my latest StockTwits TV show, SMB University, I was asked about trading right on the Open. \u00a0Often new traders struggle with this time period for two reasons: a) they miscalculate their downside risk before entering the trade b) they do not have a playbook with trades that work for the open. Well let&#8217;s try and correct some of (b) &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/opening-range-play-mon\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":5135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[4676,289,1044,30,50,18],"class_list":["post-5125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mike-bellafiore-bellas-blogs","tag-day-trading","tag-mon","tag-opening-range-play","tag-prop-trading","tag-proprietary-trading","tag-smb-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Opening Range Play (MON) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/opening-range-play-mon\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opening Range Play (MON) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"On my latest StockTwits TV show, SMB University, I was asked about trading right on the Open. \u00a0Often new traders struggle with this time period for two reasons: a) they miscalculate their downside risk before entering the trade b) they do not have a playbook with trades that work for the open. 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Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/opening-range-play-mon\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-06-01T22:18:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-28T12:44:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/06\/held-bid1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"666\" \/>\n\t<meta property=\"og:image:height\" content=\"456\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta 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