Intraday Setup - Open/High/Low breakout pattern - No Charts, Just excel
- Thread starter Cubt
- Start date
- Tags breakout strategy intraday methods intraday trading intraday trading system trading methods
Hi Cubt,
Its good to see a nice stup without charts,Just a query if we enter a stock only with a condition of Open = Low for Long and Open= High for short and enter after first 5 minutes of open,will it not give an early entry??
Regrds
Its good to see a nice stup without charts,Just a query if we enter a stock only with a condition of Open = Low for Long and Open= High for short and enter after first 5 minutes of open,will it not give an early entry??
Regrds
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
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
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