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I know that Andrew tries to enter his ORB based on the body of the 5 min candle and not the extremes of the candle wick. This seems logical to me based on the fact that this is where the candle has closed. That being said, I know of another successful trader who enters his ORB's based on the end of the candle wick, sometimes resulting in somewhat overextended entries but possibly more confirmed ones? I know there are a million different ways to make money in the market if anyone has any constructive input on this I am sure it might help the community a lot.
Hey Brian and any Swingers out there If pre-market action and no bad news for tomorrow morning looks fair enough, looking to enter SQ at about $58.75 with a price target range ride up to $67-70, and ROKU enter under $34 if possible and ride it out to about $40.00 target. I have pretty ample stop losses on these swing trades ($SQ at -$2.00 stop loss, and ROKU about -$1.00 for the first day of the trades) and can allow them to run to about Feb 10 or so if necessary. Looking for Monday to be a bulls in charge day to kick these off otherwise I'll have to bail. I'll be of course looking for signs of weakness/strength in the morning. I've been trading these two stocks the last couple months and while they can be very volatile, I think now is the time possibly that they can run for me enough to secure a good start to a pretty long swing trade. We will see what happens. I'll need to pay attention to earnings reports coming up, china situation, trumps mouth LOL, and overall market conditions. SQ tends to go south when it drops in a session below $2 bucks, ROKU the same when drops down a buck. The risk to reward is very good if the market rally's for me over the next two weeks. Could be a gap up to deal with premarket, or who knows, gap down, prefer a gap down. If all fails, I will bail at the stop losses and look to remount perhaps at some point. Any thoughts or suggestions welcome! - Steve Burke UPDATE: RESULTS OF THE ROKU TRADE CHARTED BELOW, PLAN WENT EXTREMELY WELL! SQ trade also went well, but this ROKU trade was insane! The below marked up results chart should explain it all. I took some time to add as much detail as possible...