%% Exactly,LzF; weekly closes also [objective], + 52 of them...........................................................
I've noticed though most of your posts that you fancy yourself a contrarian when it comes to trading with out many specifics, while pretty much knocking others. Would you mind posting some of your OPEN trades so we can all play along ?
%% You, Suntrader must be some kind of Market Maker trader. Frankly i use IBD closing-charts -hi low-close more that the open price , all the time; IBD charts never use the open. price ....... LOL-true
Maybe I'm not good enough, but I get nothing from the open. I need things to settle out a little, especially since I usually am using ATM options as my vehicle. Most of my entry decisions are based on projected close.
%% Amen; unless they start gapping it UP about 10%, 10 limit days+ the gap dosent hold i may pay more attention to it. .............................................................................Hardly ever happens LOL
No MM at all. But most of my trades are day trades. I believe IBD doesn't recommend that. It is plainly obvious, or it should be, that once a market closes participants wait to see where it will open next. And yes in reference to the prior close, high and low range. Absolutely. But all cards, that matter, have to be laid on the table for the opening and is key. Then the cycle continues to see where it will close the new day at. Making the close important again. Simple example of the importance of the open - stock closes prior day at 50, opens today at 53.50 and closes today at 50.50. IBD, WSJ and clueless CNBC will talk of it closing up 0.50 cents. Meanwhile it gave back $3.00 from the open. Which is more important to you? One last point everyone knows or should know that the opening and closing periods have the most volume. But of the two more times than not the opening has the greater amount.
%% Right, on IBD, SunTrader; even though his updated book notes a............ weekly trade =a daytrade+ not the way you mean it.IBD mean$ it ,regular [day] market hours swing- position trade LOL. By the way IBD forgot more than CNBC, + WSJ EVER KNEW LOL-LOL As far as your example; OK, in your example that sounds like oil related .Im taking the $53, in that downtrend; i mis$ed the 53.50 open ing price, but a 7%% or more move, i may get LOL Great example; we ARE on the same page= I AM gladly givin up 1%% [50 cents on 53.50on open, it may go downTTrend much better. So that'$ why i seldom trade the open; I know Don Bright Daytrading CO did, but I'm not a daytrader. {I do record the open price} Right on.......
Your usual scattershot reply. What did I expect. Bob and younger brother Don Bright (both of whom I traded with) forgot more than IBD ever knew and I'll just leave it at that.
I've seen the response surf gets doing that. No thanks. Besides daytrading time doesn't allow for it really.