First Hour Breakout Strategy

[sk_cbe]

thank u balaj

 

[prabit]

Thanks Bandlab,
today tatamotors sell trigerred , profit booked. Thanks once again.

 

[Mohmeh]

Thank you very much Bandlab for explaning First Hour Breakout Strategy in simple words. However, This type of breakout has been featured on so many eBooks like one witten by Toby Crabel but you were so simple that it strikes to me. Today also the target in Tata Moters has been acheived in one and half hours.

Today, I planned to apply this strategy on actual trading. I am using ICICIDirect. When I placed a limit buy order on 789 and sell limit order on 781.10 then both my limit order were instantly filled for 783.40 & 783.20 respectively resulting a loss of Rs. 0.20 per share + brokerage.
I request to member of this forum (specially those using icicidirect) to please tell me how should I place buy order that will activate only after price is reaching =>789 and in case of sell order price is reaching <=781.10.

{This question may be silly for pros but really I could not find a way to place order correctly}

 

[balaj78]

Thank you very much Bandlab for explaning First Hour Breakout Strategy in simple words. However, This type of breakout has been featured on so many eBooks like one witten by Toby Crabel but you were so simple that it strikes to me. Today also the target in Tata Moters has been acheived in one and half hours.

Today, I planned to apply this strategy on actual trading. I am using ICICIDirect. When I placed a limit buy order on 789 and sell limit order on 781.10 then both my limit order were instantly filled for 783.40 & 783.20 respectively resulting a loss of Rs. 0.20 per share + brokerage.
I request to member of this forum (specially those using icicidirect) to please tell me how should I place buy order that will activate only after price is reaching =>789 and in case of sell order price is reaching <=781.10.

{This question may be silly for pros but really I could not find a way to place order correctly}

hi,
You should place a SL order not the limit order .

 

[Mohmeh]

hi,
You should place a SL order not the limit order .

Thank you balaj78 for reply.

You are right. I gave a try to SL order after asking the question and problem was solved. Sometimes we forget basic things.

 

[AW10]

Those who are interested in short term day trading, refer to the book by Toby Crabel (Day trading with price patterns and open range breakout). This is a priceless book to have in one's own trading arsenal. All of the doubts will be cleared after referring to this masterpiece.

Tc.

Raunak, I 10,000% agree with you. Toby's book is real Gem only if we test, customise and implement his stretegies in our trading. I follow some of his stuff.. My NR7 setup is one such example from there. I admire his work which came at the time when there was so little processing power of computer available to him.

I agree, it needs effort to customise his strategies for our instuments cause market has changed a lot since his time, but foundation of his strategies are still as valid as they were at his time.

Happy Trading

 

[rkkarnani]

Small article from Stocks and Commodities magazine about ORB :

http://tinyurl.com/yf58ypk

 

[yashodhan]

hi ,
Today hi 789 lo 780.10 ,sell triggred and target 777 achived.

Probably, I have not understood this properly. But my calculations go as follows :

789 - 780.1 = 8.9 *75% = 6.7

So, target shud be 780.10 - 6.7 = 773.4

How did you get it as 777?

Could you throw some light please?

Anyway, Bandlab, thanks for a very simple and effective strategy.

 

[yashodhan]

Raunak, I 10,000% agree with you. Toby's book is real Gem only if we test, customise and implement his stretegies in our trading. I follow some of his stuff.. My NR7 setup is one such example from there. I admire his work which came at the time when there was so little processing power of computer available to him.

I agree, it needs effort to customise his strategies for our instuments cause market has changed a lot since his time, but foundation of his strategies are still as valid as they were at his time.

Happy Trading

Could you pl tell me who is the publisher and where can I get it?

Thanks!

 

[balaj78]

Probably, I have not understood this properly. But my calculations go as follows :

789 - 780.1 = 8.9 *75% = 6.7

So, target shud be 780.10 - 6.7 = 773.4

How did you get it as 777?

Could you throw some light please?

Anyway, Bandlab, thanks for a very simple and effective strategy.

Hi ,Actually lo is 781.10 and not 780.10 ,it is a typing mistake.
the logic is hi 789 and lo 781.10 ,range is 8 ,so i keep the t1 as 777 and t2 as 773 ,Most of the times t1 will achive 95% times ,t2 will achive or may not achive ,as we are daytraders we should book our profits asap ,otherwise our netprofit will become net loss at the eod .
Yesterdays trade also 1st traget achived and it went to 774.50 and it does not touch the t2 .