Any you guy's try something like this? If so, any luck, or thoughts?

Basically, when the market opens (normal trading hours), you go long or short as soon as it moves 10 ticks in one direction or the other. Here's some examples from July 6,7 and 8th.

I don't know, I've seen many opening directions go one way on the open and the market reverses the other way. Did you backtest this strategy at all?

I've been looking at a few market open/1st hour trading strategies and systems out there, anybody else have an opinion on any of these or good strategies for market opens? Being on the West Coast, I like the thought of dong my day's trading between 6:30 and 7:30 am and being done for the rest of the day (or at least not being tied to my trading workstation all day)

Market Gage teaches to bracket the first 5 min on the ES or stocks for that matter and the 1st 30 min. I have had success with the 1st 5 min on the es

shodson 

Did you backtest this strategy at all?

Nah...I'm just starting out, and don't really have that much data yet. I ran NinjaT this morning and took a few sim trades, tho. I took the 10 tick open range play and a couple of momentum support trades that I talked about on my Scalp trades on Momentum thread. Made a $148.28 of sim money! lol

Hey dwemini,

Do you know where market gauge places their stop on the first 5 minute strategy?

Thanks, Jeff

i might use the opening range as a filter. only go long above it and only go short below it. mark fisher's method is very similar to what you do with the opening range, but he uses time and does some other things a little differently.

Jugador,

I have not tried your thought, but one of my hard fast rules is: If it can't take out the Premarket high or low it will reverse and go the other way. This is usually good for a few points right off the bat.

GarryM

I don't usually chart pre-market (overnight). I probably should watch that more.

Check out Tony Crabel's " Open Range Breakout" 7-part series that appeared in TASC some years ago. Or you can buy his book on Amazon.com for $1,493.85!

Cool, thanks for the link. I'm not quite prepared to pone up $1,500 for the book.

But, I was interested in it, and didn't know about the .pdf. You da man!