5-min ORB. Good entry?

[ChrisBowling 2]

Hey guys. I was reviewing some of my trades in my journal from today, and wondering if you guys think my selection was good for this 5-min ORB. Here is the 1-min and 5-min charts. On the open, AAPL had strong volume to the upside. It pulled back to below the VWAP, then had a strong bullish candle on the 6-th candle. I bought in as soon as it closed above the VWAP. My stop loss was the loss of the VWAP with my first partial target at the 200 MA  touching the high of the day. Pre-market, AAPL opened lower. I know an A+ setup would be if AAPL was gapping upwards, it opened around the VWAP and moved higher, pulled back but did not lose the VWAP, then I could enter. Because the pullback broke the VWAP before moving higher, does this make my entry here bad?

 

[ChrisBowling 2]

Actually, I answered my question. It was gapping down pre-market, so the trend was downwards. It doesn't show up in ChartLog, but the first 5-min candle had a lot taller wick. I should have waited for a bullish 2nd candle to close above VWAP or a 3rd. I looked though if I got in with a tight stop below the hammer doji on the 1-min chart, partialing at the 200MA that was resistance and moving my stop loss to break-even, an entry at 152.57 with stop loss at 152.13 and 1st partial target at 152.80, it would have not been a good risk/reward setup. I should have passed and looked for a better trade. 

[ChrisBowling 2]

8 hours ago, peterB said:

why are your charts so strange without the wicks on the bars?

Its because of ChartLog

8 hours ago, peterB said:

look how the 4 pre market candles ORB i told you about would work conveniently in this case for a 2R winner with the same idea but different management

Yeah it would have. I saw it, but not sure on all the rules for the TradeBook for it? Would you mind messaging or posting your rules for it? (Like Confirmation, Indicators, ect...). I'm guessing you prefer to find ones with a lower 4 candle range, so that way you can have a tighter stop loss? Is it basically same as 1 and 5 min ORBs except, its just break of the range of first 4 candles? What do you look for pre-market on choosing which stocks are best to go for the 4PC ORB setup? Also, when it breaks the 4PC's, what indications make you pass on the setup? I'll test it in the sim and create a strategy for it in Chart Log.

P.S. Picking up stuff quickly Peter and having some success! Have very good results with the Mountain Pass setup. Its very exciting seeing the setup, following through, then making 3-4R's! Also, been understanding the ORB plays a lot better too. How long have you been trading professionally Peter?

[ChrisBowling 2]

Okay, that makes sense. Thanks. I just tested it across 10 random days trading AMD in the replayer, and was up quite a bit. Worked 9 out of 10 times and was simple to execute. Also, noticed that it is easy to play it, then always look out for a 1 minute or 5-minute ORB too. That way can work on both in the sim. The 1 time it didn't work in the replayer was when it was gapping down pre-market, it broke upwards and I went long, then quickly dropped back down and would have been stopped out in das pro so I bought in the replayer. Will definitely build a sample size in my Chart Log account.