I trade only at open and I am trading only one setup 5 min ORB, Our mentors always tell at starting learn only few setups that is enough to make money. I am following the same.
Simple Rules:
Trade only 5 min ORB
Entry and exit based on 5 min trend lines
No low float stocks
Volatility < 10-11% [ Reason I am trading with very small risk hence small qty Kyle's htk, for volatile stock >10% I need to have wide SL hence I will get very very small qty and risk to reward is not favorable for me]
Partials based on Fibonacci levels [ It's really useful as I am trading with very small risk and qty hence I can partials at important levels in order to make most of the profile with less qty, and as all we know fib numbers are natural numbers and we can find most of the levels based on fib numbers. I am using fib numbers for my swing trade as well]
Stocks should have good order flow
Stocks ranges $10-80 [ I am unable to manage risk outside this range, it's my comfort zone and I have a good edge in this range as per previous records]
5 Min ORB trade[INTC] Aug-20-2020: For this trade I saw weakness at premarket 15/30/60 min chart. I was planning to go short and was looking for 5 min break down.I went short after waiting for 2-3 min at open. I got a pullback and drew fib levels for partials. Eventually I closed all my position at 5 min trend break.