Why you shouldn't trade the 1st hr of the day

[Now is Now]

Quote from lexcorp:

Indicators are like fashion. The trading community are always flipping between trading methods that are currently 'in vogue'. Ive been around for a while. There used to be endless threads about all the best indicators and settings. Nowadays you'll see that every thread is all about naked charts and 'price action'. Its the current 'in' thing. Next year, every other thread will probably be about 'cycles'. Indicators will have a resurgance too.

In summary, do what works for you.

Unfortunately, the resurgence will not be beneficial if they use them as the "holy grail" of trading....more like the "holy grail" of disappointment and frustration...

Common sense is useful.....

 

[konviction]

Quote from konviction:



For those that DO trade the first HR successfully how do you go about it?... I know most will say "pa only" , but be more specific please.

Kon

..........................?

 

[cubsguy81]

Quote from illiquid:

If you don't trade the first hour of the day you probably shouldn't trade at all

+1

 

[Bolimomo]

Quote from konviction:

For those that DO trade the first HR successfully how do you go about it?... I know most will say "pa only" , but be more specific please.

Kon

Kon do you have any comment on my comments about first hour of trading? (Page 4)

In the first hour, play reversals. Especially the first 30 minutes. There are days (about only 10% to 20% of the time) that price would go straight up or straight down. You need to guard against that possibility.

Typically reversal points are likely daily pivots, prior day high/low, recent pivot support/resistance levels. If you see no clarity, step back to a higher time-frame chart to seek clarity.

Trading in the first hour is lucrative because prices move fast. But not for beginners who seek to buy breakouts and short breakdowns because often times the "breaks" are fakes. Look at a higher time-frame to seek conviction.