Doomberg (very clever name by the way!), if we're talking tomortons v7 rules - i think im right in saying that he places an OCO order as jimmc mentions - one at the BBH+2, and one at the BBL-2. So if one order gets filled the other gets cancelled. As part of the OCO, he sets a stop and limit for each of the possible orders - 13points either side.
e.g. today BBR on Capital Spreads FTSE 100 Rolling was = 5986 - 6006
So OCO order was placed as
Buy at 6008, stop at 5995, limit at 6021
or
Sell at 5984, stop at 5997, limit at 5971
The sell was triggered (at 10am I think) so the Buy order is automatically cancelled and the price proceeds to hit the limit at 5971 making tomorton a happy man.
Capital spreads do an excellent demo platform for free - and allow OCO on iPhone
, best way to practice.To be clear Doomberg – I trade a slightly different method to tomorton, but ive tried to explain his method here as he is the BB master.
Bartlby – good point about the MA – maybe we could use 5min charts and look at the EMA(13) at 9am?... don’t think its providing much useful information though – and probably just complicating matters. Any thoughts anyone? Can you explain your pivot point a little bit better? Not 100% on what you mean.
Has anyone ever toyed with the idea of changing the 1:1 ratio on this? i.e. making profit target 85% of BBR, and stop as 50% of BBR say? Something about that 1:1 makes me uneasy. But yet the short term results have been good so I’m reluctant to change!