V.7:7 (208-210): Opening Range Breakout Part 8 by Toby Crabel

V.7:7 (208-210): Opening Range Breakout Part 8 by Toby Crabel
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Opening Range Breakout Part 8 by Toby Crabel

The bull hook pattern, as suggested by its name, is a bullish indication and, in most cases, will be followed by a price move to the upside on the day or days following the hook. However, as you will see from the tests I ran, this is not always the case.

A bull hook day (Figure 1) opens above the previous day's high and closes below the previous day's close with a narrowing range. Tests of opening range breakout (ORB) trades taken the day following the bull hook pattern are shown in Figure 2.

An ORB trade is entered at a predetermined amount above or below the opening range (the range of prices that occur in first 30 seconds to 5 minutes of trading). The predetermined amount, or "stretch," is the 10-day average of the differences between the open for each day and the closest extreme to the open on each day. (See Stocks & Commodities, February and April 1989.)

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