How To Trade OPENING RANGE BREAKOUT STRATEGY And How To Select Stocks (Intraday Trading Strategies)
I have begun this video on Opening Range Breakout Strategy by explaining the basics of this intraday strategy. I have also explained how range is defined and which time frame should one select in this breakout strategy.
I have then explained why Opening Range Breakout fails at times and why this intraday strategy still remains relevant despite failing many a times. I have listed out the importance of Three simple rules I have discussed in this day trading strategy that increases odds of success.
I have then explained why Daily time frame is more important in this Intraday strategy. Followed by this, I have listed out Three Steps (Volatility, Relative Strength & Volume Pattern) that should be followed while trading this Opening range breakout strategy. I have also covered Entry, Exit and Stop loss conditions for this Intraday trading strategy.
Towards the end of this video, I have shown how NR4 Pattern and NR7 pattern along with VWAP concepts can be used to increase the effectiveness of Opening range breakout strategy. Along with this, I have also shown how to identify high probability trades in this breakout strategy.