Anatomy of a trade that wasn't:
Futures, ES Contract.....(but Opening Range Trades carry to ALL equities)
Opening range is defined as the high, and the low set by a security during first 30min of trading (for me it's 30 min).
If the security breaks the ORH or ORL after that period, it's a sign of where the market wants to go.
1) ORH set at about 4447, ORL 4427.5....everything in between (YELLOW) is the "Initial Balance"
2) ORH break just after the 30 min period, go long, set stop, likely get stopped.
3) ORH break about an hour later, go long, set stop, likely get stopped, but maybe not?
4) ORH break AGAIN 30 min later, go long, set stop. You now have a winning trade to manage.
***If this post is on Business and Investing, take it with a grain of salt. I am wrong way more than I am right (but I am less wrong than I used to be) and if you follow me you will be too.***
B&I Key:
ETH - Extended Trading Hours --- RTH - Regular Trading Hours
ORH - Opening Range (1st 30min) High --- ORL - Opening Range Low
R1, R2, R3 - Resistance 1, 2, or 3 --- S1, S2, S3 - Support 1, 2 or 3