My Day Trading Dairy.

newtrader101

Well-Known Member
TCS SHORT @2233
Auto square off 15:15 @2246.30
P/L=-13.33+-2.30=-15.65 per unit plus auto square off charges.

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Guys I looked at the Zerodha Kite charts at 13:05 and found this:
1598255106532.png


As you can see the high for first 15 min bar that Zerodha shows is 2256.8. If I had placed the stop as per this, I'd have been stopped out now.
However, I took it from NSE and it was 2259.15. Tradingview and Tradejini charts show the correct value. Samco also shows it wrong. Kite is showing it correctly in the sidebar but in the chart wrong.
 

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newtrader101

Well-Known Member
Carried out some manual backtest w/o using the gainers/losers screening. Stock BPCL.
Used ORB indicator on tradingview. June 15-Sep 18 2020.
Results: 34 wins, 32 losses.
Variation 1) Entry on breaking ORB15. SL= Range. Obviously wouldn't be profitable with equal wins and losses.
Variation 2) Entry on breaking ORB15. SL =Range/2
This one generated a profit of 2555 before expenses (initial capital 5000).

I guess with Imfine's criteria of top gainers/losers, the win rate will go up.
Probably if we introduce this 0.5 Risk Reward, the profitability might increase.

I'd like to try these variations too, but if someone could help with the code:
Variation 3) Change% @ close of opening 5 min bar>=3
Variation 4) Bollinger band width of previous week/day <0.5 (?)

From my experience with backtesting on streak, shorting strategies give profits on stocks bearish on larger tf, and long strategies on stocks bullish on larger tf. Streak does not allow sl on OR top/bottom, only %. I'm also not sure how reliable the results.

Btw, can anyone recommend a range strategy?
 
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newtrader101

Well-Known Member
Hopefully sharing will improve my own understanding.
Few more points to improve ORB trades:

Taking trades in the direction of the 30 min trend, is a better bet.
Once you have entered the trade, watch out for the breaking candle formation.
If the breaking candle has little/no wick and is large, good chance of break out.
If the breaking candle has tail against the trade direction, less chance of hitting target.
If breaking candle is a rejection bar, more likely to be stopped out. The rejection direction has to be confirmed by next candle. You'll have to be in the trade at the time. If it is against trade direction, then get out to cut losses.
On 26/6/20, the first 5 min candle was bullish hammer, however the breaking candle looked like bearish, being hammer on top of the range. But the next candle was a bullish marubozu, and then it rose 3.9%.
1600623382054.png
 

marimuthu13

Well-Known Member
Hopefully sharing will improve my own understanding.
Few more points to improve ORB trades:

Taking trades in the direction of the 30 min trend, is a better bet.
Once you have entered the trade, watch out for the breaking candle formation.
If the breaking candle has little/no wick and is large, good chance of break out.
If the breaking candle has tail against the trade direction, less chance of hitting target.
If breaking candle is a rejection bar, more likely to be stopped out. The rejection direction has to be confirmed by next candle. You'll have to be in the trade at the time. If it is against trade direction, then get out to cut losses.
On 26/6/20, the first 5 min candle was bullish hammer, however the breaking candle looked like bearish, being hammer on top of the range. But the next candle was a bullish marubozu, and then it rose 3.9%.
View attachment 44264
Are you sticking with only one stock for ORB ?

Most likely to get stock on dynamic basis..top gainers/losers, gap down/up etc etc ...

Also with 15 min range , placing SL @ middle of range for 2R may reduce profitable in longer run as price quickly retrace back to 50% to 61.8% level
 

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