Personally, WRT ORB, I would focus on looking at if there is a gap and how large the gap is, and if the ORB is fading the gap, etc, then focus on position sizing (risk management) based on those, and of course money management from there.
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Platform: Sierra Charts, Investor RT, Ninja Trader
Favorite Futures: NQ
Posts: 527 since Sep 2009
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Haven't done any research on CL gaps yet. What I do is consider direction on MA or midline, where price is relative to that, direction of gap. If the filter points in same direction as gap, then I lean a bit towards a continuation trade (put a normal size target in that direction with a reduced target in the opposite direction). If the filter and the gap are in contrary directions, I generally trade reduced target size. So far, it has worked ok. Building my experience/data base in this area. Really like the 5 min chart with the virtual bars indicator for this trade.
I have a little experiment for you, using your 15 Range bars (I use 5 R to trade with, 15R as med TF and 45R as LG TF) Take all of your indicators, yes everyone off of your chart, start at your normal trading time then use trendlines two pivots to form and third and beyond for possible trades as well as broken Trend Lines with pull backs to them. Then start pulling retracements and look for 50% first with 61% second and on occassion38%.
Then use your fib ext tool and start pulling symmetry 1:1 analysis.
Always enter on a pullback and reversal bar and do not chase, that way your stop can be set to two ticks/pips above or below your entry bar.
Now look at these areas described, look at reversal bars at exact areas and move stops to entry bar close at 9 ticks for 5 Range bar. You can play with BE stop on the 15.
Now, for exits just use a trailing pivot stop 1 tick above/ below a trailing pivot. I use 3 bar pivots at the start of a move and close it in to 1 bar pivots later in the move.
Let me know how it turns out.
Remember no indicators at all, just a test for you.
I will go through and post a couple charts over the weekend.
In the meantime, here are a couple simple TL and very basic fib videos and a trade day recap. We do not trade TL and FIBs by themselves, but they help us put the weight of the evidence on our side for trade determination. We always want to know where the majority of traders are at so we can grab a piece of it.
Lots of videos in my library, I will make one trading without indicators this weekend and post. I have given seminars to my students with naked charts then added back in the indicators to show them how to avoid bad trades that appear by the system rules but did not work because other things, (price action) might be against.