Weekly & Monthly Opens
Weekly & Monthly Opens are reference price levels representing the opening price of a week or month. These levels serve as bias indicators and structural reference points in price action analysis and trading. Price often reacts to these levels as support or resistance throughout the period.
Definition
Weekly Open is the price at which the first candle of the trading week begins (often Sunday evening in FX/Globex, or Monday open in cash markets). Monthly Open is the price at which the first candle of the trading month begins. These levels provide an objective, time-based framework to assess where price stands relative to longer-term context and bias.
Why It Matters
Weekly and Monthly Open levels help traders define bias (bullish if price is above, bearish if below), anticipate potential support/resistance reactions around retests, and align trades with structural context across multiple timeframes. These levels are widely used as reference points for trend confirmation and confluence in technical analysis.
How to Identify
- Plot a horizontal line at the Weekly Open price — typically the first bar open after the weekly rollover.
- Plot a horizontal line at the Monthly Open price — the opening price of the first candle of the new month.
- These lines remain on chart throughout the period and can be applied on any timeframe to show reaction levels.
- Observe price interaction with these levels — holds, rejections, breakouts and retests provide context for market bias and potential entries.
How to Trade
- **Bias Assessment:** If price is above the Weekly or Monthly Open, the bias for that period is considered bullish; if below, bearish. Use this as structural context before judging lower timeframe setups.
- **Rejection / Retest Trades:** Wait for price to return and test a Weekly or Monthly Open level. A solid rejection with structure (e.g., MSS / BOS) can provide trade entries with the prevailing bias.
- **Break + Retest:** If price breaks a Weekly/Monthly Open and returns back to it as support/resistance, this can provide a confluence entry aligned with structure.
- **Confluence Filter:** Do not trade Weekly/Monthly Open level alone — combine with market structure, liquidity levels, volatility context and confirmation before entry.
Common Confusions
These levels are *context tools* — use them with structural confirmation and bias, not as standalone triggers.
Weekly and Monthly Opens can be used across any timeframe as structural context lines.
While both are reference levels, pivot points are derived mathematically, whereas opens represent actual price re-entry points from period start.
Pre-Trade Checklist
- Weekly/Monthly open level marked?
- Price context determined (above = bullish, below = bearish)?
- First retest of open level observed?
- HTF trend aligned with open context?
- Session timing supportive (London/NY)?
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Educational resource only. Not financial advice. Trading involves substantial risk of loss.