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Transcript
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Hey what’s going on guys so somebody on the live stream yesterday asked me to kind of explain the opening range trades that I take the setup I use uh the strategy and uh I’m going to go over everything right now to make it nice and easy for everybody um if you don’t know we live stream every day 10:30 till about uh 11:30 11:45 and then we come back on around 2:00 p.m. to about 4:30 p.m. every uh trading day it’s right
Here on YouTube also if you look I’m trading prop firms if you’re looking for any prop firm accounts and you want to save money the discount code is Cove Trader and everything is in the description of the video um ask questions comment on the video if you have questions I get back to every single comment uh the idea of this video is for you to learn um you know just under just giving you my thoughts how I use it if you
Have questions or how you use it differently comment on the video I want to discuss it so uh all right so I just set this up this is trading view if you’re not using trading view I’d probably recommend it it’s to me it’s the best charting software um if you’re not using this I guess toss is really good also but most people that are trading prop firms uh do not use toss so I I would say trading view is the uh
The top charting software it has a ton of scripts um I use it every day for my decisions so real quick I have the orb script right here it is this one I just typed in um right here this is the one by Z crypto1 123 so and then once I did it I set the times for whatever reason the time on my trading view is not my time zone so 8:30 is really 9:30 my time so if you’re looking it’s
Really 9:30 to 9:45 9:30 to uh I don’t know why that it works on the screen oh no that’s the hourly one that’s why the time zone is messing me up so yeah 8:30 to 9:30 which is really 9:30 to 10:30 and then so it’s the first 5 minutes of the market the first 15 minutes of the market and then the first hour of the market and I colorcoded them the hourly is white the 5 minute is red and the 15
Is green the reason that they’re all right here at the bottom is because when we opened up that was the lowest we went and we just went up from there I’m I’m I can only do Friday it doesn’t really go doesn’t really work going back does it no uh yeah some of them do but I’m just going to take Friday for an example and then I can go back so basically for the first 15 minutes I used the FIV minute chart
And then the F minute opening range after that it doesn’t really matter to me then I just use the 15 and the hourly and basically what I’m looking for is breaks above mostly or breaks below and then especially if we get a retest so something like this where you know the top was in we pulled back to the middle of the range that’s like the prime setup what you what I don’t like happening is the five minute closes up here we
Never move down and then we just kind of go up or we’re down low already and we never come off of it and then we just kind of go down I’m not a massive fan of taking those trades I like when the five minute is in you pull back a little bit and then when you break through um I I like playing them I did a whole back test and it works um obviously when it breaks through it usually has some
Type of momentum you could easily I think the minimum of it was when I did the back I did a monthly back test and I did it manually if you’re wondering it was like four or five points so like every single time it broke I could have grabbed four or five points um but yeah the moves are sometimes significant I love the back the back test of it if this would have came all the way back down just a little bit
More that’s another trade I would take is the back test and then you shoot off um and then the green you know once we go past 9:45 a lot of the times I disregard the five minute and now I’m only playing the first 15 minutes and you can get the same thing and this is what I was saying about the Breakthrough like you know they punch through sometimes you know cuz a lot of people are asking me well why don’t you
Just hold it cuz a lot of times you get this so you’ll break through the 15 you know you get the move up which is what is this so 64 I mean that was pretty good that was 20 point move but even on these little candles like we break for five minutes and then you can come back down and for that reason I don’t um I just take the scalp off of it a lot a lot I’m looking to get four
Or five points so what is it 66 yeah this went up to 72 so that’s 6 points seven six points about so you would have got this Wick I usually go for Five Points so you would have got five points and then if you look it would have pulled back 64 all the way down to 45 like that’s a kind of a significant pullback if you’re scalping um and that is why I play for about five points on each break you
Know I would get Five Points here Five Points here and now I got 10 points so if you’re playing with one mini you’re at $200 already and you know it’s before 10:00 you don’t really need to take any more trades after that um but there’s other things that that I look to happen for one you know once you pull back you know I watch I don’t play the second breakthrough if I’m going to play anything I want it to break through
And then retest uh that that’s that’s one of the plays that I love um the reason I don’t play second breakthroughs or even when you look at me when I play pivot Points I don’t play second touches it’s always the first touch um after that it’s just you don’t always get the same momentum so I would be worried that we’d come up here reject and fall so we ended up breaking through great and then I would basically Target the uh the
Retest and then we got the retest right here and then you know we ran the reason these white lines are here is because that’s how the script draws it and then at the end of the uh the hour it just stays up um but yeah so the hourly was made right here obviously I don’t play the break on the hourly if it was made right there I want to see it come down a little bit and then we came all the
Way back down so I probably wouldn’t have played a retest if we came up here and retested but once you get air so we’ve gotten 66 all the I mean we got 100 points it’s a lot of air so I mean we come all the way back down and retest again I’m willing to take the the retest bounce off and sure enough that’s exactly what happened we got the 100 Point down we retested and then we bounced off again and this
Was literally a perfect day to play uh play the orbs you know we came all the way back up um I being that we ran 100 points I was not interested in taking the break of the hourly orb anymore um I was actually looking for a short we were on the live stream and um I was talking about this how I wanted it to sweep the top get the liquidity so basically a lot of people have um who are short here
Probably putting their stops here and then people are buying the breakout right here so you typically going to get a move off and I was like man if we come back in the hourly orb I’m taking a short and sure enough we broke out did exactly what I said we came right back in sold off and once we were under the hourly orb I was like I’m in short and sure enough that was an awesome move um but yeah that’s how
I played the orbs um for the most part and you know I am pretty much depending on how my accounts look uh would I play another retest down here I don’t know maybe half size you know half size with uh you know maybe like a 10-point stop which you know you got close enough to get in here cuz what is that two points Four Points closeness I mean you could have got in here for a little bounce you know it’s one
Of those that I would just being that I had a good day I would play half size and then after that the orb really doesn’t mean anything to me um you know so as we go above and below and above and below like this it doesn’t mean anything anymore we’ve already crossed it we’ve already bounced off of it um the more times you hit it and you make the move off of it the L um anything becomes as strong so I
Kind of disregard it after that but you know that’s why when I get on the stream I always talk about you know majority of my orb moves have been done like you you I’m not looking to play them later on the day because it’s been retested it’s you know it’s bounced through it’s it’s made its move you know after that it’s just kind of whatever um so most of the time these plays come in you know come in probably before 1:00
You know you’re looking for the the shoot through the bounce let me see if we can get some of these uh you know great example we set the hourly I would not look to play through it here you know we bounce and then we come right there and now we’re like literally consolidating right above the hourly once that breaks I’m in I’m freaking in I mean and then you got the dump you know that was a prime setup same thing happened
Here we dumped we created the five minute actually we created the 15 as well and we consolidate it right low not only that you’re in a bare flag and you’re right at support on the five and 15 minute orb in a bare flag like Market I’m I’m in I’m all in on this this is like Prime setup and then sure enough it breaks and just freaking [Music] unloads so those are two days I mean I’m not keep scrolling back I mean
Literally I’m not cherry-picking it was yesterday and the day before um but yeah so I set this up I use this script you can use uh a lot of other scripts have it I mean I have it on Quant tower has it they have the opening range and you just kind of Set It uh you could set it on ninja Trader you can do it I have not on trade of eight they have a script for it I I don’t I
Haven’t played around with it but uh I don’t know if you can edit the script on trade of8 and that’s that’s the biggest issue but yeah so this is simple I use the 55 an hourly um plays out majority of the time uh if you have questions about it come on the live stream comment below and uh yeah hopefully you throw it on there and it uh you get it to work just like I do all right I’ll see you on
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