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Brannigan shows us how to apply the process of strategy characterization to master a trading strategy, using the Open Drive Strategy as an example. With this approach, traders apply objective variables to understand textbook vs. nuanced vs. failed setups and to help guide rational decision-making, instead of relying on emotions.

In this example, the open drive strategy is a trading technique that usually occurs at the start of a cash session when large institutions enter the market with significant liquidity to fill an order. Brannigan explains the five characteristics of a textbook open drive which indicate a high probability of profit when all are observed. However, he also notes that only about 25% of these setups are textbook, while 30-35% are nuanced, and the rest are failures.

Strategy characterization can help you identify the right opportunity by understanding the difference between textbook, nuanced, and failed setups. By observing these characteristics, traders can make better and more objective decisions about staying in or exiting trades, leveraging winning trades, and reducing the impact of bad trades.

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