5 MIN Breakout strategy

 

5 MIN Breakout strategy

 

Opening range breakout strategy is one of the best and simple intraday strategy.

The first hour or half an hour of the trading day is the most volatile- this is calling the opening range of the Day.

As bears and bulls fights it to take control for the day, the volatility creates a price-range one can trade from, using it as the basis for decision making.

Here we are using Day’s first 5 min candle as opening range.

https://www.tradingview.com/x/jKasT8JW

Rules:

 Buy rule:

1.       Mark high and low of first min candle which become our opening range.

2.       If any other candle breaks high of the opening range an close above it, then go for long.

      Sell Rule:

1.       Mark high and low of first 5 min candle range which becomes our opening range.

2.       If any other candle breaks low of opening range and closes below it, then go for short.

 

Stop Loss: Stop loss is 1 % or length of opening range whichever is lower if there is any Doji previously then the low or high of the Doji is SL.

Do not keep target. Trail your SL and enjoy the full ride.