End of day trading being defined as New York close price data. The New York session runs from 8am to 4pm Eastern as highlighted above. A break of the high or low of the candle which closes beyond the range? False Breakouts By the very nature of a range, it is likely to have multiple false breakouts. The upper and lower boundaries of the range can be identified by the high and low of the first 30 or 60 minutes. Are results improved through using a breakout of the Asian Session range, rather than the UK or Frankfurt opening range? From years of observation and computer back testing several different markets, I concluded that the quicker the market breaks above or below the opening range bracket, the better the odds of the trade working out.
One breakout strategy is the European Opening Range. This strategy typically focuses on EURUSD (Euro/U.S. Dollar), although it could be applied to any of the European majors. While the Forex Market is open for hours a day (Sunday evening through Friday evening ET), market activity in a given pair is not necessarily consistent throughout.
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There Is Strong Build Up From Overnight Markets
Opening Range breakout strategies are very popular in the stock and emini-futures markets. If you’re not familiar with these Opening Range breakouts, a Google search should also bring up more information than you can probably read in a lifetime. Secrets Of The Opening Range Every Forex Trader Should Know Opening range breakout strategies have been around for a while now. It can be one of the most important indicators of market direction that a trader can use in their tool box. Learn Forex – EURUSD with Range High/Low. Stop and Limit Placement. Traders should always have a plan for managing their position. In the event of a false breakout, traders will wish to exit the market as quickly as possible. For the “ORB” breakout strategy, we will again turn to ATR for this task.