Traders and books - they seem to naturally go together like peas in a pod. Most of us already have an extensive trading library. Why consider adding this book to your collection? Together, we (Larry and Peggy) have 50 years experience in the markets. We trade the "Opening Price Principle" every day we are in the markets. It has made us money and saved us money. Why share this principle? We share it because we are committed to teaching traders. If you want to know how we would explain and illustrate the "Opening Price Principle" and its use to someone sitting with us at our trading desk, then read this book. Better yet, "work" this book. We only take students who are willing to "do the work." That philosophy is reflected in this book. YOU have to do some work. That is the nature of learning and gaining experience and eventually coming to a place of wisdom. We also believe in the "keep It Simple" principle. We use simple language, communicate clearly and focus on the real and very practical constraints every trader faces in today's market. In short, without sitting beside us watching prices unfold and the "Opening Price Principle" operate in the market, this book is the closest we can bring you to that ultimate learning experience.
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Editorial Reviews
From the Publisher
There is an amazingly reliable relationship between the opening price and the high/low range for the entire day. This relationship is generally known only to seasoned veterans. This new book from 2 traders with over 50 years combined experience reveals this consistent pattern, illustrates it with many examples, and shows you how to trade profitably using it. If you are a short term trader in EITHER stocks or futures, the knowledge you will gain from this book will give you a tremendous advantage every day for the rest of your trading life!
From the Author
Larry and John Hill of the Commodity Research Institute in Henderson, North Carolina, first met in 1974. Larry was recovering from a large loss in cattle, soybean oil and soybean meal. Like many current traders, Larry had started with nothing and had traded his way up to a great deal of money. Again, similar to many traders today, Larry had confused his success with a bull market and had been unprepared when the bear market finally arrived bringing with it his large loss.
Since their first meeting John and Larry have remained good friends and have continued to share numerous trading ideas. In the early 1980's John and Larry spent two weeks at John's Hendersonville ranch looking at various ways of trading the markets. One of their best discoveries was a computer study which revealed the principle of Trading in the Direction of the Opening Price or, as we call it now, "The Opening Price Principle." For those two weeks John and Larry worked with numerous markets, relating the opening price to the price action through the day. Over that period the "Opening Price Principle" revealed itself to John and Larry as an incredibly powerful technical trading tool. Several years later Earl Haddady of the Haddady-Sibbert Corporation published similar statistics in a book called "The Importance of the Opening Price."
Larry and I are aware of the opening price whether we are day trading or swing trading. However, the "Opening Price Principle" is only one of our trading tools. We have isolated it here for the sake of a more effective learning experience. Once you grasp the principle and have validated it for yourself, it is up to you to integrate it into your trading plan.
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Most Helpful Customer Reviews
26 of 27 people found the following review helpful:
4.0 out of 5 stars
Very important principle!,
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This review is from: Opening Price Principle: Best Kept Secret on Wall Street (Spiral-bound)
I agree that this book could be better written and I am a little disappointed in its contents. However, I believe that many of the other reviewers fail to understand the importance of the concept in this book. He happens to use it with Fibonacci, but do not think this is just another Fibonacci book. I recommend all professional day traders like myself to draw a colored line each day at the NYSE Opening Price ( I trade e-minis myself) and over time you will start to see how important this price often is, especially in wide range days. Larry Pesavanto uses is as a filter - favor buying if above the opening price and favor selling if below the opening price. This is something I do and helps put probability greatly on your side. Also, as illustrated in his book, the opening price often act as an important Support/Resistance level. In my opinion it is much more important than yesterday's closing price, esp. after the gap has been filled. Although the book has me wishing for more content I highly recommend getting this book and adding the principle in your trading! Profitable trading entails putting probability on your side. This book provides information that can do that! I have plenty of trading books where I do not use anything from them, so if I can get one or two important things out of it, I have gotten my money's worth. I don't have any of his other books but I can say this one is well worth the money! Hence I am giving the book 4 stars and do not believe that it should have a rating of less than 3 stars due to the content and the price. Linda Raschke also uses the Opening Price Principle and Edward Dobson highly recommends this book.
24 of 33 people found the following review helpful:
1.0 out of 5 stars
Absolute Disgrace,
By "foucaultsbaldhead" (Huntington, NY) - See all my reviews
This review is from: Opening Price Principle: Best Kept Secret on Wall Street (Spiral-bound)
Perhaps one of the most poorly written books I own. The author should either get some new friends to inform him of his lack of writing talent, or he should be imprisoned for such an apathetic attempt at writing. On top of that, his "Opening Price Prinicipal" is a completely stolen method. Toby Crabel was one of the original co-creators of this technique. The information on this technique is better explained in "The Ultimate Trading Guide", "Long Term Secrets to Short Term Trading", and "Professional Stock Trading". Of course, if one can track down Crabel's book, then you have the original work which is very thorough. At then end of the book, he does have a rather paltry chapter on Fib ratios that can be found and better utilized in numerous other books. In summary, this book is poorly written, weakly paraphrased, and completey lacking of any original content.
9 of 15 people found the following review helpful:
5.0 out of 5 stars
You either get it, or you don't.,
By Del Ritchie (Lamar, MO United States) - See all my reviews
This review is from: Opening Price Principle: Best Kept Secret on Wall Street (Spiral-bound)
I find it interesting how much animosity there is towards this book. Although, I guess that's probably a good thing. If you're interested in daytrading, you absolutely have to know this. Maybe you already know it, maybe you don't, but whatever you do, make sure you know this. Until you do, you have no business daytrading.
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