Opening Range Breakout strategy for intraday traders: buy above the high of the first 5-minute candle after market open, stop loss at the day's low. Price often dips before breaking out, but the entry rule stays the same.
For people who are intraday, they should know what's called an opening range break, or as some people call an ORB. And an ORB is just a simple— if you're looking at a 5-minute chart, it'll be like, here's your candlestick. So this is your close on your 5-minute bar. It opens here, right? It closes here. And your next 5-minute bar, your entry is over that prior high with your stop being at the lows of the day. Morning, it'll kind of go down first, washes out a little bit in the morning. You can have your entry right over that candlestick. But if you just right off the open, get a candlestick that looks something like that, your entry is going to be over prior 5-minute bar with your stop at low of day. Okay.
