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[amibroker] How to set and test the stop of a 30-minute Open Range Breakout?



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Hi,

 

I want to put a Buy Stop 1-tick above the high of the 30-minute open range.

 

Once entry, a lot of documentations use the low of the range as protective stop [put a Sell Stop at 1-tick below the low of the 30-minute range]. But, I want to use a 10-tick MM stop, which may be inside the 30-minute range.

 

For example, the 30-minute range is 1.3010 to 1.3050 [40 ticks wide]. The buy stop is put at 1.3051. My stop will be at 1.3041 [10 ticks below the entry] once entry.

 

I use 30-minute chart.

 

From the next 30-minute bar, the low is 1.3030, the high is 1.3090, close is 1.3080, open is 1.3045. I can see there is a heat of 20-tick [Last high 1.3050 – Current Low 1.3030].

 

So, either the price goes lower to 1.3030 first, and then move up to break out from previous high and I have a profitable trade. Or, the price moves up first to break out [so my Buy Stop 1.3051 entry is taken] and then move down to stop out at a loss at 1.3041 [1.3051 - 10 ticks] and then to move up again for a higher close.

 

How can I confirm whether my 10-tick stop is hit within the 30-minute bar?

 

Which one comes first? The entry or the low? What happens in the 30-minute bar? There are many possibilities inside the next 30-minute bar, i.e. if the low is reached first, I may have a good trade; if my entry is taken first and then the low, I will be killed somewhere.

 

Can I accurately know what happen inside the 30-minute bar? How can I write the AFL so my entry and stop will be handled accurately? What timeframe do I use, i.e. smaller timeframe?

 

Please give me your advice. Thank you in advance.

 

Clement

 

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