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Opening Price at 9.30 (EST)


How critical is the 9.30(EST) opening price to the EminiS&P market? Can it be used as an excellent buy point as a market rises from below and a sell point as the market falls from above? Or should it be used counter trend i.e. buy as the market falls and sell as the market rises? Our profit target in all scenarios is 1 pt.
Have you read this post 2007 returns Overnight vs Day returns? It shows that buying the open during 2007 wasn't a great strategy but buying overnight was.
Thanks for your reply and the link. However my attempt in this question is that whether the Opening price at 9.30 EST serves as a pivot point for trading the market after 9.30 i.e. can it be used as a support or resistance number or it is an excellent entry point to follow the short term direction in which the market is trying to go.
I purposely use the "short term" term as our profit target is 1 point only on the Emini S&P.
I think in the days before 24 hour electronic markets it might have had some significance but in todays markets I don't think it has.
maybe kbi..

I believe what is old is gold....this is true with commodities.

So you may have a point.

People still go on about Gann, Elliott, Kondrateiff etc and there were no computers when they were around and apparently these guys were such great traders and Kondrateiff...a great cycle economist. I'm not vouching for anyone..just confirming the obvious..old stuff still used to day. How about Fibonacci...1400 or 16 th century Mathematician..well u get the picture.

Candlesticks came from the rice trader Homma who supposedly made a fortune in the rice market in 1700's or late 1700's...no computers then and a lot of people have made an chitlin trading industry from this...Again who knows..but this is how the story goes on Homma.

So you may have something...never cast away when you do not know the answer. You may very well find out there is some merit or not.

The whole pt kbi..is if you think it can be useful...you dig enuf and be the judge.. Asking others may not necessarily give you the right answer.

Good luck

I like to use the opening price as a general target ( really closer to the first 5 minute high and low). You will find quite often the market will move away from the opening price only to trade back to it. I feel this has greater odds of happening within the first 90 minutes or so...There is a thread here which may be of some interest..... concepts I still use

http://www.mypivots.com/forum/topic.asp?TOPIC_ID=1337

You will find that the market may move through the open multiple times...you will also find those trend days that just take off from the open and never look back...

Bruce
quote:
Originally posted by kbi

How critical is the 9.30(EST) opening price to the EminiS&P market? Can it be used as an excellent buy point as a market rises from below and a sell point as the market falls from above? Or should it be used counter trend i.e. buy as the market falls and sell as the market rises? Our profit target in all scenarios is 1 pt.