Go your own way: Trading off the open

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Description: The equity market rarely acts how everyone expects and the Waddell retracement at the open is based on this concept. Moreover, it is viable regardless of overall current market trends. The objective is to take advantage of a potential reversal at the open: to be in and out quickly for possible sizeable profits. You may use a variety of indicators when you trade, and that is fine. However, for this strategy, you can throw most of these out the window. A useful approach to time an entry is a candlestick chart on three time intervals: one-, three- and five-minute time frames. The most important part to any trade is the exit, and that is also true with trades based on the Waddell retracement at the open strategy. The key point is to exit into the strength. Do not over-leverage yourself with this strategy and keep in mind that if it has not worked out five minutes after the market has opened, exit all positions and try again next time.
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