Larry Pesavento & Peggy MacKay – Opening Price Principle: Best Kept Secret on Wall Street

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Exploring the Essential Features of “Larry Pesavento & Peggy MacKay – Opening Price Principle: Best Kept Secret on Wall Street”

Opening Price Principle: Best Kept Secret on Wall Street Spiral-bound 
by Larry Pesavento (Author), Peggy MacKay (Author), Teresa Alligood (Editor)

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.

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.

About the Author
LARRY PESAVENTO:Larry is a trading mentor and a thirty year veteran of the Chicago Mercantile Exchange. He supervised Drexel-Burnham-Lambert’s Commodity Department in Los Angeles. Larry traded on and off the floor and trained over 200 traders. He is currently a contract trader for a large hedge fund.

Larry seeks to distill and share his thirty years of market experience. His contribution is to teach others the “art and science” of trading. He is the author of six books on trading, and he periodically gives seminars on his pattern recognition style of trading.

PEGGY MAC KAY:

Peggy is an avid student of the capital markets and trading. She holds an MBA degree in Finance and for the past six years has traded her own private account. Prior to striking out on her own, Peggy spent twelve years on the institutional desk of a large Canadian broker. Peggy works closely with Larry Pesavento, sharing her ideas and expertise.

Excerpt. © Reprinted by permission. All rights reserved.
Why is the Opning Price so Important?Even as we approach 24 hour markets, the world still seeks direction for U.S. stocks from the six plus primary hours of the U.S. domestic trading day. From this perspective we are left with 18 hours for observation, analysis, comparison with other domestic markets (Hong Kong, Tokyo, Sydney, London, etc.) and finally for decision making for the next trading day. Decisions are made during these 18 hours which are then effected at the opening of the market. The opening price carries great weight. It is the first opportunity for all the analysis, strategies and tactics formulated over the last 18 hours to be actualized in the market.

Product details
Publisher ‏ : ‎ Traders Pr; First Edition 
Language ‏ : ‎ English
Spiral-bound ‏ : ‎ 104 pages

Customer reviews

D. Dobrev
Opening Price Principle: Best Kept Secret on Wall Street
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

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