15 minute open range scalp

There was a prop-firm in LA that traded the ES ans NQ 15m-BO signals via SPY and Q^4 respectively. It was their primary trade, and the parking lot was full of Porsches and Ferraris. They were excellent tape-readers as well.
 
Your profit target is 1 point yet you are stating you made 2.3 or 2.5 points on the trades you are showing us. I know you said that you move the stop to 1 tick after it moves 3 or 4 ticks but the candles you are showing seme to have a move more than 1 tick back below your entry. How are you not getting stopped out?
 
This definitely works. If you're happy keep doing it. I would suggest you take a look at it from a different perspective.

When the high of the range breakout occurs, how often can you get more than 1 or 2 points? Do the same when the low is the first to breaik out.

I think you will find that whichever breaks out first sets the tone for the remainder of the day. There are more points to be had. Keep up the good work.
 
Quote from optioncoach:

Your profit target is 1 point yet you are stating you made 2.3 or 2.5 points on the trades you are showing us. I know you said that you move the stop to 1 tick after it moves 3 or 4 ticks but the candles you are showing seme to have a move more than 1 tick back below your entry. How are you not getting stopped out?
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I'm out of the trade in seconds and the candles are 15 minute candles. I don't always move it to 1tic immediately as I've stated before. The trade lasts about 20-40 seconds typically. That is plenty of time for a 2 pt jump. I'm not sure exactly what you are asking me.

When it goes negative I immediately move it to 1tic no matter what. However, a lot of the trades immediately go further in the positive. If you have historical data you can see it for yourself.
 
I think I am just trying to follow. I guess it is not really a one point stop then fixed since you are lettnig it run sometimes and other times no. How do you know you should let it run and not take the 1 point. This moves to less mechanical and more discretionary.
 
DHS, are you pretty firm on the whole 1 minute time stop?

Thanks for bringing this method up in a new thread. I like it, and had pretty much forgotten about it until you brought it up.
 
Quote from optioncoach:

I think I am just trying to follow. I guess it is not really a one point stop then fixed since you are lettnig it run sometimes and other times no. How do you know you should let it run and not take the 1 point. This moves to less mechanical and more discretionary.
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If I had to summarize it:

1) 1 minute time limit I am very firm on (9 on a scale of 1 to 10 for firmness, 10 being highest) The only thing that would break that firmness is a serious bull or bear run in my favor.

2) If the trade goes in my favor from the start, I give it room to breathe, but eventually set the stop to +1 tic because there is no reason I should lose.

3) If the trade goes against me initially, I'm either stopped at at 1pt (10 on the firmness here, no need to let it bleed) but as soon as it goes back into positive territory I set the stop to +1 tic and am thankful for it.

I guess it depends on the volume, news and other catalysts that make me decide how and when to take the profit.

However, my goal is any profit. 1pt is great, but 1tic is acceptable because in time I will work this system with more contracts. If it takes me a million trades to make a million dollars, so be it.
 
There are tons of Opening Range strategies out there...here's a couple pdfs - one that is exactly a 15 minute opening range scalp (along with some other setups, including a 3pm reversal). I hope this ruleset does well. Good luck. I'll follow this thread with interest.
 

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Another that is some marketecture on how to build an opening range breakout system (although I think it's suspect since it uses cutting out a day of the week in order to get a better return - that's fitting the results to the data if ever I've seen it)

EDIT: Here's dbphoenix's threads that describes some of his opening range breakout plays...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=11410&highlight=keeping+it+simple

http://www.elitetrader.com/vb/showthread.php?s=&threadid=15110&highlight=keeping+it+simple
 

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