Trading Opening Range First Hour

The example above illustrates the Opening Range pivots from the ER2 5m chart. On January 19, 2007, ER2 traded in a narrow range in the first hour-Opening Range (shaded area) from 778.7 to 781.9 and closed at 781. l(at marker 1). After the first hour of trading, ER2 set to trade above the Opening Range high at 781.9 and the Opening Range pivot at 780.6 signaling an upside day with range expansion.

1. Enter a "long" trade above the first hour high at 781.9.

2. Place targets at R2 and R3 levels.

3. Place a "stop" order few ticks below the pivot at 780.6.

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