15 min ORBs and Choppy Opens

[Shawna McDermott 0]

Hey Everyone,

On super choppy opens (like today) I tend to get stopped out on my 1 and 5 minute orbs, even when they progress in the "right" direction (the one I bet on) a minute or two later. My playbooks for these work great on most trading days, but on certain days I just can't make a dime.  I'm curious if:

1) Anyone has any advice on how to adjust stop losses on choppy days, or

2) If anyone has a tradebook for 10 or 15 min ORBs that they wouldn't mind sharing. I'm wondering if waiting to trade until the 10 or 15 minute mark is the right move on days like this, but I'd love some guidance from someone who does these frequently on where to put stop loss, what to look for, etc. 

Thanks, all!!!

[Bryan W 50]

My strategy is to just sit back and watch when something is choppy! There are 4,000 other stocks to choose from, and there's also nothing wrong with NOT taking a trade. It's totally cool to sit back and wait for a good setup. I hope someone else can give you a response too.

[JS 10]

I give myself 1 trade per day for ORBs (it does not matter if it is 1, 2 and 5 mins). After that, I mainly look for good ABCD setups. If things look choppy, I will try my best to resist on trading under-developed setups. Easier said than done but it is a work in progress. 

Edited November 7, 2020 by Jiheng Sang

[Bryan W 50]

On 11/7/2020 at 9:10 AM, Jiheng Sang said:

I give myself 1 trade per day for ORBs (it does not matter if it is 1, 2 and 5 mins). After that, I mainly look for good ABCD setups. If things look choppy, I will try my best to resist on trading under-developed setups. Easier said than done but it is a work in progress. 

It's always good to add to your repertoire, if you haven't mastered a certain time of day and there's nothing else worth watching. That's what SIM is for! Careful journaling is also important to see what works and what doesn't.

[JS 10]

11 minutes ago, Bryan Walquist said:

It's always good to add to your repertoire, if you haven't mastered a certain time of day and there's nothing else worth watching. That's what SIM is for! Careful journaling is also important to see what works and what doesn't.

Agreed!