Early Morning Range Breakouts using time and sales

[robocop]

Hi Robocop

You will find that there are times during the morning that the Market tends to reverse.

Here my rules around timings..

9:30am to 10:05am - No entry (Wait for the market to settle and create the opening range)
10:05am to 10:20am - 1st Entry Time
10:20am to 10:45am - No Entry (this is a Common Reversal Time)
10:45am to 11:30am - 2nd Entry Time
11:30am to 12:30pm - Manage Trades and exit at 12:30pm Lunch Time

It take a bit of discipline, but I've found that the market reverses quite often at 10:30am.

Other reversal times are 9:55am to 10:05am... and 10:55am to 11:05am

Somesh

Thanks for the timetable, I will keep this in mind while trading the morning. In the afternoon there are also reversal (news) times. Like 15:00 and between 15:35 - 15:40.

 

[WinAtTrading]

Hi Somesh,

(1) Do you use 4 pc's? I use a 15" laptop and sometimes an attached second 22" screen.
I iterate thru the stocks in my scanner, until I see something that is nearby the early range. Then I look how it behaves and how it was traded earlier, before I hit the buy or sell button.

(2) I think there is no need to have lots of monitors to display all the stocks in your watchlist at the same time. A main monitor with your charting package and another one for the broker software and optionally one for the news (if you are using a news service).

(3) It's true that shorting isn't always available at IG. I have experienced this a few times too. May be the new options feature could provide some help here, but I am not familiar with that. The trades on this thread are papertraded with ProRealtime. It is a fairly good simulator, but I have to pay a subscription license to use it for intraday trading.

Due the fact that I have a dayjob, I cannot trade the US morning session very often. Sometimes I trade it on monday.

Your trades looks indeed familiar with mine. How do you do your stockpicking/selection? Do you use a news service or a scanner, or both?

Do you trade also in the afternoon session? The MAKO and PETD trades do take up a long time to develop. Do you sit at the screen all this time? I trade the afternoon session from (local time) 20:00 until 22:00. Thats long enough for me to hold my concentration.

Cheers,
Robocop

Hi Robocop

My goal is to trade with a Laptop while travelling around the world, with my family. So I am working towards that one. I could either get a watchlist that is shorter and trade less stocks, therefore shortening the time required to scan through the list. I'm also working on shortening the time it takes to place the trade, and the optimum number of trades to enter before I have to manage each trade and stop scanning for additional ones.

I trade the opening of the US session. As I find it has the best volume for the trades I take, and the opening range is defined for me to 6 bars or 30 minutes before I take a trade.

I am using TC2000 for my watchlists as I find this is the fastest and best software for quickly scanning through stocks and I love the way everything is laid out. I pay the $30 a month for not having annoying adverts.

I gather my watchlist from news that day. Finding stocks that will have a lot of volume due to recent news. I have also started to use the Volume Buzz on TC2000, as this has brought up some good trades recently. I also have a small list of 6 stocks that give nice moves that I look at sometimes.

They are..
LEN
LOW
PAY
TGI
YUM
KO
LO

Somesh

 

[WinAtTrading]

Thanks for the timetable, I will keep this in mind while trading the morning. In the afternoon there are also reversal (news) times. Like 15:00 and between 15:35 - 15:40.

Here are some articles I have found relating to Opening Range that you will find interesting..

On tape reading:
Tape Reading & Day Trading

Daytrading Time Zone:
Day Trading Time Zones

There are some other good articles on the site, relating to the way we are trading which are worth a good read. Enjoy!

Somesh

 

[robocop]

OSUR Short 800 @ 10.54
Stop @ 10.76

 

[robocop]

PCAR Short 700 @ 38.09
Stop @ 38.32

 

[robocop]

OSUR Short 800 @ 10.54
Stop @ 10.76

Stopped out @ 10.70

 

[robocop]

PAAS Long @ 15.96
Stop @ 15.71

 

[robocop]

BMC Short 700 @ 43.04
Stop @ 43.36

 

[robocop]

FSLR Long @ 14.45
Stop @ 14.20

 

[robocop]

BMC Short 700 @ 43.04
Stop @ 43.36

Exit BMC @ 43.08 (I have to do other things, now it is @ 42.94!)

 

[robocop]

PCAR Short 700 @ 38.09
Stop @ 38.32

PCAR Exit @ 37.97

 

[robocop]

PAAS Long @ 15.96
Stop @ 15.71

Exit @ 16.14

 

[robocop]

FSLR Long @ 14.45
Stop @ 14.20

Exit @ 14.37

(Done for the morning)

 

[robocop]

VELT Short 1600 @ 5.88
Stop @ 6.04

 

[robocop]

DLTR Short 300 @ 35.99
Stop @ 96.60

 

[robocop]

VELT Short 1600 @ 5.88
Stop @ 6.04

Exit 5.91 (break of ema)

 

[robocop]

DLTR Short 300 @ 35.99
Stop @ 96.60

Covered 150 @ 95.50

 

[robocop]

SODA Short 200 @ 30.12
Stop @ 30.44

 

[robocop]

LRCX Short 1300 @ 38.13
Stop @ 38.26

 

[robocop]

LRCX Short 1300 @ 38.13
Stop @ 38.26

Covered 600 @ 37.85