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Hello Team,
Please can you let me know what is the suggested approach to trading Open? Does Al suggest that we do not trade first 15 mins or do not trade first 30 mins or it does not matter and one can trade whenever at the open.
Just wanted to know what would be his approach/guidance to this. Though surely one can trade anytime, but what does he recommend or practice himself, is what i wanted to know.
thanks!
There are good setups on the open - watch his videos on gap ups / gap down, watch this one. https://youtu.be/9pQ2nXDQ9aY... also I think one thing that is very valuable is trade small on the open - because of the often big moves early, you can take a loss early that will require a lot patience to get back... also swicth up timeframe watch the 10 min / 15 min bars to get clear on direction if you are starting.. the open gets the heart rate up!
A lot of moves reverse on the open so better to trade small and wait to it more clear
Also get his encyclopedia it has a LOT of material on opens I keep it next to me when I trade...
Timothy offers a lot of good advice. I'll add that in Al's last book, he talks about what beginners should focus on - Opening Trends, Pullbacks in Strong Trends, and Strong Reversals. So trading the open is definitely a good place to start. You can even get a solid signal on the first bar of the day, however, I usually wait for two strong bull or bear bars.
Some helpful tips:
- Trends from the Open tend to come from Gaps - either as a successful BO of yesterday's close, high, low, or open; or as a failed BO of those gaps. They can also come as a continuation of a strong trend/tight channel from the day before.
- Al teaches that even the strongest trends from the open have a 80% chance of forming either a TR or a reversal into an opposite trend. Don't expect them to last all day. Always be aware of common opening reversal patterns that are developing - DT/DB, wedges, Climaxes.
- But sometimes they do last all day! Usually there are at least one or two all-day trend days during any given month.
Hope this is helpful - good hunting!
Excellent Advice. Appreciate your feedback.
