Traders use a variety of tools when choosing support and resistance prices during intraday trading. One of the oldest of most simplest forms is to use a market’s opening price, or opening print, as a pivot, and then to use it as support or resistance. Often, the daily open is suitable; but longer-term traders may use a weekly or monthly open, while much shorter-term traders may use hourly or four-hour opens.
Either way, the concept is simple. Price will frequently open at a certain level and then begin to trend. Some traders will only be long a market that is above the open and only be short a market that is below an open. In any event, when price trades away from the opening print, many times it will revisit price that open during the session, and on a first touch, the open can provide a good trade signal.