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For me, the best times of the day for trading are the first hour and the last 2 hours.
Here's an old rule of thumb (and this used to work like clockwork in the "old days", and although it has diminished a bit, it still happens):
"The Minor Time of Day"-
If the Market opens higher, then there tends to be a pullback within the first 20 to 40 minutes. But, if the pullback is sharp, then you've likely seen the high for the day and you'll want to be selling the bounces.
"Major Time of Day"-
Around the 2:20pm to 2:40pm time frame, we'll often see moves reverse or gather steam in that timeframe.

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1. How to Treat Gap Openings

A gap up or gap down open is an emotional move, and it often will reverse course and turn in to "trap open". Gaps that are less than 4 points on the SP Future tend to get filled in the same day, especially Tuesday through Thursday. Turns will occur within 20 to 40 minutes on account of the open. A trader must be on the lookout for a reversal as soon as early momentum is lost.

A gap into a good support /resistance zone is scarcely night and day a good "fade" - with stops no more than 1 point on other side of the support /resistance zone.
(A "fade" is simply entering a position opposite of the direction of the gap. If the market gapped down, a "fade" would be entering a long position (buying) in to the selloff.)

2. When the Market Moves as to You, When Do You Exit a Trade?

The way I trade, I exit as quickly as possible. There's no sense in waiting approximately for your "stop-loss" to get triggered when the perceived edge is gone. I like to stay in control of my trades, and if the market doesn’t do as anticipated, I don't wait for my stop to get hit.
When there is no longer a high probability situation, exit and take a second look.

3. When Are The Best Times of the Day to be Trading?

For me, the best times of the day for trading are the first hour and the last 2 hours.
Here's an old rule of thumb (and this used to work like clockwork in the "old days", and when it has diminished a bit, it still happens):
"The Minor Time of Day"-
If the Market opens higher, then there tends to be a pullback within the first 20 to 40 minutes. If the pullback is weak, there will probably be a continuation of rally into the early afternoon. But, if the pullback is sharp, then you've likely seen the high for the day and you'll want to be selling the bounces.
"Major Time of Day"-
haphazardly the 2:20pm to 2:40pm time frame, we'll often see moves reverse or gather steam in that timeframe. People that have been holding positions all day long turn a bit "antsy" - they have to do something with them ahead the Market closes for the day. When people holding losing positions into late into the day see the time until the container is near, that can cause the market to make some sharp turns in the last 90 minutes. The program gang also likes to get spry that time of day.

4. How Can Anyone Trade a fluctuating Market?

I take a number of scalps in rank markets. I time entries with Tick extremes, especially when price pops into previous high areas of congestion, or other intraday support and resistance. Moving averages are not good during days.(Scalps : small profit, "hit and run" type of trades)

5. How Do You Measure Pullbacks

In a trend move, I like to see shallow pullbacks to a steeply sloped moving ruling on one of the 3 time frames I follow. (more time frames, the better) Pullbacks to symmetry in a persistent trend are useful when present.

Example: Rally, dip 2.00 points – of a sort run up, then a dip of 2.25 points – A quite another thing push higher, then a dip 1.75 points. Note continued dips of 1.75-2.25 points repeatedly hold. A pattern has developed, and you want to be buy those shallow pullbacks. This works great used in conjunction with a steep slope of the 20 ema on the 5 minutes charts, or slightly bigger picture, the 60 ema on the 5 minute chart.

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