Early Morning Range Breakouts using time and sales

This is a discussion on Early Morning Range Breakouts using time and sales within the Trading Journals forums, part of the Reception category; Originally Posted by robocop CRZO Short 1000 @ 29.41 Stop @ 29.51 (tight stop) bailed out @ 29.51...

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Old May 10, 2012, 8:38pm   #61
 
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Re: Early Morning Range Breakouts using time and sales

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CRZO Short 1000 @ 29.41
Stop @ 29.51 (tight stop)
bailed out @ 29.51
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Old May 10, 2012, 11:06pm   #62
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread Chart of CRZO

crzo.jpg

It failed to stay up the 30 level, so I thought this could give a nice burst to the support level.

Better entry would be just below 29.50 or wait till it actually broke the lows of the day.

I didn't had much time to trade this afternoon.

I'd had MAKO on the rader, but didn't trade it because it wasn't a early range breakout setup.

mako.jpg

Still it is an interesting chart. Lots of buyers just above 25, which eventually breaks with force and high volume.
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Old May 11, 2012, 7:12pm   #63
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread CRZO Short 1000 @ 28.93
Stop @ 29.12
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Old May 11, 2012, 7:29pm   #64
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread PCAR Long 1000 @ 39.71
Stop @ 39.63
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Old May 11, 2012, 7:32pm   #65
 
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Re: Early Morning Range Breakouts using time and sales

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PCAR Long 1000 @ 39.71
Stop @ 39.63
Stopped out @ 39.68
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Old May 11, 2012, 7:41pm   #66
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread QSII Short 1000 @ 30.08
Stop @ 30.20
Carefull with 30 level
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Old May 11, 2012, 7:46pm   #67
 
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Re: Early Morning Range Breakouts using time and sales

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QSII Short 1000 @ 30.08
Stop @ 30.20
Carefull with 30 level
Indeed stopped out
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Old May 11, 2012, 8:48pm   #68
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread QSII Short 1000 @ 30.03
stop @ 30.14
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Old May 11, 2012, 8:52pm   #69
 
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Re: Early Morning Range Breakouts using time and sales

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CRZO Short 1000 @ 28.93
Stop @ 29.12
Out @ 28.68

Last edited by robocop; May 11, 2012 at 9:18pm. Reason: typo 26.68 -> 28.68
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Old May 11, 2012, 9:08pm   #70
 
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Re: Early Morning Range Breakouts using time and sales

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QSII Short 1000 @ 30.03
stop @ 30.14
Bailed out @ 30.03
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Old May 11, 2012, 9:37pm   #71
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread Daysummary

trades-05-11.jpg

crzo2.jpg

pcar.jpg

qsii.jpg

Friday afternoon, difficult to trade early morning breakouts.

I have widen up my proscreener filter a little bit, so lower ATR stocks are available too.

CRZO went slowly but steadily lower. I did stay a little longer than I should have (break of ema).

PCAR were a bad trade.

QSII caught me, next time I surely wait until the 30 level has broken. I was anticipating instead of looking at the chart/time and sales.
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Old May 11, 2012, 10:39pm   #72
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread Summary with money management applied

I was wondering if I am making money trading this system even with commisions.
In practice I should use a money management strategy, ie a fixed risk per trade.

I have worked this out in a spreadsheet.

trades-money-management-100.jpg

The commisions structure of my broker is $ 0.02 ct / share, with a minimum of $ 15. Thus a minimum of $ 30 per round trip (not a very cheap one).

My net loss after commisions is $ -156.

If I change the max risk per trade to $ 200, my net profit goes to $ 369.

trades-money-management-200.jpg

The commisions are eating up all of the profit and should be considered while trading.

Conclusion: the system is profitable but only by trading of a minimum of $200 fixed risk per trade. Of course If I learn to trade better, then the minium could be lowered. Finding a cheaper broker could help to a fair bit.

Last edited by robocop; May 11, 2012 at 10:55pm.
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Old May 12, 2012, 8:24pm   #73
 
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Re: Early Morning Range Breakouts using time and sales

Hey Robocop

I appreciate your postings. Good stuff.
I've been trading opening range breakouts for over a year. I have been making 20% on my account each month using this strategy.

I trade exactly the way you do with a few modifications. Which could possibly make a huge difference to your results.

Looking forward to connection with you next week. I'm not trading Monday and Tuesday. But will be trading the opening range on Wednesday to Friday. Connect with me on Facebook I've got some videos there you would enjoy.

Cheers
Somesh
Winattrading
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Old May 14, 2012, 7:07pm   #74
 
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Re: Early Morning Range Breakouts using time and sales

robocop started this thread BBBY Long 1500 shares @ 71.68
Stop @ 71.53
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Old May 14, 2012, 7:21pm   #75
 
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Re: Early Morning Range Breakouts using time and sales

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BBBY Long 1500 shares @ 71.68
Stop @ 71.53
Bailout @ entry 71.67
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