Open Range 2nd Candle Break Out Strategy for Day Trading
The Open Range Second Candle Break Out Strategy is a day trading strategy that involves identifying the high and low of the first hour of trading and waiting for a break out in the second candle.
This strategy is based on the idea that the second candle is a strong indicator of market sentiment and can be used to predict future price movements.
To use this strategy, traders must first identify the high and low of the first hour of trading and then wait for a break out in the second candle.
If the second candle breaks out above the high of the first hour, traders should buy, and if it breaks out below the low of the first hour, traders should sell.
This strategy can be used on any time frame, but is most effective on shorter time frames such as 5 or 15 minutes.
Traders should always use stop losses to limit their losses and take profits when the market moves in their favor.
Overall, the Open Range Second Candle Break Out Strategy is a simple yet effective day trading strategy that can be used to make profitable trades.