The ORB (Opening Range Breakout)
IN THE PICTURE YOU CAN SEE FIRSTLY THAT, THE ORB THAT I DRAW WAS WORKING LIKE A CHARM AND THE MARKET FOLLOWED IT PROPERLY. SO ITS VERY ADVATAGEOUS TO ALWAYS DRAW AN ORB (OPENING RANGE BREAKOUT). TH TECHNIQUE TO DRAW ORB IS;
= IN THE FIRST 45 MINUTES OF THE OPENING OF THE MARKET MARK THE HIGH AND LOW AS SHOWN IN THE CHART.
= IF THE MARKET BREAKS THE HIGH OR LOW EITHER LINE OF ORB THAN THE MARKET WILL GIVE A BREAKOUT IN THAT DIRECTION AND THE LINES WILL WORK AS AN IMMEDIATE SUPPORT AND RESISTANCE.
The Trend Line
AFTER THAT, I HAVE DRAWN A TREND LINE AND AS YOU CAN SEE IT ALSO WORKED AS AN IMPORTANT SUPPORT LEVEL. AS YOU KNOW THE MARKET FOLLOWS ITS HISTORY. SO TO MAKE A TREND LINE SUPPORT OR RESISTANCE;
= TAKE A LINE AND JOIN THE PREVIOUS LOWS OR PREVIOUS HGHS (according to your needs) AND EXTEND IT AT THE SAME ANGLE. IT WILL WORK AS A SUPPORT OR RESISTANCE.
The Trade
I HAVE MARKED THE CANDLES THAT I TRADED ON. THE REASONS WHY I TRADED WAS;
1. FIRSTLY THE MARKET WAS FOLLOWING THE ORB AND ALSO I COMBINED LIVE OPTION CHAIN DATA WITH IT AND I OBSERVED THAT THERE WAS 2 CRORES OF OPEN INTEREST ON CALL SIDE. SO IT WAS IMPOSSIBLE TO TAKE A LIONG TRADE FOR INTRADAY PURPOSE. SO I DID SCALPING.
IN THE PICTURE YOU CAN SEE FIRSTLY THAT, THE ORB THAT I DRAW WAS WORKING LIKE A CHARM AND THE MARKET FOLLOWED IT PROPERLY. SO ITS VERY ADVATAGEOUS TO ALWAYS DRAW AN ORB (OPENING RANGE BREAKOUT). TH TECHNIQUE TO DRAW ORB IS;
= IN THE FIRST 45 MINUTES OF THE OPENING OF THE MARKET MARK THE HIGH AND LOW AS SHOWN IN THE CHART.
= IF THE MARKET BREAKS THE HIGH OR LOW EITHER LINE OF ORB THAN THE MARKET WILL GIVE A BREAKOUT IN THAT DIRECTION AND THE LINES WILL WORK AS AN IMMEDIATE SUPPORT AND RESISTANCE.
The Trend Line
AFTER THAT, I HAVE DRAWN A TREND LINE AND AS YOU CAN SEE IT ALSO WORKED AS AN IMPORTANT SUPPORT LEVEL. AS YOU KNOW THE MARKET FOLLOWS ITS HISTORY. SO TO MAKE A TREND LINE SUPPORT OR RESISTANCE;
= TAKE A LINE AND JOIN THE PREVIOUS LOWS OR PREVIOUS HGHS (according to your needs) AND EXTEND IT AT THE SAME ANGLE. IT WILL WORK AS A SUPPORT OR RESISTANCE.
The Trade
I HAVE MARKED THE CANDLES THAT I TRADED ON. THE REASONS WHY I TRADED WAS;
1. FIRSTLY THE MARKET WAS FOLLOWING THE ORB AND ALSO I COMBINED LIVE OPTION CHAIN DATA WITH IT AND I OBSERVED THAT THERE WAS 2 CRORES OF OPEN INTEREST ON CALL SIDE. SO IT WAS IMPOSSIBLE TO TAKE A LIONG TRADE FOR INTRADAY PURPOSE. SO I DID SCALPING.