Whatever the market does during the day is noise, unless a scalper.
Its the close that counts.
Its the close that counts.
Its the Close that really matters
- Thread starter derektrader
- Start date
With that view, you miss much. Proper trading involves "trading around support and resistance with a tight stop". The close has nothing to do with that conceptually.
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false.
Common misconception (smart money at the close bla bla... it’s mostly automated etf, margin calls, risk management etc.)... stop trading (especially selling) after 2pm EST and you will come out ahead.
Common misconception (smart money at the close bla bla... it’s mostly automated etf, margin calls, risk management etc.)... stop trading (especially selling) after 2pm EST and you will come out ahead.
Disagree. Proper S/R trades can occur at any hour. All are equally valid.
I specifically check for a possible play at 3:50PM and also 4:00PM. There were both yesterday.
Actually, it's the open that matters. Traders trade, and the NYSE open is the big leagues.
Asset managers have to consider everything, not just the close.
It's definitely important, but for different reasons.
Asset managers have to consider everything, not just the close.
It's definitely important, but for different reasons.
Yes the open is very important, and a lot of opening range breakout systems are based on that idea.
And we closed down big time.
And how well did selling the close work out for those who did it yesterday only for the market to reverse up 100 points the entire day today before reversing back down in today's close? 1 ES contract would have cost a person $5,000 just to sit through all of that. 100 points is far beyond any persons 1%-2% risk level.
If trading were that simple to boil down to that 1 simple strategy anyone could do it.
If trading were that simple to boil down to that 1 simple strategy anyone could do it.