Early Morning Range Breakouts using time and sales

[robocop]

CRZO Short 1000 @ 29.41
Stop @ 29.51 (tight stop)

bailed out @ 29.51

 

[robocop]

Chart of CRZO



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.



Still it is an interesting chart. Lots of buyers just above 25, which eventually breaks with force and high volume.

 

[robocop]

CRZO Short 1000 @ 28.93
Stop @ 29.12

 

[robocop]

PCAR Long 1000 @ 39.71
Stop @ 39.63

 

[robocop]

PCAR Long 1000 @ 39.71
Stop @ 39.63

Stopped out @ 39.68

 

[robocop]

QSII Short 1000 @ 30.08
Stop @ 30.20
Carefull with 30 level

 

[robocop]

QSII Short 1000 @ 30.08
Stop @ 30.20
Carefull with 30 level

Indeed stopped out

 

[robocop]

QSII Short 1000 @ 30.03
stop @ 30.14

 

[robocop]

CRZO Short 1000 @ 28.93
Stop @ 29.12

Out @ 28.68

 

[robocop]

QSII Short 1000 @ 30.03
stop @ 30.14

Bailed out @ 30.03

 

[robocop]

Daysummary









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.

 

[robocop]

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.



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.



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.

 

[WinAtTrading]

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

 

[robocop]

BBBY Long 1500 shares @ 71.68
Stop @ 71.53

 

[robocop]

BBBY Long 1500 shares @ 71.68
Stop @ 71.53

Bailout @ entry 71.67

 

[robocop]

CTSH Short 1900 @ 60.05
Stop @ 60.19

 

[robocop]

CTSH Short 1900 @ 60.05
Stop @ 60.19

Bailed out @ 60.15

 

[robocop]

ROST Short 1600 @ 60.91
Stop @ 61.06

 

[robocop]

CRZO Short 2200 28.17
Stop @ 28.29

 

[robocop]

ROST Short 1600 @ 60.91
Stop @ 61.06

Bailing out @ 60.91