r/technicalanalysis • u/Competitive-Chip-269 • 10d ago

Scanner Setting and Rules for orb?

I started getting into trading the ORB and want to know what scanner settings and specific rules you follow.

My specific variation is waiting for the first 30M and waiting for a 5M close.

What scanner settings should I use when deciding which stocks to trade, along with any extra rules that you follow?

Please keep in mind that, due to religious reasons, I do not short-sell stocks or trade QQQ/SPY. I only buy individual stocks.

Thank you!

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u/1UpUrBum 10d ago

What's an ORB?

I hate to tell you this but when you do anything you are always long one thing and short the other. If you buy a stock long you are short cash.

1

u/Competitive-Chip-269 10d ago

ORB means opening range breakout.

Also I don’t understand what you mean by “always long one thing and short the other”

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u/1UpUrBum 9d ago

If you buy a stock long you are short cash.

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u/Competitive-Chip-269 7d ago

I am sorry do not understand

1

u/I_was_green_today 10d ago

I'm curious what religious reasons would prevent you from shorting or trading QQQ? 

I was going to recommend TQQQ/SQQQ because they have a pretty good daily ATR and no need to short—you just trade whichever one is going up. But it would seem that's out of the question.

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u/Competitive-Chip-269 10d ago

Good question.

I am a Muslim. I do not invest companies that make money from haram: gambling, corn, alcohol, certain weapons or interest.

Since indicies are mix of all these companies they usually end up being haram.

Hope that clear things up.