A nice example of an opportunity that just rolled out on AUDUSD.
Unfortunately, I missed this one.
Unfortunately, I missed this one.
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DislikedHi Nexas, just wanted to know since we are using range bars which means that it is not time dependent...so do u personally stay at ur screen to look for trading opportunities or do u have some kind of indicator attached to ur chart which lets u know when a new range bar opens or closes... please do advice and if u do use a bar closing or opening indicator, it would be much appreciated if you could share it. Regards dennisIgnored
DislikedHi Nexas, just wanted to know since we are using range bars which means that it is not time dependent...so do u personally stay at ur screen to look for trading opportunities or do u have some kind of indicator attached to ur chart which lets u know when a new range bar opens or closes... please do advice and if u do use a bar closing or opening indicator, it would be much appreciated if you could share it. Regards dennisIgnored
Disliked{quote} renko's don't usually repaint - if you have the setting "show wicks" set to "off" you will see wicks on the current candle but if price does not complete the range they disappear - this is because renko only prints a permanent bar when the full range has been met in one direction. also i have discovered that renko ranges under 3 freeze my platform.Ignored
DislikedHere they are!!, my rangebars are platform based like nexas but from memory both should work ok although range bar chartv103a needs metatrader to be started twice when(if) your pc has been switched off to be able to display the history correctly. doc. {file} {file}Ignored
DislikedYes, I got the EURUSD trade myself too Fished out 18 pips on the latest swing! (DEMO for me of course) USDCHF (below) was another beautiful downward trend pair I was looking at but I realised that it reached its monthly support and now flattening to a range. However it executed its last swing beautifully in the RB screen. RB setup seems promising so far for me with 2 days of experimentation. {image}Ignored
DislikedHere are some of the opportunities today. The first is from the EURUSD. None of the trades that presented themselves were taken on this pair. The first because the pullback wasn't enough, and the second because the daily pivot was in the way. As you can see the first would have lost and the second would have won, so I would have been net profitable but these are the rules so we must stick to them. {image} The other pair that I was active in today was the GBPAUD. The first opportunity had too much of a pullback. The momentum was completely against...Ignored
Dislikedf you have a good read, you'll discover 3 things, trend filter based on moving averages and stochastics.
1. Entries based on pull backs against the trend using stochastics for entry conditions.
2. Exits based on using price levels in the market, previous levels of daily lows or daily highs, previous support resistance levels in the market, trailing the stop in the direction of the trade and average daily range levels (some of which I have not described)
3. Trading can take years to even come close to being profitable, the reason for this is vairied depending on the individual. Controlling emotions is the number one reason, the need to be proven right is the number one contributer towards this and not accepting the fact that you are wrong and not wanting to lose money. Once you identify this trait in you then you'll lose consistently no matter what.
Stochastic Indicators using histogram to represent the levels, I think I have hinted at in previous posts, above or below certain levels price is going up or going down. If you know anything at all about indicators you'll know that mostly they just follow price, and at the end of the day if you look at price you'll eventually be able to determine where price will react without even looking at indicators (note this will happen with time).
Stochastic indicator is one of the best for a couple of reasons, used in a sideways trending market it can be used to trade the top and bottom of the range, and used in a trending market it can be used to trade the pull backs and continuations. Also one thing to note is that congestion periods, or ranging periods is typically bound by round numbers. No it wont be bound by the round numbers to the pip, price will shoot past and stop and reverse and then there's times when it will shoot right past and head to the next round number.
It's really difficult to make money in a ranging market, I know, I have tried. Making money in a trending market is really easy. Trying to stay out of the market when it is ranging, that is the bit that is not so easy.
Pirces bouncing around above and below moving averages is a sign that prices are trending sideways, prices bouncing off of an area close the moving averages when they are all spread out and all pointing in the one direction is a sign that prices are trending up or down.
Using the stochastic indicator helps with identifying probable areas where the retracements back to the moving averages is likely to stop and then continue, using price levels will also help identify those areas where price will likely stop and continue, and in a trending scenario, this is around previous support, resistance level and xx00, xx25x, xx50 and xx75 levels.Ignored
DislikedThe range bar measures a set range of price movements or number of trades and when that range or trades is met the bar prints. A renko bar does the same except the range has to be all in one direction for the bar to print. So with a 10 tick renko bar the range has to be all up or all down for it to print Ex: A 10 tick range or trade bar could open at 100.00 and have 5 ticks up to 100.05 and 5 ticks down to 99.95 and the bar would print. A 10 tick renko bar would have to have 10 ticks up to 100.10 or 10 ticks down to 99.90 before it would print....Ignored