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Trading with range bars ichimoku cloud & awesome oscillator

  • #2,301
  • Oct 13, 2017 6:32pm Oct 13, 2017 6:32pm
Quoting rockypoint
Hey Longman, thanks for the kind words. Mexico has been great and the people are so nice. We hung at a local cantina last night drinking negro modelo on tap for 10 peros a mug(.55usd) and dancing to the band.
I been in Puerto Peņasco last summer. Was Amazing, do you live there?

I'm From Tijuana btw.

This entry makes me study ichimoku, so i'm in diapers in this thread.
  • #2,302
  • Oct 16, 2017 9:34am Oct 16, 2017 9:34am
Hello traders.I hope you are all well.
RP, do you still use your 3 RSI reversal method that you were testing last year?
  • #2,303
  • Oct 16, 2017 10:23am Oct 16, 2017 10:23am
YEP
  • #2,304
  • Oct 16, 2017 1:31pm Oct 16, 2017 1:31pm
Quoting ichikuse
Hello traders.I hope you are all well. RP, do you still use your 3 RSI reversal method that you were testing last year?
RSI reversal ?
every Saint has a past. Every Sinner has a Future
  • #2,305
  • Oct 16, 2017 1:53pm Oct 16, 2017 1:53pm
Quoting rockypoint
YEP
OK! That's my cue to add it to my arsenal alongside the Awesome Ichimoku.
  • #2,306
  • Oct 16, 2017 1:53pm Oct 16, 2017 1:53pm
Quoting turnip15
{quote} RSI reversal ?
Yes check post 1150 for example.
  • #2,307
  • Oct 17, 2017 10:45am Oct 17, 2017 10:45am
Three things you can trust in the market-ichimoku,renko and heikan ashi.
  • #2,308
  • Oct 17, 2017 11:58am Oct 17, 2017 11:58am
Quoting kumarind
Three things you can trust in the market-ichimoku,renko and heikan ashi.
(4) And Range Bars.
every Saint has a past. Every Sinner has a Future
  • #2,309
  • Oct 19, 2017 12:58am Oct 19, 2017 12:58am
We have been mostly stuck trading in a low volume, range bound markets for the last few months. This tends to lead to regularly getting whip sawed on trades, which
affects your trading confidence which leads to over analyzation and the fear of pulling the trigger to enter trades and getting out to soon on the good ones.

I have not been posting much lately partly because of the above market conditions and partly because I have been working on a system that will help me avoid more of the Break Even and small losses that occur in these conditions. Also taking care of some family business and visiting friends.

By the early next week I should be finished with the real money test trading and ready to start posting some trades. This system will be posted for all to use as they see fit. It has been used trading range bars, 5 min. Heiken Ashi candles and 15 min Heiken Ashi candles all with good results. This system is slightly less discretionary than my usual style, providing more obvious entries and exits.

The system comes partly from some reading on Heiken Ashi candles and partly from some reading up on ADX and RSI indicators. I have been testing it by having 2 friends who have learned to successfully be profitable trading the Ichimoku system and a scalping system I use, calling out their trades and then seeing what happen with the new system. So far I'm making less trades, but with larger profits and avoiding about 60% of the trades that turn out to be B/e's or losers. This is a boon to the fragile traders psyche LOL.

I'm very excited about the system and can't wait to turn it loose for you guys to dissect it and learn it. As always Please feel free to let me know what you think and to make suggestions. Trading is a tough business and I'm hoping this will help make people some Pips.
  • #2,310
  • Oct 19, 2017 1:19am Oct 19, 2017 1:19am
Quoting rockypoint
We have been mostly stuck trading in a low volume, range bound markets for the last few months. This tends to lead to regularly getting whip sawed on trades, which affects your trading confidence which leads to over analyzation and the fear of pulling the trigger to enter trades and getting out to soon on the good ones. I have not been posting much lately partly because of the above market conditions and partly because I have been working on a system that will help me avoid more of the Break Even and small losses that occur in these conditions....
HI RP! That is awesome news! I consider you my mentor and that means i believe everything you say about trading lol , so should you mislead me i will indeed get lost hahaha! I cannot wait for the new system.My trading arsenal has all your systems THAT I KNOW: the scalp,100 EMA 6 EMA cross, the squeeze,the 3 RSI'S and the Awesome Ichimoku. However i am not trying them all yet.I will do so when i first master the Awesome Ichimoku method which seems to be your primary strategy. I believe i will use the new system you mentioned plus the Awesome Ichimoku and when i master them then i will start using your other systems.
By the way i think its around 2 am where you are! Have you slept?
  • #2,311
  • Oct 19, 2017 1:39am Oct 19, 2017 1:39am
Nice to hear from you Rockypoint and your view of the market. It has been hard lately and the self doubt quickly creeps in with this business. To have it reasoned and described in words is a comfort as your analyse above is pretty much how I've been feeling and trading or not trading should I say. To come up with another system for the relevant market conditions is another feather in your cap. It is with some expectation I await the release of your system.
This sort of thing re ignites your interest and helps with the motivation required to keep trading.
Cheers and all the best.
  • #2,312
  • Oct 22, 2017 6:22pm Oct 22, 2017 6:22pm
The new system is very simple it uses 2 indicators the ADX and the RSI, you can use range bars, 5min. or 15 min. candles.

ADX is set for 14 periods
RSI is set for 14 periods with Overbought at 65 and oversold at 35.

You start looking for entries when ADX crosses above 25, this applies to both long and short trades.

You use the RSI for entries you enter long if ADX>25 and RSI>65, you enter short if ADX >25 and RSI <35.

Exit is discretionary but I would say if ADX crosses below 25 get out.
Now for some charts, these 2 trades were made on friday, real money
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  • #2,313
  • Oct 22, 2017 9:03pm Oct 22, 2017 9:03pm
I would like to thank RP for the new system. It seems rather straightforward and I am eager to demo-test it.
In addition, I just put together a scanner program (for MT4 users) to identify pairs that match the criteria.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 102 KB

To create the scanner panel:
1. Create a new chart for EURUSD, M5
2. Go to properties of the chart, and set ALL the colors to WHITE
3. Insert the indicator below
Attached File(s)
File Type: mq4 scanRockyPointPanel.mq4   13 KB | 440 downloads

The indicator is a modified/plagiarized version of the "Condition Scanner" indicator found here: https://www.mql5.com/en/code/11135
  • #2,314
  • Oct 22, 2017 10:06pm Oct 22, 2017 10:06pm
Quoting SnoopyAKQJT
I would like to thank RP for the new system. It seems rather straightforward and I am eager to demo-test it. In addition, I just put together a scanner program (for MT4 users) to identify pairs that match the criteria. {image} To create the scanner panel: 1. Create a new chart for EURUSD, M5 2. Go to properties of the chart, and set ALL the colors to WHITE 3. Insert the indicator below {file} The indicator is a modified/plagiarized version of the "Condition Scanner" indicator found here: https://www.mql5.com/en/code/11135
Thanks it looks nice, but rocky is trading range bars isnt he?
Life is like a snickers, its full of nuts!
  • #2,315
  • Oct 23, 2017 2:26am Oct 23, 2017 2:26am
Quoting rockypoint
The new system is very simple it uses 2 indicators the ADX and the RSI, you can use range bars, 5min. or 15 min. candles. ADX is set for 14 periods RSI is set for 14 periods with Overbought at 65 and oversold at 35. You start looking for entries when ADX crosses above 25, this applies to both long and short trades. You use the RSI for entries you enter long if ADX>25 and RSI>65, you enter short if ADX >25 and RSI <35. Exit is discretionary but I would say if ADX crosses below 25 get out. Now for some charts, these 2 trades were made on friday, real...
Hi RP.Thank you so much for the system! I can never be grateful enough for all the guidance and free systems.I am not putting any effort whatsoever in developing these systems.All i am doing is being given a viable system and really all i need to do to succeed is to follow and exercise discipline,money management and overcome my fears as well as being patient and showing self control.Trading involves first a good system and then dealing with emotions.I can imagine how chaotic the situation would be if i was working on a bad system and then trying to keep emotions in check while dealing with such a system.
I hope to post successful trades in the foreseeable future.You really have been selfless with your top notch trading systems.
Keep it up!
  • #2,316
  • Oct 23, 2017 12:08pm Oct 23, 2017 12:08pm
Quoting firewight
{quote} Thanks it looks nice, but rocky is trading range bars isnt he?
Yes he is.
However I don't know how to scan Range Bars in MT4(mq4) or in ThinkOrSwim(thinkscript). If you know how to do it (or if it can be done), pray tell/teach me.
This is the only thing I know to do, other than to scan the charts with my weary eye.
  • #2,317
  • Oct 23, 2017 5:29pm Oct 23, 2017 5:29pm
Here's RP's new system on EUR/CAD 5 min in late NY today. Two successive trades; the first trade is down, starting at 12:00 on the chart, at the down arrow (NY time).

I posted two charts (usual timed-candles and Heikin Ashi candles.) The line Indicator on the bottom chart is CCI, 8-period, with a thick middle line. It provides a slightly delayed Entry to RP's Indicators. The bottom chart also has a Keltner Channel. Hope this is helpful!
Attached Image (click to enlarge)
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  • #2,318
  • Oct 23, 2017 6:34pm Oct 23, 2017 6:34pm
Quoting rockypoint
The new system is very simple it uses 2 indicators the ADX and the RSI, you can use range bars, 5min. or 15 min. candles. ADX is set for 14 periods RSI is set for 14 periods with Overbought at 65 and oversold at 35. You start looking for entries when ADX crosses above 25, this applies to both long and short trades. You use the RSI for entries you enter long if ADX>25 and RSI>65, you enter short if ADX >25 and RSI <35. Exit is discretionary but I would say if ADX crosses below 25 get out. Now for some charts, these 2 trades were made on friday, real...
Hi RP, Great system you have. I think it will work very well. I agree that the market has really quieted down lately. Here is my system I have been using. Very similar to what you are doing. If you do not like to the chart just delete it. But I think you have a winner. I use a 2-5 min time frame and CCI instead of RSI and Directional Movement with ADX. I have been trading less also this fall. But when things slow down I go to longer time frames not shorter to try and slow down and not trade noise. Let me know what you think. Blessings
Attached Image (click to enlarge)
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  • #2,319
  • Oct 23, 2017 7:18pm Oct 23, 2017 7:18pm
I am still tweaking the system, pretty sure I will change the the period settings on RSI and ADX to 8 from 14. It filters out too much on slower days at that setting.
Possibly might work best at 14 on normal volume days and 8 on the slow days. We'll see. Also trying to decide whether I prefer range bars or heiken ashi candles.
Should be able to clean this up by end of week.
  • #2,320
  • Oct 24, 2017 1:38am Oct 24, 2017 1:38am
Quoting SnoopyAKQJT
I would like to thank RP for the new system. It seems rather straightforward and I am eager to demo-test it. In addition, I just put together a scanner program (for MT4 users) to identify pairs that match the criteria. {image} To create the scanner panel: 1. Create a new chart for EURUSD, M5 2. Go to properties of the chart, and set ALL the colors to WHITE 3. Insert the indicator below {file} The indicator is a modified/plagiarized version of the "Condition Scanner" indicator found here: https://www.mql5.com/en/code/11135
Would you kindly post template also for main window?
Is it ADX Wilder's pls?
Thanks.
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