HERE is how to make money consistently trading the open

Discussion in 'Strategy Development' started by Quantfisher, Mar 28, 2017.

  1. zdreg

    zdreg

    you have made an auspicious start. thanks for mentioning.
     
    #11     Mar 28, 2017
  2. Turveyd

    Turveyd

    New a guy who mentored and sold a method trading opens, putting order to go long above and short below, he always got out best price despite huge swings lol fake obviously.

    Issues are, knowing when to take a loss and take profit, too soon on profit and wont cover your losses, too late and you'll ride it down.

    We got him to live trade and prove it, he picked a day where there was big later news so market didnt move and he closed up 5mins before lol
     
    #12     Mar 28, 2017
  3. EsKiller

    EsKiller

    Its hard for you to do b/c you were going against the trend on the 1 and 5 min, and hourly charts. You can't just randomly buy a falling knife and expect to have consistent profits. YOu need to wait for some type of confirmation for counter trend trades.
     
    #14     Mar 28, 2017
  4. sounds terrible

    you should do that on your live account for a week and post results
     
    #15     Mar 28, 2017
    nakachalet likes this.
  5. I prefer The Opening Price Principle by Larry Pesavento. There is no need for intraday price bars.
     
    #16     Mar 28, 2017
    MACD likes this.
  6. post your results of doing this trading style before making these unsubstantiated claims :finger:
     
    #17     Mar 28, 2017
  7. If you want to increase your win rate, naturally your average profit will decrease. Pick a direction at the open, long or short. If price moves in your favor, use any price turns to take the other side of your trade. This works best with two broker accounts. Your low-risk stop loss levels will never change.

    EDIT: It should read if you want to DECREASE YOUR AVERAGE LOSS which will decrease your win rate but also increase your average profit. For example, if you sell 5% of
    above the open as a percentage of ADR your PT becomes 80%.
     
    Last edited: Mar 28, 2017
    #18     Mar 28, 2017
  8. post your account with the results
     
    #19     Mar 28, 2017
    nakachalet, Chubbly and Clubber Lang like this.
  9. motif

    motif

    Toby Crabel wrote about this in his highly treasured book
    "Day Trading With Short Term Price Patterns and Opening Range Breakout."
     
    #20     Mar 28, 2017
    nakachalet and marketsurfer like this.