Welcome all

CW - it is |Technical Trader| but I think it's only open when Grey1 is not running it.

Unless there are other admins...?
 
Yes Paul, I did mean what you thought I meant.

There are quite a number of misplaced and unintended double negatives on these forums.

Is this, do you think, a facet of the trader's thought processes? Too busy thinking ahead to do a check on the here & now...?
 
nah mate it is just how sloppy ppl r :) stop trying to excuse yrself with "trader's thought process" :) just a joke
 
Grey1,

Thanks for the invite, I'll add where I can but I don't trade either stocks or the US markets, so perhaps limited.
 
Don't want to start a new thread for this but, while I've been away on holiday, everything seems to have dried up.

Where are you Gray1? Hope everything is all right. Hope to see you back soon.

Where have all the threads gone? From memory there were 20+ when I went away, now 11.

Regards to all.

LII
 
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Significance of the OPENING price of the day

Grey1

An open question to whoever might help

I am particularly interested in understanding the significance of the OPENING price of the day.

I would like understand its significance by observing where the open price is positioned in respect to the previous day bar or candle and ,even better, referred to a larger context; for instance its relation to the price movement over the previous 5/6 day period and resistance or support.

Am I correct in assuming that this price is largely determined by the market makers ?

And if it is so can we guess their intentions?

I would be grateful for opinions and enlightment or indications on where to find books/material covering the subject
 
Larry Pesavento wrote a book called (I think) The Opening Price Principle. I think it is more about how the price during the day relative to the opening price can predict the likely direction for the remainder of the day and is probably summarised by "Don't go short above the opening price or long below it"

I am also aware of traders who make "Gap Plays", based on the price action and volume into the close they buy or sell in the last minutes of the day anticipating a gap up or down. I don't know of any books on this as such but It is one of the tactics put forward by Ken Wolf so you might find something on it on his website www.mtrader.com.

If you are trading UK stocks be careful in applying techniques developed for the US market since the operaton of ECNs or activities of the specialists on NYSE stocks are quite specific to that market.

Best of Luck
 
Grey1 said:
I welcome all our members to the new forum .. The objective of this forum is to research and develop new strategies to help us achieving more reward with lesser risk ..

Once a trader always a trader ..

PS:-- please donot not transfer or post any of the contents of this BB else where.

Thank you guys
Click to expand...


Thank you Grey1.

Thank you very much for allowing me into this forum. I truly appreciate it.

My name is Paul. I live in Canada and trade US futures, bonds, commodities and stocks. Currently I am looking into trading CFDs. I have been trading (daily) for about 2 years. Reading about trading is one thing but trading every day for a living is another. There is a lot to learn and I am eager to get started - to improve. I use Prosuite 2000i and I am fairly good at programming it with Easylanguage. In fact, I have already programmed it with WVAP and the MPD bands based on the code posted here. I would love to get a copy of the exhaustion engine so that I can install it. May I ask where I can get a copy of the code? I have not used RadarScreen before so will have to learn but I am sure the other members in the forum will be able to offer advice. Once again, thank you very much for allowing me into your group and hello to allthe members of this forum. I hope to learn from your wisdom and hopefully contribute in some way to everyone.
Cheers
Paul
 
Introduction:

Hi All,

I hope to learn from all your experiences and will share what I have experienced to date.

Name = CYOF

Location = Ireland

Experience = 5 Years Part Time & 1 Full Year Daytrading

Training = David Nassar, Ken Calhoun DTU, Barry Rudd, Todd Mitchel, Larry Levin, Alan Perry

Main Focus = Sector Based Daytrading of Nasdaq Tech Stocks between 09:30 & 11:00 EST

Secondary Focus = YM Dow Futures & SSF's

Other Interests = ES E-mini Futures, Commodity Options & Forex

Most Favorite Books = The Disciplined Trader, The New Psyco-Cybernetics

Current Status = Working in "normal" job with plan to return to full time trading in 2007
 
CYOF said:
Hi All,

I hope to learn from all your experiences and will share what I have experienced to date.

Name = CYOF

Location = Ireland

Experience = 5 Years Part Time & 1 Full Year Daytrading

Training = David Nassar, Ken Calhoun DTU, Barry Rudd, Todd Mitchel, Larry Levin, Alan Perry

Main Focus = Sector Based Daytrading of Nasdaq Tech Stocks between 09:30 & 11:00 EST

Secondary Focus = YM Dow Futures & SSF's

Other Interests = ES E-mini Futures, Commodity Options & Forex

Most Favorite Books = The Disciplined Trader, The New Psyco-Cybernetics

Current Status = Working in "normal" job with plan to return to full time trading in 2007
Click to expand...




Welcome aboard

grey1
 
fabius said:
Grey1

An open question to whoever might help

I am particularly interested in understanding the significance of the OPENING price of the day.

I would like understand its significance by observing where the open price is positioned in respect to the previous day bar or candle and ,even better, referred to a larger context; for instance its relation to the price movement over the previous 5/6 day period and resistance or support.

Am I correct in assuming that this price is largely determined by the market makers ?

And if it is so can we guess their intentions?

I would be grateful for opinions and enlightment or indications on where to find books/material covering the subject
Click to expand...

Larry Pesavento: "The Opening Price Principle states that the opening price will be near the high or low of that day 70% of the time. In other words, the opening price will be within 20% of either the high or the low of the day about 70% of the time"

Larry also makes an important point to note - Yesterdays closing price means nothing when you use the OPP.

Larry’s methods are based on Pattern Recognition - primarily Gann and the Price / Time analysis.

If you are keen to learn strategies based on early morning breakouts, then I think you need to identify the best markets to trade when using these techniques - I have done some work on the Opening Range Breakout in the past but dropped it as it was a mechanical system and I do not like trading with mechanical systems.

Typically, there is a popular method for trading the S&P 500 called the Opening Range Breakout, which many traders (or so you are led to believe) use for trading various markets.

IMHO, trying to guess what anyone will do in the markets will only lead to one thing - losing trades. I don't mean to sound like I am reading from a book, but for me, I am trying to learn to trade what I see in front of me. The only thing I am concerned with is that my next trade moves in the direction I thought it would ASAP, if not, I don't want to be sitting around waiting for something to happen - as there are plenty of other good trading opportunities out there to catch.
 
Thanks Grey1,

Looking forward to learning some new things here, and happy to put forward my thoughts.
 
Hello Guys/Grey1,

I am new to this board, thanks to Grey1 for letting me in :)

I have read through 'The Complete VWAP Strategy' forum where Grey1 has laid out the rules of the system.. I was wondering if Grey1 and other traders are using the same system or if any modifications have been made to the original version .i.e if any indicators or new rules added, also I read some people using System 1 and others using System 2, I thought there was only 1 system everyone was trading ?? Also what is a VWAP engine and what platform is required to use it ?

many thanks
 
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