LOCO 60 Minute Opening Range Breakout - How To Day Trade It

LOCO, El Pollo Loco, gapped up slightly after a small range day the day before, only 0.52 of an ATR, very bullish. When LOCO traded over the 60 minute opening range high of 25.55, the long trade was triggered. LOCO had a very shallow pull back, another very bullish signal, to 25.65 providing a good entry point. LOCO traded up to 26.42, a nice day trade. But this was not even the best trade of the day. LOCO then pulled back to the 240 EMA on the 5 minute chart, 25.80, which is roughly the 20 EMA on the hourly chart. This is where swing traders and institutions buy the stock. And look at the move the rest of the day, up to 27.16.

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