I will not be trading during the holidays, so I am looking for a good book. I am interested in understanding the different types of openings for day traders. If anyone out there knows of a book that covers that ,please let me know. thanks RKL
By "openings" do you mean the relationship between one day's close and the next day's open? Or do you mean how to trade off the first N minutes of price action? If you're interested in the first concept, you want books on trading gaps; if the second concept, you want books on price action. I've never studied gaps in detail, though I've traded off them using basic price action concepts. I've studied intraday price action concepts thoroughly and I recommend Al Brooks (I've heard his more recent three-volume set is easier to read than his first book), and Bob Volman's Forex Price Action Scalping. Don't worry about the Forex and 70-tick chart parts of it; the concepts are superb and you can apply them to the 1-min chart on almost any liquid instrument during regular trading hours.
Thanks I am speaking of the opening range. How to determine if we will be in a range or a trend day. I have done some market profile approach. But using 30 min. bars are tuff when day trading.
My personal experience is that if a key level from a daily chart is "in play", a trend day is likely. Check out key levels on a daily chart, levels such as trend lines, 20- and 50-day EMAs, and price turn levels (the price at which a previous day's high or low breaks in the opposite direction of a multi-day pullback in a well-defined trend). The price action around these levels can lead to a trend day quite often once tested and confirmed. For counter-trend trades, the most common key level is a parallel channel zone, which is a line parallel to the trend line, drawn across the last swing high or low of the trend. It's not a book, but it's a great homework assignment