swaroop472
New member
Hello, I'm keen on putting into practice the strategy outlined in the video, focusing on breakouts and resets within a 5-minute time frame and pre-market high and low. This method revolves around pinpointing the peak and trough of the 5-minute orb, patiently awaiting a break and subsequent retracement at these levels. The video offers an in-depth analysis of this approach.
In essence, this strategy involves identifying the highest and lowest points of the 5-minute orb, anticipating a breakout followed by a retracement at these levels, and then executing buy or sell orders based on specific criteria. An additional criterion involves monitoring the Relative Strength Index (RSI), signaling a strong buy when RSI dips below 30, and considering a buy signal when RSI ranges between 40 and 50. Similarly, for sell signals, the strategy entails waiting for a breach below the 5-minute candle's low, followed by a retracement before executing sell orders.
Here are the resources provided:
I'm seeking assistance from someone proficient in Thinkorswim to merge both codes and adapt them for use in the daily time frame. Additionally, we aim to apply the same strategy to factors such as the previous day's high, low, close, premarket high, low, high, low, and open of the day. The break and retest scenario could occur at pre-market highs/lows, previous day's highs/lows/closes/opens. When a break and retest occur at any of these levels, we can employ this strategy. It has proven effective on 1-minute and 2-minute time frames. Implementing this strategy would be immensely beneficial to many individuals.
In essence, this strategy involves identifying the highest and lowest points of the 5-minute orb, anticipating a breakout followed by a retracement at these levels, and then executing buy or sell orders based on specific criteria. An additional criterion involves monitoring the Relative Strength Index (RSI), signaling a strong buy when RSI dips below 30, and considering a buy signal when RSI ranges between 40 and 50. Similarly, for sell signals, the strategy entails waiting for a breach below the 5-minute candle's low, followed by a retracement before executing sell orders.
Here are the resources provided:
- Video Link: Break and Reset Strategy
- Opening Range Breakout code for Thinkorswim: Link
- Opening Range Breakout code for Thinkorswim: https://usethinkscript.com/threads/archived-opening-range-breakout.9412/
- Break and Rest code for Thinkorswim: Link
I'm seeking assistance from someone proficient in Thinkorswim to merge both codes and adapt them for use in the daily time frame. Additionally, we aim to apply the same strategy to factors such as the previous day's high, low, close, premarket high, low, high, low, and open of the day. The break and retest scenario could occur at pre-market highs/lows, previous day's highs/lows/closes/opens. When a break and retest occur at any of these levels, we can employ this strategy. It has proven effective on 1-minute and 2-minute time frames. Implementing this strategy would be immensely beneficial to many individuals.
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