@Pete Does 1OP work well even from a close on a Friday to the opening on Monday, having (I suppose) no data points in between -, and given the notorious differences between intraday timeframes last Friday? What was the late bounce on Friday due to: a. Only short-covering; b. Institutions rebalancing; c. Simply the effect of hedging options flows from market makers; d. None of these or maybe something else? Thanks.Question
When you say “does it work well” that implies “should I jump on a trade signal Monday morning”. We don’t jump on anything without technical confirmation whether it is Mon or any other day. 1OP is one piece of information and we consider it along with the price action Monday morning. It is always best to wait for the first 30-45 minutes to pass before taking day trades. If you are using longer term time frames for 1OP, you have to take the position Fri based on what the indicator and price action are telling you at that time knowing that conditions can change over the weekend (good or bad).