Hi Pat,
I needed your help with Buying stocks that breakout at market open or within first few minutes of market open.
The issue I am facing is that I do not know how to be sure that volume is good since the stock passed the buy price within the first few minutes of open and I do not have enough volume data.
If I decide to wait 15-30 minutes to see how the volume is going to be, for good stocks many a times it is too late as they have already advanced 2-3% or more in first 15-30 minutes.
Also, if a stock has moved 2-3% in the fist half an hour and if I decide to wait for it to pull back a bit during the day, then it looks like that the stock has lost momentum and is not that strong and now I am buying into weakness. How do you decide which pull back is good and which is not for a buy during the day?
Do you also look at pre-market action for such a stock that breaks out in first few minutes. If yes, what and how do you do this?
Do you look at the volume that came in during the end of previous day to make a decision?
Thanks