I started back paper trading this morning after a week off, still testing out a few indicators and specifics. Opening Range Gapper Momentum Strategy is the fancy name I came up with the method I’m trying to employ. I’m appropriating ideas from a range of other traders and tailoring it to an approach I hope fits my strengths as well as my propensities.
Essentially I’m taking the importance of whole $ dollar thresholds stressed by Muddy with the simple momo tactics of Fear & Greed Day Trader (“green candles mean a stock is rising..red means they’re dropping…long candles means lots of momentum..shorter candles mean less momo”) while using the opening range framework and gapper focus of Trader-X.
My plan is to make ONE real trade a day in my prop account starting May 1st for the whole month, and paper trade most of the rest of the mornings. By Thursday, I will have my trading plan draft finalized for this stage.
I found these resources helpful in developing these ideas. First, was this webcast from the MoneyShow: “How and Why the Opening Range Determines the Market’s Next Move“. Second was this free E-book by the same guys: “Trading The 10 O’clock Bulls“. Both are free but you have to register with your email, which means you will get marketing offers, so beware if you are concerned about spam.