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Andrea Unger here, full-time Trader since 2001 and the only one to win 4 times the World Trading Championship with real money.
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How come trainers almost always only teach discretionary trading then?
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Hi, guys. Hi from Andrea Unger. I want to talk today about a well-known setup: the Oops from Larry Williams.
Larry Williams is a great trader, and he’s really a great student of markets. In my opinion, he’s really incredible. He applies a lot of energy in studying what the markets do, in figuring out how to beat the markets. And obviously, he is successful in that. One of his best-known setups is the Oops. So, let’s go in-depth into this; it’s well-known so... don’t get me wrong, Larry, if I show it here in this video.
Let’s say this is the daily bar of yesterday, for example: open, evolution, close, and we are, today, in front of the opening of the markets. And let’s now imagine that the market opens here in gap-up. Again, gap-up is when the open is higher than the highest point reached yesterday, or a get-down is if it is lower than the lowest traded point of yesterday. So, the market opens there. This is a strong market, a market showing strength. Look there, such a high open. This is a very strong market. And this market, as it is showing strength, it is supposed to go up; and it probably will, but if for some reason both start falling, once they reach the highest level of yesterday, it’s like they say, “Oops, I was wrong.” And in this case, here we enter short. We enter short because there we imagine that the market-the players in the market-will realise that they are absolutely not that strong; no, no, they are weak. And then we’ll go down-back, back down somewhere. Perfect.
Once we enter, we obviously set somewhere a protected stop because we need a stop-loss, and with this a longer stop-loss is something that needs to be evaluated depending on the market we are trading. Then, how to close this? Larry, again, proposed his bailout exit, the first profit profitable open. So, we stay in position. The first day where the open is in profit, so if it opens somewhere below the entry level because we are short, we will close the trade. Just because open of markets is from the public normally, and the close is from the pro. So, public sometimes make mistake, and if we have an edge in the open so that we are in profit, we better take it.
This is the basic concept behind this. And this goes on day after day until we get this profit on open or, obviously, the bad case if we are stopped out, okay? We can also close at the end of the day, but these are other kinds of close. That’s the best one, and even though it sounds weird, believe me, it’s a very effective close on a position. Larry also made some tweaks to it, but you might go and ask Larry about them; I’ll just give you the basic version here.
Now, does this work? Yes, it does. But in today’s market, this very specific setup is rare because we have markets that trade 23 hours a day. So, in a one-hour close, it’s hard to find such a situation where we have a heavy gap in the open-maybe after the weekend, but normally it’s not there. But if we take markets such as the Dax in Europe for example. Dax ends at 10 PM and opens, again...