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Hi, complete beginner here. I’m a bit confused about futures trading sessions and trading hours.
I’ve noticed that Brooks uses Regular Trading Hours (RTH) on his charts, which seems to show only the New York session. Since futures trade nearly 24 hours a day, does that mean he simply ignores what happened during the Asian and London sessions?
Does he also use Regular Trading Hours on daily charts? In other words, when he looks at previous highs and lows, is he only using the New York session highs and lows?
If so, how do you set this up in TradingView? I can set Regular Trading Hours on a 5-minute chart, but whenever I switch to the daily timeframe, it automatically changes back to Electronic Trading Hours (ETH).
Kind Regards,
Kristjan
A trader should be aware of what happens overnight, as it can help to showcase support and resistance areas. However, there is a significant change in volume which occurs during the RTH hours and this can often over ride aspects which happen during ETH hours.
As an example, let's say an 8:30 news release pops the market 1%+. That volume event (often shown by the size of the bar), while outside of RTH, is after 8:30 am EST when volume begins to pick up. Oftentimes the opening volume at 9:30 can be significantly larger, but knowledge of how the day is unfolding up to that point can be useful for bias.
That being said, this is where knowledge of gaps and their behavior, especially with respect to the RTH become useful. Al, and the moderators, often highlight the 4 most important common activities of managing gaps on the open, for this specific reason. If one simply uses RTH charts, then gaps play more of a role in analyzing the overnight aspects. Again, during the opening 10 minutes, volume is significantly larger and therefore the 1st 2 bars can be more difficult to "read" as directionality and variance (which both can occur on larger volume) need to be differentiated.
This is why Al most often recommends waiting for the first two bars of the day, if trading the open.
Welcome and good trades to you!
Thank you for the detailed response.
