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Trading with range bars ichimoku cloud & awesome oscillator

  • #2,161
  • Aug 8, 2017 1:40pm Aug 8, 2017 1:40pm
Quoting rockypoint
Ichikuse, Your reasoning was just fine.
Thanks RP!
  • #2,162
  • Aug 8, 2017 2:52pm Aug 8, 2017 2:52pm
i traded range bars when i had the time (now i trade daily candles because i have VERY limited time to watch charts now ); i still like them BUT you have to see the charts with a different aproach from time based candles



1.- some indicators doesnt work that well or are useless on the info they gave you: remember range bars are price based with no time on the "equation"

2.- some patterns are KILLER with range bars, for example 3 bar reversal have a stupid high accuracy; use a proper "trend" filter and you are golden


ALWAYS REMEMBER: RANGE BARS CAN CATCH AND SHOW THE PRICE IMBALANCE (THE ENTRY) AND THE SUBSEQUENT IMPULSE UP OR DOWN (THE EXIT) VERY EASILY

FORGET EVERYTHING ELSE AND FOCUS ON THAT !!!
  • #2,163
  • Aug 10, 2017 9:35am Aug 10, 2017 9:35am
Stayed up for us session. Caught this gbp/jpy, eur/jpy was an exact copy but I missed(next time). Great thing about this business there's always a next time.
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  • #2,164
  • Aug 11, 2017 6:39am Aug 11, 2017 6:39am
Just closed a GBPJPY trade a few minutes ago.Price broke resistance and took 14 minutes to make 27 pips.I decided to exit when price was approaching today's high.It turned out to be a good call because price went south immediately after my exit.
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  • #2,165
  • Aug 15, 2017 5:41am Aug 15, 2017 5:41am
RP how are you.Are you fine?.Is everything ok?You have been scarce.
Please let me know which books/articles/videos you recommend to help one learn about markets.
If not, then i assume one should educate themselves on support,resistance,trend-lines,divergence,price action etc in general?
  • #2,166
  • Aug 15, 2017 6:04am Aug 15, 2017 6:04am
Love this system on GJ, I add a 60 LWMA as further confirmation waiting for the crossover of the 60 LWMA from the kijun-sen. Entries and exits based on pull backs from S/R (I use Daily/Weekly Pivots as S/R but you could really draw your own).

RP you really are a legend for this system, cannot thank you enough.

Cheers
Razor
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  • #2,167
  • Aug 15, 2017 6:28am Aug 15, 2017 6:28am
Quoting Razor864
Love this system on GJ, I add a 60 LWMA as further confirmation waiting for the crossover of the 60 LWMA from the kijun-sen. Entries and exits based on pull backs from S/R (I use Daily/Weekly Pivots as S/R but you could really draw your own). RP you really are a legend for this system, cannot thank you enough. Cheers Razor {image}
Looks good.Price respecting your blue pivot after the sell off and heading the opposite direction.
Did you draw that or it is an indicator.If its an indicator, please what is it?

On another note, this system is phenomenal.U get in on a trend as it starts.I am no expert but i have not seen a safer system which makes pips virtually everyday and with a tiny risk.
  • #2,168
  • Edited 8:37am Aug 15, 2017 7:04am | Edited 8:37am
To anyone who has come across this thread,here are my words:You are privileged and fortunate to have arrived here.I am glad i got here just as i am beginning my trading career and i am not going to use any system before i master this one.I started trading about 4 months ago but i am making decent pips on my demo account.
I have been saved from trying 1000 plus methods.The greatest tragedy of the retail trader is in thinking that successful trading must be complicated with lots of indicators, algorithms etc.
Granted, if you are successful with so many indicators and Murrey maths etc, good for you but a less stressful route is to grasp price action,support and resistance.Levels are critical.
This system can easily be sold for a lot of money and i wont be surprised if someone is doing so already.
Here all this is free! I must say one of the wisest and shocking findings RP has shown me is that when the oscillator goes above zero or below,you look back to recent levels and note an area of support or resistance and all you have to do is buy/sell on the break of that level! Genius!
Gone are the days for me to look for pivot levels /SR levels from websites and lose valuable time.
With this system you will be shown those levels by the cloud and the price action as you go along and trade!
You never have to look at daily candles unless you want to or you have the time and/or you trade another strategy that requires that.
You never have to hear forex fundis try to predict the market.You never have to pay for signals.Signals are right on your screen.
This system suits me because i cannot be a swing trader and think that while i sleep some people are moving price against me.That scares me and i will never be comfortable with that.I do understand that some people here are experts and have mastered many strategies.I am happy for you.As for me, this will be my only strategy.Till i master it i cannot think of anything else.Even when i master it, it will not be easy to try anything else because i like the freedom it brings:i can trade for a certain number of hours and knock off whether or not there was a trade.Also, setups happen regularly.
When people on daily candles say there is a pinbar created yesterday and look forward to trading it today, i have a system that can let me be part of that pin bar that was created yesterday and also to take part today with the rest without even having to know that there was even a pinbar. Its all about what suits you.Some cringe at the thought of being a day trader which is ok for them but day trading is what i want and i am glad to have found my identity early enough.
In life, the simplest methods and the most successful habits are practised by a few people and the things and habits that are popular and complicated are the least successful. If you are failing to trade, this is your answer and please do not leave this thread without finding success.RP, you are my mentor and my life will never be the same again whether you believe it or not
  • #2,169
  • Aug 15, 2017 7:33am Aug 15, 2017 7:33am
After a two week vacation I'll be back in the chat room from an hour before NY opens to London close, starting on 16 August. Come join us!
Join my Slack team! https://join.slack.com/t/awesome-ich...N2QyOWMyMTFhNw
  • #2,170
  • Aug 15, 2017 11:47am Aug 15, 2017 11:47am
Quoting Razor864
Love this system on GJ, I add a 60 LWMA as further confirmation waiting for the crossover of the 60 LWMA from the kijun-sen. Entries and exits based on pull backs from S/R (I use Daily/Weekly Pivots as S/R but you could really draw your own). RP you really are a legend for this system, cannot thank you enough. Cheers Razor {image}
what is the blue and red candles.. is it heikan ashi or any other one ....and how to set m61 in offline chart
Success is a Journey Not a Destination....... kind regards ramzam
  • #2,171
  • Aug 15, 2017 8:46pm Aug 15, 2017 8:46pm
Quoting ichikuse
To anyone who has come across this thread,here are my words:You are privileged and fortunate to have arrived here.I am glad i got here just as i am beginning my trading career and i am not going to use any system before i master this one.I started trading about 4 months ago but i am making decent pips on my demo account. I have been saved from trying 1000 plus methods.The greatest tragedy of the retail trader is in thinking that successful trading must be complicated with lots of indicators, algorithms etc. Granted, if you are successful with so...

Good to hear someone traded it successfully. Please post more charts so that we all can learn from it.
  • #2,172
  • Edited 4:57am Aug 16, 2017 4:41am | Edited 4:57am
Quoting orionstyle
{quote} Good to hear someone traded it successfully. Please post more charts so that we all can learn from it.
I will post when i take trades.I have a full time job.Fortunately i spend more than 50 percent of my time on using a computer which helps in looking for opportunities.
  • #2,173
  • Aug 16, 2017 4:55am Aug 16, 2017 4:55am
Quoting ramzam
{quote} what is the blue and red candles.. is it heikan ashi or any other one ....and how to set m61 in offline chart
You can set a time frame of your choice if your indicator has that capability(which you obviously know about) eg the one from ovo which i used on trial basis although i do not use that since i have a free version which does not let you choose a time frame like m61. Another method is to attach a period converter to the chart.I never tried this method and a post i read says this second method slows down MT4 so much. Not sure about this since i never tried it.You may want to read this about how to use a period converter: https://www.fxdayjob.com/custom-time...r-metatrader-4
  • #2,174
  • Aug 16, 2017 7:50am Aug 16, 2017 7:50am
Quoting ichikuse
{quote} You can set a time frame of your choice if your indicator has that capability(which you obviously know about) eg the one from ovo which i used on trial basis although i do not use that since i have a free version which does not let you choose a time frame like m61. Another method is to attach a period converter to the chart.I never tried this method and a post i read says this second method slows down MT4 so much. Not sure about this since i never tried it.You may want to read this about how to use a period converter: https://www.fxdayjob.com/custom-time...r-metatrader-4...
yes i will read this article about this and much of thanks for this kind reply
Success is a Journey Not a Destination....... kind regards ramzam
  • #2,175
  • Aug 16, 2017 10:47am Aug 16, 2017 10:47am
One trade today after two weeks off.
Picked the strongest currency (NZD) to trade on a 5 min. breakout. Opened on Buy Stop Order on bad USD news. Slow day.
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  • #2,176
  • Aug 17, 2017 7:27am Aug 17, 2017 7:27am
Just closed a lightning-fast EURCAD trade for 25 pips(35 mins before US OPEN).Price was struggling to breach daily support as shown by the pivot in the photo.
I decided to put a sell stop 6 pips below support since i trade 4 pip range bars. As soon as price broke support it accelerated downwards in less than a minute.
I made 25 pips.I exited quickly on the appearance of a green bar because such quick moves are more often than not followed by immediate profit taking(which actually happened in this case). This trade has shown me how i can also prevent the market from running away from me after watching the setup.Just one bar below support and the market raced away.If i had not put a sell stop i might have missed this move.

I just opened the chart and saw a setup.The ichimoku and awesome oscillator method gives me the liberty not to look at daily candles everyday.(RP said he only looks at them at the weekend).In any case i am not even sure if this move was against the trend.What mattered was that a level was broken.I also did not have to search for S/R lines from websites and manually plot them.Those that do so are free to do so and there is nothing wrong.

I also managed to make some pips last night at 8 pm my time(South Africa) after the FOMC minutes. EURUSD and USDJPY made nice straightforward moves.I did not take screenshots of that though.I should say if i am serious enough, i can succeed.I am fortunate that my timezone allows me to trade London open(London is only an hour behind me) and Us open without having to stay up or wake up for that).

The EURCAD trade shows once more the importance of support and resistance.I have seen other people who say they never trade support and resistance.
I cannot argue with them but i have to choose what suits me and for me S/R is the way to go.

There is always a temptation to try out indicators and i have tens and tens of these but day by day i am learning to choose a choice few that aid with identifying levels.

On another note, many many traders urge us to master one or two currency pairs at a time.For me, this issue was solved for me by this thread.This is my own opinion and those who disagree, it is fine:as traders we are looking for where the show is, whether its cotton,soybean or whatever.I do not necessarily need to master soybean or gbpjpy moves for me to succeed.I just have to monitor price action.If price crosses a key level, that is my cue to pull the trigger.
My goal is to trade only very high probability trades as RP does.I am still far from achieving this goal but i believe with hard work i will make it.
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  • #2,177
  • Aug 17, 2017 12:01pm Aug 17, 2017 12:01pm
Quoting ichikuse
To anyone who has come across this thread,here are my words:You are privileged and fortunate to have arrived here.I am glad i got here just as i am beginning my trading career and i am not going to use any system before i master this one.I started trading about 4 months ago but i am making decent pips on my demo account. I have been saved from trying 1000 plus methods.The greatest tragedy of the retail trader is in thinking that successful trading must be complicated with lots of indicators, algorithms etc. Granted, if you are successful with so...
Hello there ichikuse, I'm a newbie trader and it's been a few months since I only started learning the basics for trading forex. I feel like I could learn a lot from you and RockyPoint! And I'm glad to have found this thread just today. I've read several pages of this thread, and i'll definitely keep reading it; could you pls share the template you are using in mt4 with the indis? Also i have read somewhere I have to pay to get the range bars in a site called ovo .cz, is that accurate?
Any help would be much appreciated
  • #2,178
  • Aug 18, 2017 5:38am Aug 18, 2017 5:38am
A trade from Thursday, 17 August NY session:
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  • #2,179
  • Aug 18, 2017 7:07am Aug 18, 2017 7:07am
Quoting dwe213
A trade from Thursday, 17 August NY session: {image}
Happy for you!
  • #2,180
  • Edited Aug 19, 2017 2:46am Aug 18, 2017 1:52pm | Edited Aug 19, 2017 2:46am
Quoting Davesky
{quote} Hello there ichikuse, I'm a newbie trader and it's been a few months since I only started learning the basics for trading forex. I feel like I could learn a lot from you and RockyPoint! And I'm glad to have found this thread just today. I've read several pages of this thread, and i'll definitely keep reading it; could you pls share the template you are using in mt4 with the indis? Also i have read somewhere I have to pay to get the range bars in a site called ovo .cz, is that accurate? Any help would be much appreciated
Davesky sorry i missed your post somehow.I only saw it now.Ovo range bars are not free indeed.I have attached a free range bar ea here.I have also attached the indicators i use as well as a template.Well, as for learning from me,i am flattered.I am also new to trading but i am doing my best to learn.I don't think i spend a day without looking at charts and learning something.For me I noticed that RP's biggest weapons are his expert utilization of support and resistance,trend-lines and divergence and i am always striving to master these.I tried 2 pip range bars but i noticed that the volatility is too much and trend-lines and S/R levels are not as smooth as when you use slower 4 pip or 5 pip range bars.Another thing i noticed is that a lot of indicators are just duplicating the same job so having them on charts adds no value.
Attached File(s)
File Type: ex4 Pivot_Points_-_Daily_sShiftedd.ex4   22 KB | 405 downloads
File Type: mq4 SpreadIndicator.mq4   1 KB | 423 downloads
File Type: mq4 Range bars EA new format.mq4   16 KB | 456 downloads
File Type: tpl Default.tpl   5 KB | 443 downloads
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