Product Review: MarketGauge Opening Range Success Formula by D. D Peterson
Opening Range Success Formula, MarketGauge’s new product, is a trading course and mastery program, with multiple strategies for daytrading equities and commodities. Opening Range Success Formula is based on pattern-based trading strategies. There are two parts to Opening Range Success Formula: the OR Blueprint and OR Mastery. Let’s take a look at each.
This is where you learn what MarketGauge calls its opening range trading strategies. There are nine modules about six hours in length. The Introduction module is basically a synopsis of the trading backgrounds of MarketGauge cofounders Keith Schneider and Geoff Bysshe. The second module, Basic Opening Range Theory, gives you the overall approach. The next six modules give you specific trading pattern setups, such as momentum swing trade with three-day pivots (Figure 1), gapping bulls and bears, and reversal trade. The ninth module is the conclusion.
One of the charts in the theory module provides some interesting statistics. In general, the first 30 minutes of each day establishes the high or low of the day 35% of the time, and in periods of expanded volatility, this percentage tends to rise. Just prior to attending a Las Vegas conference, Bysshe demonstrated this with a brief period, showing that the high and low were established 68% of the time, as annotated on the chart with up and down arrows (Figure 2).