ES 5min Challenge
Past challenge from 2026-03-17. See the correct answer and explanation below.
SCENARIO
ES is at 5,500. It is the first trading day after a 3-day weekend. The overnight session traded up to 5,520 on low volume, then sold off back to 5,490. The regular session just opened and price is oscillating between 5,495 and 5,505 with whippy, news-driven moves. Volume is 1.5x normal.
Market Context
Monday after a holiday weekend. Multiple headlines about trade tariffs coming out every few minutes. The market is reacting to each headline. Opening range has not been established yet (first 15 minutes).
Key Levels
The first 15-30 minutes after a holiday weekend are the most dangerous trading period. Headline-driven whipsaws make any directional bias unreliable. Wait for the opening range to establish (at least 30 minutes), then trade the breakout of that range. Trying to scalp headline reactions is not trading -- it is gambling with extra steps.
Prop Firm Implications
TopStep accounts see the highest failure rate on Monday mornings. Waiting 30 minutes costs you nothing but can save your account.
Apex intraday trailing drawdown makes whipsaw environments especially dangerous. One bad fill on a headline spike can set your drawdown.