I have made some changes in OR srategy for positional calls.
****OPENING RANGE BREAKOUT********
--Do not trade for first 15 minutes i.e. upto 9.15 AM.
--first 15 minutes of trade is known as OPENING RANGE. (O.R.)
--Write down High and Low of Opening Range.
--now whenever trades above high or below low of Opening Range then it is known as OPENING RANGE BREAKOUT. (O.R.B.)
--If O.R.B. is up then stoploss will be low of ORB for intraday.
--same way, If ORB is down then stoploss will be high of ORB for intraday.
***********HOW TO TRADE FOR POSITIONAL CALLS USING O.R.B.*******
--------When call is 'HOLD LONG'
- Do not trade for first 15 minutes.
- now if OR breaks up then hold your longs keeping low of OR as stoploss for trading upto 3.00 PM.
- after 3.00 PM if trading level is above our closing stoploss level then carry forward the long for next day.
- If during inraday, low of OR is broken down and you have closed the long for intraday, then re-examine the level after 3.00PM. If trading above our closing stoploss level then re-enter long to carry forward for next day and if trading below our closing stoploss level, then do nothing.
--------When call is 'HOLD SHORT'
--If OR breaks up then close your short. Re-examine at 3.00PM. If still trading below our closing stoploss level then re-enter short and carry forward it for next day. and if trading above our closing stoploss then do nothing.
--If OR breaks the OR down then hold the short for intraday keeping high of OR as stoploss.after 3.00PM decide as per closing stoploss level.
----------When call is 'INITIATE LONG'
--If OR breaks up then initiate long.
--If OR breaks down then avoid the call.but re-examine after 3pm,if trading in green then initiate long and carry forward the long for next day.
---------When call is 'INITIATE SHORT'
--If OR breaks up then avoid the call.
--If OR breaks down then initiate short.but re-examine after 3pm,if trading in red then initiate short and carry forward the short for next day.
************CONCLUSION*****
--Do not trade upto 9.15 AM.
--From 9.15 AM to 3.00 PM trade with three levels(OR high, OR low, Closing stoploss) and one strategy (Long or Short).
--after 3.00 PM trade with one level(Closing stoploss) and one strategy( Long or Short).
--in short be alert when you are long and stock is trading red or be alert when you are short and stock is trading in green.
