HERE is how to make money consistently trading the open

MrScalper said:
I tend to agree with you.

I think the OP hasn't a clue what he is talking about.

He is listening to too many idiots :)
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I've no doubt that the OP knows exactly what he is doing, its just that without an exact description of his process most on here can't work out the details for themselves and then go on the attack. Two trades could be set at market open, one long and the other short with targets at a proportion (75% maybe) of the mean range of first 30 minutes and stops at a smaller proportion (10% maybe) on the opposite side. In principle there is no need to look at the chart once the trades are set, simply come back after 30 minutes and close any trade still open. Thats one approach but clearly there are variations and it probably doesn't match the OPs approach. The approach I just stated may or may not work as possibly both trades would be stopped out whereas it would be hoped that just one would be stopped out with the other hitting the target. As an alternative just place one trade at the open according to an analysis of market direction. The method doesn't seem viable for trading stocks as the initial spread can be large but that doesn't appear to be a problem with indices.

Without specifying the details my personal approach for trading the first 30 minutes after the open for the DOW or DAX involves observing a 1min chart.
 
Mysteron said:
I've no doubt that the OP knows exactly what he is doing, its just that without an exact description of his process most on here can't work out the details for themselves and then go on the attack. Two trades could be set at market open, one long and the other short with targets at a proportion (75% maybe) of the mean range of first 30 minutes and stops at a smaller proportion (10% maybe) on the opposite side. In principle there is no need to look at the chart once the trades are set, simply come back after 30 minutes and close any trade still open. Thats one approach but clearly there are variations and it probably doesn't match the OPs approach. The approach I just stated may or may not work as possibly both trades would be stopped out whereas it would be hoped that just one would be stopped out with the other hitting the target. As an alternative just place one trade at the open according to an analysis of market direction. The method doesn't seem viable for trading stocks as the initial spread can be large but that doesn't appear to be a problem with indices.

Without specifying the details my personal approach for trading the first 30 minutes after the open for the DOW or DAX involves observing a 1min chart.
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You mean your personal approach just born, right?......lol...........ET is really the unique place on web.
 
Mysteron said:
I've no doubt that the OP knows exactly what he is doing, its just that without an exact description of his process most on here can't work out the details for themselves and then go on the attack. Two trades could be set at market open, one long and the other short with targets at a proportion (75% maybe) of the mean range of first 30 minutes and stops at a smaller proportion (10% maybe) on the opposite side. In principle there is no need to look at the chart once the trades are set, simply come back after 30 minutes and close any trade still open. Thats one approach but clearly there are variations and it probably doesn't match the OPs approach. The approach I just stated may or may not work as possibly both trades would be stopped out whereas it would be hoped that just one would be stopped out with the other hitting the target. As an alternative just place one trade at the open according to an analysis of market direction. The method doesn't seem viable for trading stocks as the initial spread can be large but that doesn't appear to be a problem with indices.

Without specifying the details my personal approach for trading the first 30 minutes after the open for the DOW or DAX involves observing a 1min chart.
More...

Good points.

In relation to the OP..

"a little bit of knowledge is a dangerous thing"

:)
 
after 7 pages..what instrument OP is talking about? stocks,futures,options? options on stocks? options on futures? bonds?CFD's?
 
Mysteron said:
Two trades could be set at market open, one long and the other short with targets at a proportion
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what you are talking about? stocks? options? futures?
i explained earlier how this would work on stocks.
 
Bob111 said:
after 7 pages..what instrument OP is talking about? stocks,futures,options? options on stocks? options on futures? bonds?CFD's?
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I don't think he knows himself, as he stated he is just repeating some information he came across.

Personally, I would say trading the open is best done with ES, NQ, SPY and IWM.

Options are a no go, due to bid/ask spreads.

Bonds, not sure, as I do not trade them and have no interest in them at all.
 
MrScalper said:
I don't think he knows himself, as he stated he is just repeating some information he came across.

Personally, I would say trading the open is best done with ES, NQ, SPY and IWM.

Options are a no go, due to bid/ask spreads.
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same for stocks. as i said above-it won't work,if you try to spread orders across multiple stocks. SPY-IWM-maybe. but in order to make a meaningful amount of money out of couple securities you probably have to make hevvuva size bet.

---------Two trades could be set at market open, one long and the other short with targets at a proportion (75% maybe) of the mean range of first 30 minutes and stops at a smaller proportion (10% maybe) on the opposite side.--------

????? same here. i just don't get it what he was talking about
 
Bob111 said:
same for stocks. as i said above-it won't work,if you try to spread orders across multiple stocks. SPY-IWM-maybe. but in order to make a meaningful amount of money out of couple securities you probably have to make hevvuva size bet.

---------Two trades could be set at market open, one long and the other short with targets at a proportion (75% maybe) of the mean range of first 30 minutes and stops at a smaller proportion (10% maybe) on the opposite side.--------

????? same here. i just don't get it what he was talking about
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In relation to what he meant.

He is looking at the average move from O to H, and from O to L, and then setting the profit target at say 75% of these average ranges.

Stops at 10%.

The big problem here is your stop placement.

You can get stopped out on both trades, and still see the averages be put in!

Therefore, it really is not all about "where" you place your stop, but it is all about "when" you execute your trade.

Time = Money :)
 
I haven't daytraded in years but the only times I was interested in trading were near the open and the close. Thats when the big orders are generally executed.
 
The open fade - most volume is traded at or near the open. Since market makers are the limit orders, naturally they are taking the other side of big orders. Once the dust settles you can expect that they will adjust their books so incoming market orders push the market IN THE OPPOSITE DIRECTION of the initial high volume move.

Good signals to help time the open fade include 'extreme readings' in the TICK index and certain times such as 10:00 EST, 11:00 EST and 11:30 EST (European close).
 
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