by Larry Pesavento, Peggy Mackay
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| List Price: | $29.95 |
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Book Description
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.
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Average Customer Review:
6 of 9 people found the following review helpful:
 You either get it, or you don't., 2006-11-19
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.
18 of 19 people found the following review helpful:
 Very important principle!, 2005-06-08
I agree that this book could be better written and I am 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 wider 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. 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.
5 of 16 people found the following review helpful:
 Opening Price Principle: Best Kept Secret on Wall Street, 2005-03-04
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
9 of 15 people found the following review helpful:
Opening price principle or Fibonacci?, 2003-07-25
The opening price principle could be written on one page. I have books on Fibs, I didn't need another. Give me a break!!!!!!!!
22 of 29 people found the following review helpful:
Absolute Disgrace, 2003-03-17
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.
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