Hi friends
I want to discuss about ORB in this thread but with some modified rules.
ORB = opening range breakout
In ORB we have to watch 1st 15-30-60 minute range (high/low) to trade intraday and if range breaks any side then we can enter in trade with stop loss of opposite figure. For example if nifty 1st 15 minute high is 5520 and low is 5487 then our levels are.......
Buy nifty at 5521 stop- 5487 target -xxx
Sell nifty at 5486 stop-5520 target- xxx
Many traders do these practices but in the end they got only loss, because that system gives only 50-55% accuracy & nobody knows where to exit. Now the million dollar question is why I m discussing here when formula is not good.
Well , I want to try this strategy with some modified rules and wants some guidance from forum' seniors to improve this system and my trading skills , that is my reason to start this thread , hope I will get response from everyone.
So my rules are us under ..
1. We trade in nifty future, so we will take level of nifty future only.
2. If nifty open=high/low or within 2 points then we will take range of 1st 15 minute of real trading (candle of 9.15-9.30)
3. If condition of rule no-2 will not fulfill then we will take range of 1st 30 minute of real trading. (Candle of 9.15- 9.45)
4. Risk -reward will be 1:1 if we want to play in one lot and if with 2 lot then we will exit after 3 p.m. in 2nd lot if stop loss will not hit .
5. We will trade only intraday no overnight position in any condition
6. if conditions of rule no 2 fulfill then we will trade immediately when range of 1st15 min break in any side but in condition of rule no-3 we will trade 5 points below our breakout level of 1st 30 min means if nifty high/low is 5520-5487 and 5520 broke then we will wait nifty to come at 5515 and will buy at that level. Same on sell side when 5487 break then we will sell at 5492.
I dont know I am wrong or right in making of these rules & no real trading done by me according to these rules but I am closely watching all this from last 15 days. Please share your views & help me out to improve myself as a successful trader.
MARKET ALWAYS FOLLOWS PRICE ACTION BUT I ALWAYS FOLLOWS INDICATORS .
I want to discuss about ORB in this thread but with some modified rules.
ORB = opening range breakout
In ORB we have to watch 1st 15-30-60 minute range (high/low) to trade intraday and if range breaks any side then we can enter in trade with stop loss of opposite figure. For example if nifty 1st 15 minute high is 5520 and low is 5487 then our levels are.......
Buy nifty at 5521 stop- 5487 target -xxx
Sell nifty at 5486 stop-5520 target- xxx
Many traders do these practices but in the end they got only loss, because that system gives only 50-55% accuracy & nobody knows where to exit. Now the million dollar question is why I m discussing here when formula is not good.
Well , I want to try this strategy with some modified rules and wants some guidance from forum' seniors to improve this system and my trading skills , that is my reason to start this thread , hope I will get response from everyone.
So my rules are us under ..
1. We trade in nifty future, so we will take level of nifty future only.
2. If nifty open=high/low or within 2 points then we will take range of 1st 15 minute of real trading (candle of 9.15-9.30)
3. If condition of rule no-2 will not fulfill then we will take range of 1st 30 minute of real trading. (Candle of 9.15- 9.45)
4. Risk -reward will be 1:1 if we want to play in one lot and if with 2 lot then we will exit after 3 p.m. in 2nd lot if stop loss will not hit .
5. We will trade only intraday no overnight position in any condition
6. if conditions of rule no 2 fulfill then we will trade immediately when range of 1st15 min break in any side but in condition of rule no-3 we will trade 5 points below our breakout level of 1st 30 min means if nifty high/low is 5520-5487 and 5520 broke then we will wait nifty to come at 5515 and will buy at that level. Same on sell side when 5487 break then we will sell at 5492.
I dont know I am wrong or right in making of these rules & no real trading done by me according to these rules but I am closely watching all this from last 15 days. Please share your views & help me out to improve myself as a successful trader.
MARKET ALWAYS FOLLOWS PRICE ACTION BUT I ALWAYS FOLLOWS INDICATORS .
