DislikedHi Amy - are you using NR7 as a variation of the Crabel / Conners / Raschke IBNR4 strategy, or is it something different?Ignored
But I'm using their NR Breakout script which they wrote in Visual Basic. It lets me select the time frame bar I use. It also has an interesting function where I can have it also alert me to when markets break out of this narrow range. So I've found on 60 min bars and 240 min bars I want to see and be alerted to the breakout plus have it plot their statistically modified chandelier stop which tightens once markets move way more than statistically normal each hour. They sometimes get out too soon but overall I've found they catch more pips than they let slip away so use that option.
I didn't code this and can't see their code but from the classes I attend I gather they look for Narrowest Range in last 4 hours along with an inside bar (high < prev high and low > prev low) and also NR7's which are narrowest bar in last 7 bars.
I also tend to focus on trades WITH the trend. Trend being defined as currencies I expect to go up next day based on my analysis I post here and also if currency is above hourly simple 20 period avg I look for buy breakouts and under hourly prefer to look for shorts.
There are some exceptions such as if I feel a currency has gone down too far and then has narrow range breakout to upside. I'll sometimes take those as its likely to go back up a lot and usually to the hourly MA which could be 30 to 70 pips up. So I'll risk 10 pips with great possibility of catching 30+ pips any time I happen to be awake and spot them.
Thanks for asking questions and I'm willing to share every part of my system except for how I calculate the likely trends the next day. It's not really necessary to make money and I just use it to trade larger when my predictions come true and real time tools show that I was right. I find it increases my avg wins dramatically.