GBPJPY Range Bar Trading System

Taming the Trend
Is about taking a piece out of the intraday range, using range bar only

Continuing from..... https://www.forexfactory.com/showthr...=681893&page=8

Using Range Bars and ADR 14
Call it trend following, counter trend trading, breakout trading,
What matters is that once you see the picture, you will know. you won't guess.
Range bars clearly show beginning and end of moves based on daily ADR,
I call it 'Taming the Trend'

I trade live account and i try to capture 40 pips daily out of 130pip daily ADR

ENTRIES: In most Range Bar Systems, I noticed alot of these systems are based on 3bar reversal. ( COUNTER TREND TRADING Possbily).

IN THIS SYSTEM WE ENTER ON THE 2ND BAR WITH THE TREND DIRECTION ( NOT THE OPPOSITE). By the 3rd bar we are out already

Meaning we wait for a completion of the 1st bar and then enter on the 2nd bar
Do i enter right a way? No. I wait for pullback of few pips... \
Note: sometimes in volatile times, price shoots without pullbacks.
Do i front run? yes and no depending how much more move left .. if it is really the first bar of the day.. hell yes i front run
Do i add to position?... that also depends. Usually no enter heavy full size and exit all at once.
do i always capture 45 pips.?. No lol as easy as it sound. i m capturing on average 25 a day. but im still practicing. but that is due to the trader's ability trading the system (That would be Me) but I will improve. This system is as good as I am
Does range bars strategy have potential, Im a trader and only trade intraday ranges. The trader becomes focused on current action. and not trying to pick tops and bottoms. The market moves 100+pips daily. I promise you it will move another 100+ tomorrow in some direction and thats everyday.
I ask myself how much of todays ADR has market moved?
And did it move in compliance with the trend? or
Is it in a pullback?

I traded when times we had to execute trades over the phone. Charts were luxury. So yes for me ranges will do it.
For Predicting tops and bottoms, analyst can do that better than anyone else

I will keep updating this. but i ask people to comment, share, and ask questions.

Simple Setup

Start Range bar chart for GBPJPY and place ADR indi and Pivot

Range Bar 41 to 45 pips

ADR 14

Pivot Daily ( reference Only)

Things we keep an eye on

Previous Day Pivots ( the real pivots) Open High Low Close . Yes these are the pivots
Daily pivot
Range Bar, High and Low for entry.


I will explain more soon.


But for now play with this setup. I promise you won't be sorry.

Cause you are not predicting tops and bottoms. you are trading and trying to take a chunk out of the daily ADR and that happens when the move is confirmed.
Trapping the ADR for 40 pips is interesting idea and i expect help develop using everone's thought process .

Top Down Approach

Monthly
Weekly
Daily
4hr

144.16 Monthly Weekly Break Point Retest

142.24 Daily Break Point Retest

Now that trend is down. but ADR finished. Expect a retest to upside.

On Range Bars
144.16 142.25 also shows a possible retest

With this system you are not predicting tops or bottoms.
We are staying within the Range Trend
in this system we wait for bar ends to make decision.

Market moves in 3 to 5 waves
wave 1 market in buy
wave 2 market in distribution Sell or
wave 3 Market in buying on pull back ( reload for more up ) ( buy again)
Wave 4 if wave 2 at sell, then expect Sell Short after if price was in pullback
wave 5 rest back to balance. ( not sure what wave 5 is , but usually its either continuation or reverse)

How to play it
You wanna make your decisions to buy or sell, after the 1st bar finishes, that way expectation is that 2nd wave will move another full ADR
Range Bar 1 ENDS = wave 1 BUY
Range Bar2 begins = Distribution Sell ( closing positions)
Range Bar 3 begins = not sure what to do with it. but hey, im all ears and open for suggestions

We are practically Dissecting the range and filtering the move of 45 pips ranges

140 pips GBPJPY

1/3 of that 45pips


3 range bars will move to make that move, with pullbacks

I think you can trap on 45pip bar.

141.58 open and entry level to upside
risk to downside 141.40 141.20
Reward to upside 142.25 142.55

a safe entry would be around 141.40 with only 10 pips sl very possible

A Two Lot Trader would
hold for 1 range bar of 45 pips and exit 1 lot at bar end
Hold Lot 2 for possible 3rd bar continuation.

New range bar begins
either 45pip up or 45 pip down
ADR finished.
buying at this level is an oppt.

Range bars with the Dragon.. wow you sure like adrenaline lol

anyway my 2 cents; since range bars are all the same size there are certain patterns (like 3 bars reversal/continuation) that works very well and very reliable to catch a price imbalance and a move in your favor..

See the charts in that way and you will see what i mean; very easy to catch pips, the "boring" part its to wait for the bars whenever they feel like to paint

Interesting

Im using 2nd bar for decision either continuation or reverse. i will look at it your way.

Thanks for sharing

20pip range bar

reversal possible to upside
first obsticle will be today's open
expect 142.25

40pip bar

20pip bar pullback

price needs to take out the open to the upside before the bulls take it all the way ful ADR.

on the other hand. we had a busy week or month. we might see side ways movement in range of 30 to 40 pips. Even better to trade

now we need to take out the HIGH to continue

we are clear for take off
141.85 142.00 142.25 142.58

its got to break 141.85

141.85 is the High + 10pips for breakouts

holding till 142.25