Help with 5 min ORB

[frank2403 5]

Hey guys!

After looking at my trading journal for the past 2 months I have come to the conclusion that 5 minutes ORB is the strategy that gives the potential for the biggest gains, BUT every time I get stomped by the market is also because of this strategy. I was wondering if more experienced guys came to the same conclusion or if I'm missing some info that gets me in this situation.

When I'm looking to trade an ORB I look for 3 things:

-Lot of volume

-Not too volatile/choppy

-A clean candlestick (5 minutes)

 

For now the two solution that I found are buying smaller size or limiting myself to 1 ORB per day.

What are you guys doing to minimize your risk on ORB's? Are you watching different data when looking for an entry?

[anhkind 1]

I would wait for a proper entry and not chase it. I need confirmation that the trend is strong and I would consider an entry on breakout (high volume, higher highs higher lows) OR with ABCD pattern on the 1st drop or 2nd drop. From the 3rd drop onwards, the stock might go either ways, either a correction or an actual reversal, we would NEVER know until it's confirmed. I would make a stop loss order below the breakout point or the low of the drop and let it go :)

[Trade4theskill 0]

Hello Frank,

 

The 5-minute opening range breakout and breakdown is my go to set up as well. Do you use any technical indicators like the MA's, VWAP or levels of support and resistance? I say this because that's what I use in order to manage my risk better.