Sunday, July 11, 2010

Opening range breakout

The opening range is used by the World’s Most Successful Traders. This trading approach provides a trading path for the new and experienced trader alike. During the first 30 minutes of the day’s trading traders and investors are reacting to any news they have heard or analysis they have done since the close of the prior day. This makes the opening period psychologically very important to many traders.
I use first 30 minutes(for forex first 1h or asian sessioan can be consider as opening range) price action as my opening range.
What I look for to trade opening range high / low:
· A long tight consolidation at the ORH/ORL.
· Relatively high volume.
· Price is trading above to 10 MA for long and below 10 MA for short, if the price is close to MA that’s add more probability .
· Momentum in the price action is necessary when we enter this breakout.


Nifty Tips said...

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Nifty Tips

PRD trader said...

Ty nifty.