The ORB pattern is defined as a trade taken at a fixed value of the opening range.
The Opening range Breakout trade is more effective if taken after an inside day that has its daily range smaller than
the previous 3 days, which is where the Nr4 stands for. You have three candles followed by another candle with a
daily range narrower than the previous three days.
Step #2: Identify the best patterns and mark the high and the low of the 4th candle
When you search for the ORB Nr4 chart pattern keep in mind two things:
- The Daily range of the 4th candle needs to be narrow and smaller than the previous 3 candles.
- The 4th candle price range also needs to be inside the candle number 3.
Step #3: Switch to intraday TF and Buy if we break the high, Sell if we break the low of the Nr4 candle.
Step #4: Place SL below NR4 day low, Take profit using a trailing SL or 1:1