Week 5 (Focus on Quality Reversals & Opening Range Breakups/Downs) – PRGO, TMUS

By | April 26, 2016


Mistake - I feared getting into the opening range breakouts/breakdowns as the spreads were wild on level 2 and felt like I would be chasing. But I should get used to simply following the chart and not worrying about Level 2.

PRGO - Tried to buy the pull back on the opening range breakout. Trade was based on 5 minute holding the VWAP. I was ready to bail if the VWAP hold failed. Respected my stops/trade plan

Lessons Learned - Should stick to opening range breakout and not wait to trade the pull back. I would have been profitable if I took the ORB above the 101 level - see orange line (High of first 5 minute opening range)

PRGO 5 minute

TMUS - Tried o play the bounce off the 200SMA. Took it off once it failed. Respected my stops/trade plan

Lessons Learned  - Should stick to opening range breakout/breakdown and not try other set ups. I would have been profitable if I took the ORB below the 41.61 level - see orange line (Low of first 5 minute opening range)

TMUS 5 minute

P & L - -$410 (Please note that these are paper trades)

closed positions

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