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

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

bro open price doesnot match, for e.g lt open price 1217.5

Bro,

You suggested this setup earlier for NR7 stocks a week before.

Since then, I have been watching this setup only for NR7 stocks for 1 week.(too short time to decide anything). But still hv one suggestion.

IMO, 5 minute recent low as TSL can be considered as it protects profit.

Regards,

One doubt bro. Sorry if it is a silly one.

Abhig10 has mentioned in the other thread that the afl created for this strategy repaints.

Likewise, Is there any possiibility of repainting in excel sheet? After buying, if it hit SL day low, we get new day low as low while downloading the EOD data. how do we backtest with EOD data in excel w/o repainting?

I am very much interested in this strategy.

Seems difficult to track multiple stocks! 3/4 stocks may trigger at the same time. How to handle!

Are very rigid about about Open=Low or Open=High? I mean, suppose open in 179 and low is 178.50, all within the first 5 minute candle. Is it a valid set up for your strategy?

I have taken the data from nest terminal, its spot value.

Yes Sangi, its a good filter for Nr7 method and it works well, however we may get very less no of stocks to trade due to the additional filter, thats why skipped nr7 and taken just previous day high/low

Yes, thats the problem with eod backtest data, it may have missed the date when days low was broken before eod. Thats why I have requested for Afl, so that I can backtest with intraday data.

I have a excel sheet which takes real time data from nest and value will be updating every second and I have written formula to provide buy and sell signal when conditions are met.
So I dont need to manually monitor each stock.

I did not get ur second question, can u pls explain ?

i have check the nse site it show open price lt=1217.5, auropharma=498,cipla=379.65, siemen =667,mnm=1012.9