For your answer regarding TradersStudio, check out the following threads: http://www.elitetrader.com/vb/showthread.php?threadid=104393 http://www.elitetrader.com/vb/showthread.php?s=&threadid=108534 http://www.elitetrader.com/vb/showthread.php?s=&threadid=111896
You talk a good game and dismiss out of hand other methods that do not approximate your own. Care to share a few performance statistics from your personal trading in order to put your unequivocal assertions into better perspective? As an aside, how are you handling today's market action in the indexes? Did you go long or short at the open, and how much did the market go against you at the worst point thus far?
To a tape reader, the OR is critical information. Is price moving towards or away from the opening range? If you think price is going away from the opening range, then make the trade, placing a stop on the other side of the opening range. Targets can be one of the pivot levels--R1, S1, etc. If you think price is moving toward the opening range, consider the opening range as a target, and place a stop at a place that would confirm you were wrong about direction.
what does it mean 'it works'? It works if it goes one tick/say ES/ in your favour? or perhaps shall it go two? or it works when you take a position and keep it till eod/if not stopped out/? we have to be more specific I guess..
High volume/low volatility breakouts in the early part of the trading day continue to work just fine, thankyou very much.
Please see below thread: http://www.elitetrader.com/vb/showthread.php?s=&postid=1807752#post1807752 Markets are going to be computerized soon. So, pits shall go and then âOpening range breakoutâ will not be there. So, what is the conclusion?
Markets are already computerized, and the open remains the most powerful indicator for the intraday trader.
Here is the problem in 24 hr markets the market opens sometimes only 1 hr after it closed. The open can't mean what it did when we had day session markets. Also the exchanges are not broadcasting simulated day session as well as 24 hr sessions. They are only broadcasting 24 hr session data.