Wax On, Wax Off
Opening Range? 7 replies
Opening Range Breakout 1 reply
Day Trading With Short Term Price Patterns and Opening Range Breakout 6 replies
15-minute Opening Range Scalp - newbie question, plz help 6 replies
The Weekly Opening Range Method 28 replies
Disliked{quote} Understand. But what if the 3rd candle doesn't touch the entry trigger a second time? In my example, price could have continued down without the next candle touching the entry trigger again. So then you don't enter? So I try to summarize. - Orders are ONLY placed within the 15 minute candle AFTER the candle that first broke the high/low of the range is CLOSED. - Orders are ONLY placed when price then touches the Fib level (30%,50%). It might do not, then there is no order. - Orders are ONLY placed in the opposite direction of the first M15...Ignored
DislikedGBP/USD - 07/07/2023 {image} Looks like another one stopped out. Not sure about using a fixed stop loss that is at the opposite fib level. You basically get stopped out on noise, using a 6 Pips stop loss on a volatile pair like GBP/USD. Especially on the Open where the volatility is expected to be higher. I know this is scalping approach but hm. There might be a better way to deal with the SL otherwise it doesn't seem to work out well, only trading 1 forex pair, only doing 1 order per day/setup. On the other hand if you constantly have to re-enter...Ignored
DislikedThis one for cable or gbp usd only 3r potentially. There's two ways to deal with the stop loss 1. Use the range as stop loss or risk 2. The 0 to 33% as stop loss or risk. Whether you choose one or the other, what matters is rr must be greater than 2. 3. If you get stopped out. Step back and let it go.Ignored
DislikedRules 1. Measure the opening range (around 4.4 pips) 2. It first went south, so buy the 38% or 50% 3. Stop loss 4.4 4. Tp 1.6 level or 2.6 level or prudent 1 to 1 https://www.tradingview.com/x/oyhh0P2QIgnored
Disliked{quote} In the example for June 19th and EURUSD you had an inside bar after the range was formed. Here's M15 chart to see it better. What to do in this case? Do we enter or skip. The first buy opportunity then would have been at 10:45. 10:30-10:45 pierced the Low. 10:00 M15 formed the range 10:15 did nothing (Inside Candle) 10:30 pierced the Low 10:45 BUY or too late!? {image}Ignored
Disliked{quote} I've used the 0% level (-1R) as my SL in this example. It didn't even reach to +1R (100%). Totally irrelevant if there is/was/will be a potential 3R or 100R in the future. I would have gotten stopped out on this one before it even reached to the +1R target at 100%. Here's the GBP/USD chart again for today on the London Open including the Fib plotted over it to see the levels. {image}Ignored
DislikedThe more the volume, the less chances for getting stopped and easier getting a 1 to 1 x 1 to 2 or more.Ignored
DislikedHey Sovy. It looks to me like you don't really have a solid trading plan yet. Much seems to be very vaguely defined. So I'm a bit surprised/irritated how you were able to do a reliable backtest at all? In your first posts you talked about 1:2 risk/reward, now it's 1:5. The entry rules also seem to vary here and there. If you were able to agree on any rules, please post them again and I will do a backtest for GU and EU based on the last few months. Good luck so far, regards!Ignored
Disliked{quote} Who proved that? More volume simply means more volume. Nothing to do with getting stopped out less often or not. {quote}Ignored
DislikedI would not set any more rules for your entry. This probably only makes the whole strategy unnecessarily complicated and not more profitable.Ignored
DislikedRefining something to be better may make it worse but I learn more about it in the process. And doing it this way may filter out some entries that may seem good at first glance but may not be at all.Ignored
DislikedGiving people more options on what makes it easier is the subjective part or the art in trading. More profit or atleast more room for improvement and navigating against losses.Ignored
Disliked{quote} Just be careful not to do too many refinements. Google "Curve Fitting". If you have a final strategy with your rules, backtest it. Do it properly and test over a long period of time to include as many different market conditions as possible. I suggest at least 5 years, preferably 10. The longer the better. Then test the same rules again without adjustments but against a completely different time span (out-of-sample). If it still showed consistent performance, maybe you found a little edge. {quote} I personally don't think so. If you wan't...Ignored
Dislikedeuro london open 15m range reversal 1. 15 min is range 2. 2nd bar pierces down 3. 3rd bar goes up Entry at .3 risk and reward is the range of the candle, moved sl to +1. And waiting for the trade to finish. Range of candle is roughly 15 pips {image}Ignored
Disliked{quote} Looks good. But not matching the rules. The range broke on the Low so you want to BUY on the following candle. However it first reversed to the entry level (0.3) within the last M15 candle for the hour (11:00). So why did you take the trade? {image}Ignored