making money on the open?

Discussion in 'Trading' started by youngtrader, Sep 30, 2007.

  1. I recently started trading wheat intra day on the overnight sessions and am off to a decent start. One thing that has me stumped though is the open of the market or any market for that matter. Most of my trading is looking at the orderbook and keeping track of certain price levels. When the orderflow starts to turn one way and we are next to one of those price levels I act accordingly.

    I do really good after the first 15-30min of trading untill I decide to call it quits for the night. I have yet to make any money on the open. It seems like the orderbook makes no since at all with all the high volume action going on. It seems just to intense and unpredictable on the open. But everyone always says the open is where the money is made and you have to be there to trade the open.

    What is a good way to trade the open? Any special things to look for on the orderbook or are you better off just picking a level on the chart? Are you better off going with the opening move or trying to fade the move? Should I wait for order flow to turn around or just pick a level that I think should stop the opening trend and get a fade move?

    Anything else would be greatly appreciated!