Intraday Setup - Open/High/Low breakout pattern - No Charts, Just excel

all the stock u mentioned did not have the same open price

Sorry about that, mismatch in excel formula. Here's the correct result for today.

32.15 points profit in 6 stocks.

You were able to short Axis at the high price. Did you short at open, or did the price come back to the open again (but that would mean strength)?

Hi Guys,

I have always been very comfortable when I traded a intraday method which is very simple, I dont like to monitor the chart always, I dont like to modify my orders for each wild intraday day move, I dont like to skip my lunch/tea break just because am doing intraday.

I use to trade NR7 Method for intraday, I was pretty much comfortable but I faced high draw downs, when I backtested the NR7 setup for 6 years of data the draw down was higher and there was no enough profits.

With this setup I believe I can trade comfortably without much stress during trading hours. I have back tested this method with EOD data in excel with high liquid stocks, results were very much satisfactory. Less draw down, winning percentage was high when compared to other intraday setups like NR7 method or ORB. Here's the trading method.

Entry for Long:

Note down previous day's High price and after market opens today, wait for the price to breakout yesterday's high and when broken check if Today's Open = Today's Low at that time, if Yes go long with Stop loss as today's Low price.

Entry for Short

Note down previous day's Low price and after market opens today, wait for the price to breakdown yesterday's low and when broken check if Today's Open = Today's High at that time, if Yes go Short with Stop loss as today's High price.

Stop Loss: As explained above

Trailing Stop Loss: Based on individual, I do not keep trailing stop loss. (any suggesstion would be helpful)

Target: Based on individual, I do not keep targets, i prefer exit at EOD. (any suggesstion would be helpful)

Exit: Exit at End Of the Day.

Gaps: During gap up, if today's Open price is way above yesterday's high and today's open = today's low, we go long @ Open. (for sure, we cant get open price, but idea is go long as soon as possible with day's low as stop loss).

Vice versa for gap down.

I have done enough back testing and paper trading, will be trading this setup soon. Any suggestion to improve the setup would be really helpful for everyone.

Today's trading result with this setup

In realtime, the prices of the stock will jump suddendly near the break outs... hence in real time it will be difficult to catch the exact price breaking...