I go to show a simple system for Basket trading. I am using actually for Basket V.6. It works and could be profitable in short term. If you don’t know how install the indicator you can read the thread created by Kosmolate. I thank his efforts and contribution. First all we must be determine the trend. We can use whatever you want for it, HA, EMA, Ichimoku, etc. I use 21 EMA and Ichimoku (5,10,20). When a Bar close above Ichimoku trend is UP and we only put Buy orders. When a Bar close below Ichimoku trend is DOWN and we only put Sell orders. Now we go to look to a special 1h bar. I call it Range Bar. Its simple, look at a bar that engulf following bars inside its range. Draw two lines at low and high of this bar. In an UP trend: When price touch drawed line of Low Range Bar enter a Buy position. In a DOWN trend: When price touch drawed line of High Range Bar enter a Sell position. Close partial position at target 1 (other line of range). Close rest when a bar close below/above Ichimoku with strong or a fixed 1000, 1500…. pips. All depend of your MM. And thats all. Simple. See the chart attached please. Apologize my English please. All the best. Regards.
Could you clearly define "range bar"? In your 2nd pic, your so called "range bar" was just a large bar. It does not look like an engulfing candle, unless you meant engulfing of the following candle?
Could you clearly define "range bar"? In your 2nd pic, your so called "range bar" was just a large bar. It does not look like an engulfing candle, unless you meant engulfing of the following candle?
Could you clearly define "range bar"? In your 2nd pic, your so called "range bar" was just a large bar. It does not look like an engulfing candle, unless you meant engulfing of the following candle?
Thanks for the question FxSwordfish. My problem is my limited English level. I hope you apologize. Ok, forget the word “engulf bar” please. When I say “Range Bar” I am talking about a bar what breakout a previous range of price and close out the range. When the bar closed most time following bars are oscillating within it creating a new range of price. Spikes of the following bars go out the range but no bar closed out. I hope you understand me. All the best. Regards.
That which you give to others, life will return it in spades
This is the trade of today. Buy @ 77.25. enter 2 lots, mini, micro. First lot close at target 80.25 (+300).
No stop. Close position if a candle close below range support.
Regards
Attached Image (click to enlarge)
That which you give to others, life will return it in spades
Ok target 1 achieve. +300 pips. Second position still open and BE (+330 now).
You can see how new bar breakout the range. This bar can form a new range or not. If price reverse and touch support then enter a new 2 lots position at 78. Target 1 at 80.70 (+370).
But if a bar close below 78 and close below clouds with strong it could be a new Down Trend. Almost for me.
All the Best. Regards.
Attached Image (click to enlarge)
That which you give to others, life will return it in spades
Joined May 2011
|724 Posts|
Status: If you think I'm mad, I must be mad
Hi Jaque,
Thanks for showing your simple system.
So simple I cannot understand it fully, sorry.
Could you explain when you move your ranges please.
I understand that when new close > prev range high (buying) you use that new bar for the new range (1)
BUT ...
If the very next after that bar also closes above that new range (1) do you move that range up again (2) or just wait for a pullback of the first new range (1).
What I mean is when do you disregard (1) and go on to look for (2) ??
Hi Jaque,
Thanks for showing your simple system.
So simple I cannot understand it fully, sorry.
Could you explain when you move your ranges please.
I understand that when new close > prev range high (buying) you use that new bar for the new range (1)
BUT ...
If the very next after that bar also closes above that new range (1) do you move that range up again (2) or just wait for a pullback of the first new range (1).
What I mean is when do you disregard (1) and go on to look for (2) ??
M.
Thanks for question futurespec. you are wellcome.
See the chart attached please. I hope help you.
All the best. Regards.
Attached Images (click to enlarge)
That which you give to others, life will return it in spades
Joined May 2011
|724 Posts|
Status: If you think I'm mad, I must be mad
Thanks for response.
Sorry again but still noyt totally got it .........
Looking at your rely post #10......
Range is set at 9.
Assuming that buy point is NOT reached at 10. would you move the range up to the new bar that closes above 9. range at 5 bars later (and also again 1 bar later) or would you wait for a retrace to the buy point of 9. ??
Thanks for response.
Sorry again but still noyt totally got it .........
Looking at your rely post #10......
Range is set at 9.
Assuming that buy point is NOT reached at 10. would you move the range up to the new bar that closes above 9. range at 5 bars later (and also again 1 bar later) or would you wait for a retrace to the buy point of 9. ??
Thanks,
M.
Hi futurespec. thanks for question.
If Buy point is not reached at 10 there is no Buy order and you must wait untill a bar close above the range. When it happen this new bar is a new bar range until the range is broken. Every bar what close above/below previous range is ever a range bar… And it happens all time, again and again.
I don’t know if I explain it correctly. English limit my explanation capacity.
Regards
Attached Image (click to enlarge)
That which you give to others, life will return it in spades
Hi all:
I closed yesterday open position in minimal loss.
A bearish bar closed below previous RB and Ichimoku clouds forming a new RB. It could be the start of a bearish trend or only a pullback of bullish trend. Nobody knows. Only i can is follow the trend and enter position with small risk... and see what happens.
Attached Image (click to enlarge)
That which you give to others, life will return it in spades
