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soultrader,
In MP theory, the 1st hr range is where the floor trader set the range, do you look for breakouts from this range? |
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The opening range breakout is an interesting topic. I find that traders use a variety of opening range breakout strategy. Some chose to play 5min breakouts, 30min, or 60min. I recall Oliver Velez mentioning the 60 min breakout to be a powerful signal for stocks.
I personally do not play the opening range breakout. I find it unpredictable and the concept behind it doesnt make any sense to me. If the markets extend beyond the initial balance, I will still play a pullback of the breakout.