In a medium saucepan, heat the honey, water and vanilla, stirring constantly. Place the candy thermometer into the saucepan. Continue until the honey starts bubbling. Reduce the heat, and let the honey simmer until the mixture reaches a temperature of 270˚F.
Remove from heat and fold in the almonds, coconut and oats until they are completely coated.
Grease a square baking pan, and pour the oat mixture into the baking pan. Press the mixture down in the pan as much as you can and set aside to cool.
When the granola is cool, turn the pan onto a cutting board, and cut into your desired sizes.