Disliked{quote} I'm genuinely surprised you seem to be correct when you say that ORBs have something going for them if you play them right.Ignored
The ORB concept was first publicized broadly nearly 40 years ago by Toby Crabel in his book Day Trading with Short Term Price Patterns and Opening Range Breakouts. He seemed to feel he made a huge error in publishing this book, fearing it would diminish his edge. He has spent the last 40 years trying to buy back nearly every copy in existence, which has pushed the price of what should be a $5 used book to sometimes $1000's of dollars per copy. I had a copy years ago and sold it. You don't need the book. The data he used was from the 1980's. He used a volatility measurement based on ATR to determine how far price had to "break" before he'd consider it an actionable breakout.
imho, ORBs for we retail traders are best when the "keep it simple, silly" principle along with sound money management is applied.
Linda Raschke also published some work back in the day on volatility breakout systems.
Nothing new under the sun.
What is different in this thread is that we are realy trying to apply K.I.S.S. and see how far we can get developing a simple, price action based method that is, in your own words, "a very comfortable way to trade, without any of the ambiguity the usual TA voodoo brings with it."
FWIW, the "voodoo" is an illusion. It only appears to be voodoo and discretionary when no rule exists.
For example, I won't buy or short an ORB is doing so puts my entry right at or very near what I call a pivotal level: today's open, yesterday's close, yesterday's high or low, last week's high or low.
No voodoo. Just lack of rules based on empirical observations over time. If you apply rules based on market experience and recurring data, the voodoo disappears.
Life itself is a privilege, but to live life to the fullest is a choice
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