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How to use
Open Range Breakout
What does the open range breakout system do?
1. It identifies the highest price and lowest price reached since open upto the Start Time,
2. Long on a stop at the mid point and short on a stop at the mid point obtained in #1,
3. Only trade once per direction, so at most 1 long and 1 short positions taken per day,
4. Always exit at the end time of the day,
5. When the range of previous trading session is above certain threshold of the average range of the previous trading days, no trade is taken for the day
Here is the trading system, Open Range Breakout. You can open and high or first 15 or 30 minutes to get the stop loss and the targets. The system is written in formula and can be used for any stock, index, commodity or forex with proper liquidity. Traders and investors have always dreamed of magical formulas or Holy Grails to make huge profits. There is no such system in this universe, however experience may make one as a perfect trader.
6. You can see a person who can slip and fell down even he walks inside his home safely; in the same time another person balances his weight and walk on the rope tied between two buildings. Day Traders are like the man who walks on the rope. For every achievement there are certain rules. Learn the Rules; never break your Own Rules. Be an achiever whatever the strategy you use. All the Best.
7. More information on the Opening Range Breakout trading system or ORB strategies has been posted on our BLOG section.