[darthtrader]

i found what i read, it was a link dr. brett gave to the trad2win board.
"Before electronic exchanges there was an actual 'opening range' that was published on some exchanges to give 'off the floor' an idea of the 'moods' at the opening. Wide opening range could portend wilder days, narrow range could signal not much happening. The size of trades at the open were watched closely also.

Since the advent of electronic and 24 X 7 markets, each trader is pretty much left to create his own 'Open'. and I don't believe that first few official minutes are as telling anymore because traders can now truly act 'before the bell' and enter many small orders to implement large trades 'around' the open etc.

So, for Crabel, etc kinds of Breakout work, the Open can now just be the one first tick. (that unfortunately you must now disignate). For example, I use times that are on average 1 1/2 hour earlier than the official opening for US indexes, bonds, and currencies for some techniques. You could do all kinds of work on how markets are 'passed off' internationally, (rolling openings?). because there is no true opening anymore and the remnants of the old openings will most likely fade even more in the coming years as the 'globe' gets more involved."