Edge in Banknifty with a simple strategy

[Xitij]

As many are seeking disclosure of strategy, I would give a hint as to what the strategy is all about.

Please go through Opening Range Breakout Strategies by Toby Crabel. Some write up is given in this link http://beforeitsnews.com/financial-...offers-signals-for-quick-profits-2499394.html The strategy is modified with some rules readymade for my convenience and risk taking capacity. My rules may not be suitable for other traders hence not interested to detail about them atleast for the time being.

My suggestion is that - experiment with strategies outlined by Toby Crabel by changing some parameters like timeframe, breakout entry points, exiting the trade on SL hits / hit of targets, number of lots to be played. I am sure you would find a strategy which is profitable and more importantly suitable to your temparament.

Has anyone on TJ read the book referred to in the above link :
Day Trading With Short Term Price Patterns and Opening Range Breakout. The linked article says this book is no longer available. It would be so nice if the people who have read this book can share their thoughts on this ORB system suggested by Toby Crabel .

 

[dineshknp]

Has anyone on TJ read the book referred to in the above link :
Day Trading With Short Term Price Patterns and Opening Range Breakout. The linked article says this book is no longer available. It would be so nice if the people who have read this book can share their thoughts on this ORB system suggested by Toby Crabel .

http://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CCcQFjAA&url=ftp%3A%2F%2F212.119.243.242%2FPublic%2FSoftware%2Fpodborka-knig-po-forex%255Btorrentino.ru%255D%2Fwww.247free.org%2FCrabel%2C%2520Toby%2520-%2520Day%2520Trading%2520With%2520Short%2520Term%2520Price%2520Patterns%2520%26%2520Opening%2520Range%2520Breakout.pdf&ei=UUvgUpmFFcqPrgfi6oDQBg&usg=AFQjCNGZaaC-F27OtDbYOkRqY3PoDDI3ow&sig2=g1DHDUs5aEw-oNZUz2qkeA&bvm=bv.59568121,d.bmk

 

[Purushotham]

Here the other link which is pdf.
Remove spaces.

w w w.trading-naked.com/library/[Trading]-Stocks-&-Commodities-Toby-Crabel-ORB-articles.pdf

 

[suri112000]

How many times in a month Banknifty break 5 minutes candle and closed in the direction of breakout? Your stop loss is the other side of the candle of the breakout. If the high/low of first 5 min candle is 1R, how many Rs it made in a month? What would be the result if we close the profitable trade at 2R or 3R or till we keep it until EOD? What it would be if the target is not reached in the direction of breakout and the trade is reversed by hitting SL? Should we reverse the trade until SL or Target is hit or EOD? While reversing the trade, how many lots we should take?

If you sincerely check the data and answer these questions, it would not be difficult to make out the strategy.

 

[suri112000]

20/1/2014 - +113 cumulative +113
21/1/2014 - +74 cumulative +187
22/1/2014 - +123 cumulative +310
23/1/2014 - -11 cumulative +299

 

[Trading4Living]

20/1/2014 - +113 cumulative +113
21/1/2014 - +74 cumulative +187
22/1/2014 - +123 cumulative +310
23/1/2014 - -11 cumulative +299

Hello

Instead of just writing + / - 100/200/1000 which may be useful to you,
if you write the entry and exit points (trade time),
then others can check on their own charts and learn something . . .


Thanks

 

[suri112000]

Hello

Instead of just writing + / - 100/200/1000 which may be useful to you,
if you write the entry and exit points (trade time),
then others can check on their own charts and learn something . . .


Thanks

Sorry my friend if my posts conveyed such message.

I never intended to teach anyone how to trade. This thread is only my struggle to learn something. If you happend to read my first post, it would be very clear that I am seeking help from learned members how to trade profitably. The strategy is a 5 min breakout strategy which needs no further explanation.

Let me mind you friend, this strategy has a huge potential for bigger drawdown and losses though it has potential to recover fast.

 

[suri112000]

20/1/2014 - +113 cumulative +113
21/1/2014 - +74 cumulative +187
22/1/2014 - +123 cumulative +310
23/1/2014 - -11 cumulative +299
24/1/2014 - +121 cumulative +420

 

[umeshmandal]

How many times in a month Banknifty break 5 minutes candle and closed in the direction of breakout? Your stop loss is the other side of the candle of the breakout. If the high/low of first 5 min candle is 1R, how many Rs it made in a month? What would be the result if we close the profitable trade at 2R or 3R or till we keep it until EOD? What it would be if the target is not reached in the direction of breakout and the trade is reversed by hitting SL? Should we reverse the trade until SL or Target is hit or EOD? While reversing the trade, how many lots we should take?

If you sincerely check the data and answer these questions, it would not be difficult to make out the strategy.

Today first 5 min candle in BNF was very BIG : 84 points ! How do you handle this?
First the high of today's 9:20 candle was breached by the very next candle and then almost at 11:00 AM the low of 9:20 candle was breached.
If possible do share today's trades please with time and level. This may help others to get a peep into this strategy being used by you. Of course its your prerogative whether or not to share the levels and no hard feelings if you decide not to Post them.

 

[suri112000]

Today first 5 min candle in BNF was very BIG : 84 points ! How do you handle this?
First the high of today's 9:20 candle was breached by the very next candle and then almost at 11:00 AM the low of 9:20 candle was breached.
If possible do share today's trades please with time and level. This may help others to get a peep into this strategy being used by you. Of course its your prerogative whether or not to share the levels and no hard feelings if you decide not to Post them.

Nothing to hide. There are occasions when the system looses as much as 350 points in a single day. The system gives peak to valley drawdown of 850 points. There are loosing months as well. Thatz why I warned about the risk involved in this strategy. Everyone cannot handle such risk and not suitable for many of the traders. Just check my above post.