Opening Range Playbook

A move outside the range can return inside. Define the behaviour that invalidates your particular breakout idea: for example, a completed close back within the range or a breach of the retest structure. Decide this before the trade rather than widening the range to preserve the story.

A failed long does not automatically authorize a short. Reversing direction requires its own conditions, risk calculation and remaining session allowance. Multiple attempts can turn a modest stop into a large daily loss, especially when both boundaries are being crossed repeatedly.

Check scheduled events and the exact account’s news restrictions before the session. Do not use this exercise to trade the release itself. Set an exclusion window and a rule for reassessing spreads and execution afterwards. Event times and provider rules can change, so use current primary calendars and account terms.

Worked example

A hypothetical breakout above 104 closes back at 103. Your rule invalidates on that close. Later price breaks below 100 and returns to 102. Rather than chasing each direction, your written limit of one attempt and your repeated-crossing filter both say stop for this setup.

Try it in replay

Find a replay session with at least one failed break. Mark the exact invalidation time, any re-entry temptation and the rule that would permit or prohibit another attempt.

Check your reasoning

The record should show a decision based on rules available then, not on whether a later reversal won. A no-trade filter is useful only if you apply it to attractive-looking sessions too.