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

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

  1. Unfortunately, the resurgence will not be beneficial if they use them as the "holy grail" of trading....more like the "holy grail" of disappointment and frustration...

    Common sense is useful.....:cool:
     
    #31     Feb 2, 2010
  2. ..........................?
     
    #32     Feb 2, 2010
  3. +1
     
    #33     Feb 2, 2010
  4. Kon do you have any comment on my comments about first hour of trading? (Page 4)

    In the first hour, play reversals. Especially the first 30 minutes. There are days (about only 10% to 20% of the time) that price would go straight up or straight down. You need to guard against that possibility.

    Typically reversal points are likely daily pivots, prior day high/low, recent pivot support/resistance levels. If you see no clarity, step back to a higher time-frame chart to seek clarity.

    Trading in the first hour is lucrative because prices move fast. But not for beginners who seek to buy breakouts and short breakdowns because often times the "breaks" are fakes. Look at a higher time-frame to seek conviction.
     
    #34     Feb 2, 2010