First Bar is crucial when there is gap up or gap down opening. It is recommended to use 15m Timeframe for better use.
Crossing this range signifies the absorption of existing buyers/sellers in the opening session and sometimes decide the trend onwards.
This strategy is extremely useful for positional traders or traders using timeframe 15-minute of higher. It uses following combo of values:
VWAP, CCI, Volume and Moving average (simple and exponential)
Avoid taking trade if candle size is greater than twice the average candle size. for that wait for the retracement to near trailing stoploss