Customer Reviews

Opening Price Principle: Best Kept Secret on Wall Street

5 star:		(1)
4 star:		(1)
3 star:		(0)
2 star:		(0)
1 star:		(4)

 

 

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.

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.

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.

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.

The opening price principle could be written on one page. I have books on Fibs, I didn't need another. Give me a break!!!!!!!!

What a trader really needs is "The Closing Price Principle" for the current day, with is the Top Super Secret on Wall Street. Here it is for FREE (no subscription required):
The closing price will be near the high or low of the day approx. 66.66666666666666667% of the time