I don't trade the first half hour or so of RTH because I find that any setup I can come up with is not sufficiently reliable for my comfort. Therefore, often enough, I find myself sifting through what appears to be leftovers in the price action that follows. Please don't misunderstand, there is money to be made after the first 30 or 60 minutes of trading, but it looks a hell of a lot less glamorous than the opening price action. So I'm just wondering how many of you folks actually trade at or near the open.
Open, Schmopen... same as any other technical trade. For years and years, I've heard "don't trade at the open... don't trade the first 30-minutes". For the life of me, I can't figure out what mind-set benefits from not trading during the 1st 30-minutes. I think the "conventional wisdom" against doing so is nothing more than an old wife's tale. EXCEPT... if you're one of those who play "every turn is the start of a new trend move", then I can see it. Otherwise, not.
I don't mindlessly subscribe to other people's biases or superstitions. Rather, I have found from personal experience with the method that I presently use, that the reliability is just not there for me. Perhaps if I were a better trader, then things would be different. I find that I can trade ES much more reliably fairly after the open. I have tested and tried a few different approaches for trading shortly after the open and found myself less than pleased on balance. I'm just wondering how other people here at ET are faring.
If I have a signal I trade it no matter what time is it . Opening is easier to trade then lunch time ( I stay out most of the time )
Considering daily average range of around 11-12, I find it impossible not to trade the open, I do open positions before the open, carry overnights. How does one explore average daily range if he/she is to sit on his/hers hands while range is being established?
If you're consistently profitable by all means keep doing what you're doing and don't worry about the "glamour" side. I'll take profits over glamour any day. I suppose it really depends on your strategies and personality. Somebody prefers a frenzied action while others like a quiet pace better. Nothing wrong with either of them.
You don't need to catch the entire range, or even a third of it, in order to do ok. But I admit that on some days it feels like I'm scrounging for crumbs. That's why I wanted to know what percentage of you guys trade at or near the open. The method I use for the remainder of the day is sufficiently reliable for my comfort. It just happens to be either unreliable or asleep at around the open. Maybe one day, I'll figure something out. It's not essential that I do so, but it would be nice. In the meantime, more votes, please!
i do...i trade ES exclusivelly and havn't found a reason not to if i get a signal. some financial news can get a bit hairy at times but overall in my experience it has paid off to take the trades.
Same here Walther - if a signal shows at 9:30am, take it. If it shows at 10:45am take it. Lunch time can a little iffy just depends on how you like to trade. I understand what the starter of the thread is asking though. The first 30 min's can see a lot of action and to always just watch would be frustrating. I'm not always in the action, but if a signal shows, then I want in!