“ORB” - opening range breakout/breakdown

From http://www.younggunstrading.com/2011/11/orb.html

It is a very good day trading setup - “ORB” or opening range breakout/breakdown. Some quotes from the author: This involves getting long a stock when it breaks above the opening range high (I use 15 minutes of price action for this level but you can use 30 min) or shorting when it breaks below the opening range low. In my opinion this trade offers some of the best risk/reward scenarios you will find on an intraday trading basis. Although I use 15 minutes to arrive at my price levels, in my experience the trade has better odds of success when the entry occurs between 10:00-11:00. This setup is ideal when the level is just below a key level on the daily chart as multiple time-frames align.