After reviewing my trades on Cl the last few months, I have discovered that I have taken a large amount of losses by trading the first few minutes of the 9 am est session in crude. There were, of course, some days when I caught some great opening pushes.
I am finding now that I am getting better results by not trading the first 20 minutes or so of that open. I am better able to get a "Feel" for the price action and market conditions for the session. Also, the trading ranges can be established better.
So, the downside is that I miss a possible strong move at the open, but the advantage is I get to tune in better and formulate a strategy based on the additional information I get by waiting it out.
I would be interested in reading what other experienced Cl traders think on this matter.
I wait for setups without regard to whether they occur at open or not. If you get better results not trading the open, then don't trade the open. It doesn't matter what moves you miss. What matters is your bottom line over time.
The following user says Thank You to mwtzzz for this post: