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Your 5-minute chart is too slow to determine the opening swing. By the time a clear initial high and low were made, you had to wait 20 minutes. On your chart, the opening swing had already happened earlier.
However, imagining that this is a shorter time frame chart, the opening swing would be described as: 95.33 to 94.82. The opening type is OAOR (Open Auction Out of Range). On that day, the opening swing is very important for measuring which side has more business to transact.
You can also see that the opening swing was tested & confirmed at 8:56 CT and again at 9:15-ish CT and then AGAIN at 1:12 PM CT.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
The biggest change is that the edges that existed in the pit are no longer there or are instantaneous now. Things like seeing a big broker's level of attention to the quote board before stepping in with both hands in the air or seeing a runner sprinting to a broker in the pit from the phone banks, etc. These are all gone. The field is much more level and fair = efficiency.
Also, there is a significant amount of additional noise now in the electronic trading world. There are many misleading marketing schemes, false promises, tweets, DVD's, seminars, etc. It is very easy now to get led in a lot of useless directions. This is the reason I went out into the public back in late 2009. I saw too much noise out there and too much focus on indicators and not enough on what the market really is.
The markets are much more efficient today than they were then. A trader has to trade with a more solid plan and a well-defined edge using a larger timeframe now than they did 15 years ago.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
FT, thanks for visiting with us again today. I just finished reading the Power of Habit and have started creating some habit loops for trading. I would be interested in an example of one that you created for yourself or someone that you have trained. Following the Cue, Routine, Reward loop format, I am struggling with the reward as I don't think it should be tied to the outcome of the trade. As you have said, we can do everything within our power perfectly to better our edge but the outcome of the trade is still a 50/50 proposition. In re-listening to one of your archived chats, I heard to you recommend grading yourself on saying what you would do and whether you did what you said. Thanks...Rhonda