15 minute open range scalp

Discussion in 'Strategy Building' started by DHS, Jul 27, 2007.

  1. DonKee

    DonKee

    believe it or not, you can take any 15 minute bar during the pit session hours and put a buy stop at h+.20 and a sell stop at l-.20 with a $50.00 target and a $100.00 stop and have done very well over the past 7 weeks (ER2 only).

    Of course, you must use market bracket or some other auto trader to put in your stops and exits when entry is filled as your target is hit very fast. You will get an average of 10 signals per day, so if you like action.....
     
    #31     Jul 30, 2007
  2. DHS

    DHS

    I believe it. 1/2 a point is fine with me, especially if there are 10 of them a day!

    Thanks for adding to this thread!
     
    #32     Jul 30, 2007
  3. DonKee

    DonKee

    Sorry, I was looking at each side as 10 per day. Both long and short will average about 20 trades per day.

    Remember, this includes a run where you might have 4-5 bars in a row, each one exceeding the h+.20 or l-.20 entry after having pocketed $50.00 on the previous bar.

    There are approximately 26, 15 minute bars per day, so as you can see this is a very busy way to trade.

    I just wanted to point out that the opening 15 minute bar break-out is really just a time constraint that you can put on the strategy to keep your number of trades low and your win/loss high.

    If you want to trade more often during the day, every 15 minute bar break-out has a high win/loss rate for a small scalp.

    The above is for ER2 only and NOT the ES.
     
    #33     Jul 30, 2007
  4. xiaodre

    xiaodre

    I'd imagine due to the wide swings of the ER2. Prolly the YM falls somewhere in between. I'll check it out when I get home, and leave a post about whether it checks out or not.
     
    #34     Jul 30, 2007
  5. DonKee

    DonKee

    If you want to knock down the number of trades per day, just require the c>13ema for longs and c<13ema for shorts This knocks out 30-40% of the trades and, of course, will bring your $ profits down, but the win/loss % is about the same.

    These types of scalps are all about being able to execute all aspects of the trade.

    As I said, I don't think you can do it without a "bracket trader" type of product.

    I'm not sure, but it may be possible to program it into ninja. It would be interesting if someone can program this into ninja and let it run for the day on "auto".
     
    #35     Jul 30, 2007
  6. DHS

    DHS

    That would be awesome.
     
    #36     Jul 30, 2007
  7. xiaodre

    xiaodre

    I don't have much experience with the ER2, but I'll start looking at it's price action see what I can do about whipping up something for ensign and bracket trader...

    maybe it's time to switch...
     
    #37     Jul 30, 2007
  8. DHS

    DHS

    I love the ER2 because of it's volatility and how it seems to move with the DOW/NASDAQ trending
     
    #38     Jul 30, 2007
  9. DonKee

    DonKee

    2 caveats:

    1) Er2 as a trading vehicle is questionable in the future, as ICE has picked up the contract.

    2) The high profits generated by the 15 min bar break-out are for the Sept 07 contract only. The previous 3 contracts had small losses using that strategy.
     
    #39     Jul 30, 2007
  10. DHS

    DHS


    September's seems to be OK as well as June's
     
    #40     Jul 30, 2007