TXN today is a great example of a 5 minute chart being misleading about where a stock opened. There was a lot of discussion of this a couple of weeks ago. You can usually tell from a 1 minute chart with volume. Unfortunately most quote sources use the "all markets open." One that gives you the real open, although delayed, is: http://www.reuters.com/quote.jhtml (It does not seem to be working at this moment)
14 orders, 1 fill, 1 winner, got BAC short at open, exited a little early but still 15 cents is ok for a starter.
I cancelled BAC when it was not open after 7 minutes and I already had 3 positions. 3 for 3, total net of 58 cents after commission. Put in orders on 13 stocks.
I too shorted BAC at opening covered at 68.8. Also shorted BMY 40.50 covered at 40.20. I bet Don shorted BMY today also where did you cover Don?
Pairs trading comes in several "flavors" - you can search through back posts on Elite - or send me a private email and I will be glad to get into the main differences between how we trade pairs and how the people in magazines explain it.