Let´s use this thread to discuss Opening Range Breakout Strategy (ORB), a strategy with the potential to make us very happy or very miserable right at the open of the market. Let´s discuss success cases, failed ORBs and how to improve the chances to take a successful ORB in order to finish happy and early our trading days. Opening Range Breakout Strategy according to Andrew first book: "How to Day Trade for a Living: Tools, Tactics, Money Management, Discipline and Trading Psychology": 1. Monitor the stocks in watchlist for the first five minutes. identify opening range and price action. Look for a directional upward or downward movement in the one minute chart. Look for high volume with many orders going through. 2. The opening range must be significantly smaller than the stock’s Average True Range (ATR). See how to add ATR to daily chart in DAS Trader Pro. 3. See if the stock is breaking the opening range, enter the trade according to the direction of the breakout: long for an upward breakout and short for a downward move. 4. Stop loss is a close below VWAP for the long positions and a break above VWAP for the short positions. 5. Profit target is the next important technical level, such as: levels you identified in the pre-market, moving averages on a daily chart, and/ or previous day close. 6. If there is no clear technical level for profit target, exit when the stock shows signs of weakness (if long) or strength (if short). For example, if the price makes a new 5-minute low, that means weakness and consider selling your position if you´re long. If I you´re short and the stock makes a new 5-minute high, then it could be a sign of strength so consider covering your short position. For examples of ORBs, please post 1 & 5 minute (or longer time frame in case of 10, 15, or 30 min ORBs), with your entries and exits, pointing why it was a successfull or unsuccessfull ORB.

Hi everyone, I have just started the process of setting up my Trade Ideas scanners to try and catch good 5 min and 15 min Opening Range breakouts (long + short). Just wondering if anyone here had any input as to what types of parameters might be good to consider when creating this scanner alert. Thanks, Patrick