At T3Live we teach a very calculated system for limiting risk and maximizing reward in your trading. In most stocks we use previous price levels to identify support/resistance to trade against, but on day 1 of an IPO you don't have those historic price levels to use as a reference.
In the absence of previous days' prices, you have to exclusively use intraday price levels to manage your risk-reward scenario. In the video, using examples of recent IPO's LinkedIn (LNKD), Yandex (YNDX) and Tumi (TUMI), I illustrate how you can make calculated trades on the first day of trading.
In the video I also give some hypothetical scenarios for how FB might open up and trade tomorrow. I mentioned on Twitter earlier that I would HIGHLY recommend getting a Free Trial to the Virtual Trading Floor(R) for tomorrow. Marc Sperling is an expert at trading the first day of IPOs, and it will be major value added for you if you tune in.
*DISCLOSURES: Scott Redler has no positions.