1 Min ORB vs 5 Min ORB

[1 Min ORB vs 5 Min ORB]

On a 5 min chart, Do you buy close to/just above a specific level (vwap, 9EMA, Support) that way you can place your stop pretty tight, limiting your risk for the trade?

[Thinkorswim....]

I have been using Thinkorswim now for  few months.  I am a fairly new trader and have never used DAS or any other platform/broker, so I do not know what the benefits of those platforms have over TOS.  TOS seems very clean and charting is great, but does anyone have any input on the level 2 on TOS compared to DAS?  It seems when I watch the recaps DAS has a lot more market depth and can see the large big/ask orders, making it a little easier to trade the momentum trades.

[1 Min ORB vs 5 Min ORB]

18 hours ago, huntermac said:

I tend to stay away from ORBs that have a body larger than their ATR. I love to scan for small bodies (I don't pay too much attention to the wicks, some people do) and take the trade on those. I also like to find ones that are closer to VWAP for a good stop loss area, and a good technical target level. And again, I wouldn't rely solely on the 2nd candle breaking the body of the 1st. Sometimes, there's a struggle and it comes back a little and drops before it takes off. I like to see large orders on the level 2 and then I like to see A LOT of volume being met on the ask in the tape. That's generally when I can confirm it's a true break on the ORB and fixing to take off. I find I get better at this the more I'm in simulation. 

Here's what I enjoy doing to test trading ORBs. I change my DAS simulator to quote mode, find stocks in play from previous dates, and trade ORBs for an hour. There's no access to level 2 yet, however, there's access to reading the tape. You can spend time watching the tape and seeing what it looks like when a true break is occurring.

I used to just trade the break of the body, but it's not enough (in my opinion) when trading ORBs. I believe reading the tape and level 2 reading are essential, because to me it's more of a momentum trade.

Yeah, I typically trade the break of the body.  Basically if the 1 min moving averages are going up and 5 min moving averages are going up, I trade the break of the 1st 5 min candle.  I feel like sometimes the trade goes in my favor and sometimes it doesnt.  I get not all trades are 100%, but maybe Im doing it wrong? Not sure.  

[1 Min ORB vs 5 Min ORB]

5 hours ago, Jaxettew said:

I primarily trade ORBs in the morning at that is it.  How do you decide if you are going to trade the 1 M

I typically trade the 5 min ORBs but have had them reverse on me and get stopped. When is a stock extended to the point where it wont continue the ORB and instead reverse?

 

[Chart pattern illistrations]

Kind of a hard question, but what percentage would you say these patterns actually work?

[1 Min ORB vs 5 Min ORB]

I primarily trade ORBs in the morning at that is it.  How do you decide if you are going to trade the 1 Min ORB or the 5 Min ORB?  Also, when is the 5 min to extended to trade the 5 Min ORB?

[Scaling out of a position]

Sounds like such a noob (Which I am), but what does 1R, 2R etc?

[Scaling out of a position]

When I am in a trade, I find myself constantly watching my P/L instead of seeing what the trade is doing, which is terrible.  I am thinking about getting rid of my P/L so it doesn't pop up while I am in a trade.  How do you guys scale out of a trade?  Do you start taking profits at a certain percentage? Certain Prices? Certain levels?

Thanks!