Why you shouldn't trade the 1st hr of the day

Discussion in 'Trading' started by konviction, Feb 1, 2010.

  1. wlp
  2. Surdo


    You want to blank out your account number!
  3. pfft i aint scared :)
  4. LOL at all the indicators.
  5. ya i know :eek: , but the backtesting so far looks good. In a few months i might take it live...which is why i dont care about the acct number, this is on demo :) ... i have a real money account with tos, just not one with 80 g's in it .
  6. No, that is what we call a horseshoe pattern.

    Big money is made on that pattern each day.
  7. I wish that the entire day was like the first hour :)
  8. the1


    That chart looks like a reason why you <b>should</b> trade during the 1st hour. One man's trash is another man's treasure.
  9. Paraducks


    Hi Kon...Why wouldn`t you trade that kind of action? I see 4 trades right off the bat. Then a bit of breakfast and a nice brisk walk. Done for the day.:D

    Maybe I missed something, but the first hour has all the movement lately. :confused:
  10. I find the first hr hard to understand. For many months I would analyze gaps on daily charts. People say fade the gap?..well that doesn't seem to work so well many times. I still have the charts, I could put them in a zip file as well...?

    Because my day trading system is so heavy on indicators, not to mention the lag that comes with them, it just seems to risky to take trades eventhough the system tells me too in the first 1hr.

    My system gave a buy signal on gs after the first 15minutes, and a target of 154.72 (155.25 was high).. needless to say i would have bought near the lows and sold the top, but how would I possibly know this before-hand?

    I like to see the dust settle and a trend begin to develop before I get in the ring.

    For those that DO trade the first HR successfully how do you go about it?... I know most will say "pa only" , but be more specific please.

    #10     Feb 1, 2010