This takes high and low of the session up to 2 PM IST and decides the Long or Short.
#Let the index/stock trade for the first 285 minutes and then use the high and low of this "285-minute range" as support and resistance levels. #A buy signal is given when price exceeds the high of the 285-minute range after an up gap. #A sell signal is given when price moves below the low of the 285-minute range after a down gap. #It's a simple technique that works like a charm in many cases with proper risk management
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps. >You will be Completely out from morning noise >A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss. >So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.