Trading off of the FIRST FIVE MINUTE BAR?!?! Newbie Trader Question

Quote from brothertruffle:

I heard some people call opening trading "Amateur Hour" Is this true?
I also read a strategy that you buy a breakout/sell a breakdown of the first five minute bar (es, nq, ym, etc.)
I'm getting contrary data on trading during the opening. Can someone enlighten me with data, links, book references, famous traders who are good at trading the opening, etc.
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Trading in the first 5mins is like trying to grab an alligator by the tail and just getting filled with my broker would not always be easy with requotes.

But regarding gaps for US stocks in S&P500 a little study once showed (no explanation from me so DYOR as to validity or usefulness):

5w09cl.png
 
Quote from austinp:

http://traderkingdom.com/trading-to...g-price-action-to-determine-trading-sequences

there is no real systematic "edge" to purely trading the open range as a pure strategy itself: if there was even the slightest, every algo out there would have pummeled it to submission long before now.

but there is useful information to be gleaned from a basis of the open range. TraderKingdom webinar from last year explains.
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AP,

I watched your webinar. Good stuff. Did you arrive at the fib levels purely based on institutional trading info or is there math logic to it as well? 500 + % also seems to be roughly a 5 minute opening bar stretched into hourly bars range multiplied by hourly bars in a day...ultimately arriving at a daily range estimate

Thanks!

BD
 
are you still trading for money jack.

when you really learn how to trade and why our markets exist, you begin to trade to keep our world markets free from alien / hostile ejectmentation.

Our markets must be kept properly libated during their natural hangover fractals.


Quote from jack hershey:

RTH margin controls how the intraday trading works.

Anyone can do what they want.

Since I stay in the market all day, I have to know in advance how to get in during the first 12 to 30 seconds of the first bar.

My orientation is not helpful to traders who enter/exit and think in up/down terms.

For anyone who takes the full offer of the market segment by segment, he has to know where the open is occurring in the continuing order of events of the trend that was in process as the RTH margin was terminated.

If you use entry/exit you probably are on the sideleines most of the time. So view the open from the sidelines and just watch until your mind settles down and you have less fear, anxiety and anger welling up from your confusion.

Some people suggest that you have to know what you are doing. Since you don't, only get in the markets for brief periods when you do know something.

I suppose you are interested in thinking. PositScience has a Brain Fitness Program. For your convenience you can check in by calling 1 866 599 6463.
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I only place my trades within the first hour of the market open however 60% of my trades are placed at the close of the first 5 minute bar. I currently only trade CL, NG and YM but my product list does change periodically. I never have a problem with fills and I only use stop limit orders for entry and exit.
 
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