Quote from sucre_estave:
In my opinion, you don't need the indications to make money on OPGs; I've never paid attention to them. Rely on your ability to cut losses quickly. (Of course I'm not a superstar when it comes to OPGs either, so take what I say with a grain of salt.)
Yeah I agree...about 99% of it is psychological with me & my fills are still the same as before pretty much...they just gave me somewhat of a feeling of confidence for where they would open & how many fills I would get. I might have adjusted my order prices or cancelled when I saw the indications. Now I think I just have to get comfortable being more mechanical knowing that the strategy still works the same.
But like today for example, on the stocks that opened up on a down day (looked like quite a few did that & worked), they might have been indicating up & I might have tightened my sell envelope when I saw that if a lot of stocks were indicating in that direction. A lot of times on expiration the majority of the Dow 30 stocks would indicate the same way & I would adjust my envlopes & order prices/size accordingly knowing that it would probably be a good open. I had a feeling to do that even without the indications, but I didn't tighten enough. Oh well, woulda coulda shoulda as Don would say
Using the price ticker for pre-market trades & also adding a second layer is helping me adjust...just gotta adapt.
