The system was allowed to trade unattended into the UK news. Stopping the system or managing the trade (break even/trailing stop) could have limited the first loss.
Half hour of scalping in the NY Session (10 Trades) regained the losses and added some small gains.
Attached a 15m and 4t renko chart. The renko shows very nice "trading time" vs. "chronological" time. The Breakout Indicator gives some comfort, but you could do this with 2 lines. Everything else is just eye candy. Almost :-)
Last edited by PragmaticQuant; July 1st, 2015 at 09:31 PM.
Tighter overnight range and slow start of the session after previous day's strong trend. And US NFP ahead.
Market went in a sudden and short lived down spike of 20-25 ticks. This triggered the breakout. But no follow through. A scale in failed. The market went slowly sideways/up after this. Closed both trades after 1/2 hour slow drift upward (+1 / -10) and with UK news ahead. (UK News then resulted in a +25 uptick)
NFP Payrolls. (Showed ~75 ticks volatility, but no directional impulse. Slow afternoon trading with long US Holiday weekend ahead)
The System was enabled for an early breakout at +5 ticks above/below the asia range. A up breakout was triggered almost immediately. The automatic trade management moved the stop to breakeven after a +20 runup. The target of +30 was not hit. On the deep pullback into the range the trade was stopped out at break even. The market looked quite choppy, so no further ORB attempts.
A scalp in later in the session did not get much momentum and was closed EOD with +5 ticks.
EOD PL: +5 Running PL: +12
Last edited by PragmaticQuant; July 7th, 2015 at 12:13 AM.
The system by default triggers +/- 5 ticks above/below the Asia/Overnightrange. So the short upside spike was filtered. The downside breakout triggered. The pullback took ~10 tick heat. The initial risk (SL - Stop Loss) is the other side of the ORB range. The automatic trade management of the system takes the SL to breakeven after +20 ticks. And closes the trade at +30 ticks.