15 minute open range scalp
- Thread starter DHS
- Start date
hmm, my math doesn't add up.
forgot the commission on yesterday's roundtrip. -1 tick. So that makes...
YM - 2 days, 3 trades
1 win
2 losses
-1 tick net
Observation: today, the 1 minute time stop worked against me. The trade would have worked out in about 5 minutes. A spike down, presumably from a big seller, caught the entry point, then price retraced 5 ticks and then over the course of that minute, floated down close to the entry. Over the course of the next five minutes, it floated down 10 points, then started taking off lower. However, following the stated rules, I exited after 1 minute.
forgot the commission on yesterday's roundtrip. -1 tick. So that makes...
YM - 2 days, 3 trades
1 win
2 losses
-1 tick net
Observation: today, the 1 minute time stop worked against me. The trade would have worked out in about 5 minutes. A spike down, presumably from a big seller, caught the entry point, then price retraced 5 ticks and then over the course of that minute, floated down close to the entry. Over the course of the next five minutes, it floated down 10 points, then started taking off lower. However, following the stated rules, I exited after 1 minute.
Xi:
Are you trailing the stop as it moves into positive territory from negative, like from -5 to +2, set it to +1 so it can't go back against you, or are you hitting the stop too quickly?
Anytime the trade goes against me first, I move the stop if and when it moves into my favor, to +1 tic
Unfortunately I couldn't trail the stop today, since the spike got me into the trade and immediately reversed into the red, and price never became green before the 1 minute time stop stopped me out.
I'll definitely move the stop up to breakeven +1 when I get the chance on upcoming trades.
So far, I've only had 3 trades though, in 2 days. We'll see where we are after 3 months.
EDIT: Even though I like it, and find it easy to understand, this method doesn't really jive with my normal trading. I wonder how an opening range on volume bars would work...
I'll definitely move the stop up to breakeven +1 when I get the chance on upcoming trades.
So far, I've only had 3 trades though, in 2 days. We'll see where we are after 3 months.
EDIT: Even though I like it, and find it easy to understand, this method doesn't really jive with my normal trading. I wonder how an opening range on volume bars would work...
Quote from xiaodre:
Unfortunately I couldn't trail the stop today, since the spike got me into the trade and immediately reversed into the red, and price never became green before the 1 minute time stop stopped me out.
I'll definitely move the stop up to breakeven +1 when I get the chance on upcoming trades.
So far, I've only had 3 trades though, in 2 days. We'll see where we are after 3 months.
exactly, this is a marathon not a sprint.
Many people who are 1 for 3 do far worse than -1 tic. FAR worse
Maybe you should try the ER2 instead...
DHS - I've been watching this thread with great interest. I have been daytrading the ER2 for almost a year now, and you seemed to have picked up quite well on a method to play off its inherent volatility. Your management of the exit seems to be the key to your success, since most "canned" ORB strategies fail over time.
Would you mind explaining exactly how you managed the stop to hold onto 3 ticks on the opening short entry? After your entry, the trade quickly went 8 ticks against you, and then there was only a brief spike down to 792.1, with reversal back up, when you exited at 792.3 for + 3 ticks.
Just trying to follow how you actively managed your stop in a trade like this.
Many thanks.
Anytime the thing goes against me but doesn't stop me out at -1pt, I get ready to move the stop. In this case I moved it to +.1 and i was fortunate enough to get the move to .3 because I moved quickly.
Typically I would've been out with .1 but I got lucky that time.
Hope that helps.
Basically if it went against me I don't want to give it a chance to go back against me if it goes back in my favor.
Just keep in mind that backtesting shows a fixed 1 pt target with a 1 pt stop loss for a 15-min ORB strategy is a losing proposition (ER2 over last 4 years.)
Therefore, the success you will get will be purely discretionary (taking small losses instead of the 1pt loss, sometimes letting your wins exceed the 1 pt target)
Therefore, the success you will get will be purely discretionary (taking small losses instead of the 1pt loss, sometimes letting your wins exceed the 1 pt target)