RLT Opening Range Breakout (ORB)
Use this on TSLA 3-min chart
ORB strategy
STRATEGY
3-min chart / TSLA
SETUP
1) R = Risk Unit
2) OCO/Bracket trade long/short the opening range breakout of 1st candle of the day.
3) On the 2nd candle, If the price action goes ABOVE HIGH of the first candle high (thick green line), then the BULLISH trade is entered.
4) On the 2nd candle, If the price action goes BELOW LOW of the first candle high (thick red line), then the BEARISH trade is entered.
5) Once the order is filled, copy/paste the OCO order for +1 or -1r.
6) Ok to re-enter a trade using the same levels for a 2nd trade -- only after a win.
MANAGE TRADE
Expect to lose 1 day out of the week.
Always exit at 1R or -1R
Track your trade vs the house strategy win/loss (add a new column to your trading log). If you cannot beat the house/vanilla strategy, use the house/vanilla strategy.
ORB strategy
STRATEGY
3-min chart / TSLA
SETUP
1) R = Risk Unit
2) OCO/Bracket trade long/short the opening range breakout of 1st candle of the day.
3) On the 2nd candle, If the price action goes ABOVE HIGH of the first candle high (thick green line), then the BULLISH trade is entered.
4) On the 2nd candle, If the price action goes BELOW LOW of the first candle high (thick red line), then the BEARISH trade is entered.
5) Once the order is filled, copy/paste the OCO order for +1 or -1r.
6) Ok to re-enter a trade using the same levels for a 2nd trade -- only after a win.
MANAGE TRADE
Expect to lose 1 day out of the week.
Always exit at 1R or -1R
Track your trade vs the house strategy win/loss (add a new column to your trading log). If you cannot beat the house/vanilla strategy, use the house/vanilla strategy.