Trading with range bars ichimoku cloud & awesome oscillator

Sorry for late post today, traded today, but had a problem pop up when my neighbor fell and separated her shoulder. We took her to the clinic and just got home.
Lots of trades took all signals that I saw today. Results were pretty good 5 min. Heiken Ashi candles out performed range bars and I used 8 period adx and rsi.

Trading range bars I had 1 less trade eur/usd doesn't trigger and profit were a few pips less on the trades and loss was larger.

HI RP,Nice charts you have there and the system is looking good! May the neighbor get well soon!Dont worry about posting late.We wont get angry lol.

AJ Short trade that I took today for a few + pips.

Everyone,

This is such a great thread which RP has started and generously shared his range bar system (which I trade -- great system!) and now his new RSI/ADX system. I wanted to contribute something of significance so am posting my Currency Strength Dashboard here with the source code.

I use this with the range bar system (for looking for a strong currency and weak currency to trade against each other). The strength of my dashboard is that it looks at multiple timeframes (TF's) for the currency strength, and looks at several bars back (1, 2, 4, or 6) so you can see the strength 1 bar ago, and also in the past and how it has changed.

** If anyone can thing of various ways to use this dashboard to look for trends starting or trends continuing, please post your ideas here. I already look at quite a few things and have my own ways to look at currency trends (and will post later), but would like to get a fresh eye perspective from people who have not used my dashboard before.

currencySignals.mqh goes into include folder, DR Currency Signals DASHBOARD v2.2 into experts, DASHBOARD template into template. Once installed you should see this:



HOW IT CALCULATES STRENGTH:

The dashboard is used to compare look at a currency (AUD for example) and how it compares against the 7 pairs it trades against (AUDCAD, AUDCHF, AUDUSD, AUDJPY, EURAUD, GBPAUD, AUDNZD). The dashboard calculates the strength on multiple TF’s (1 min to Weekly), and number of bars back. So for example, 1 bar back on 5 min is last 5 min bar (5 minutes ago), 4 bars back on 5 min is 20 min ago. 1 bar back on 240 min is last 4 hr bar, 4 bars back is 16 hrs ago. You get the idea.

Now the core logic is by looking at a 40 period EMA of Highs and Lows of each currency on each TF, and seeing if there is an up/down/or no trend for each one, and calculating a signal.

Example for AUD on 5 min charts:

40 period EMA of H and L is calculated for every AUD pair (above). If L of previous bar (bars back 1) is > EMA of Highs, signal is 1. If H is < EMA of lows, signal is -1. 0 otherwise. This is done for 1, 2, 4, 6 bars back, but example below is for 1 bar back.

Now lets say you have the following signals on 5 min charts:

AUDCAD 1, AUDCHF 1, AUDUSD 1, AUDJPY -1, EURAUD -1, GBPAUD -1, AUDNZD 1

Net signal is 5. You add where AUD is in numerator, and subtract where in denom.
1 + 1 + 1 -1 – (-1) – (-1) + 1 = 5

Now for example, you look at AUD 5 min, the signal is 5 on previous bar (1 bar back), but 2 bars back it was 1. So we see AUD is strengthening on 5 min charts. I coded the dashboard (only for bars back 1 and 2) so if the previous decrease from previous bars back is >=2, its green. If for example you look at AUD 5 min bars back 2 (1), and bars back 1 (5). It changed >=2, so green. Same with if decrease is <= 2, then its red. This way it highlighs changes.

***** All of this is done for all currencies, on various TF’s. The result is currency strength on multiple TF's for various numbers of bars back (so you can see the trends). I pretty much focus on just 1 bar back and 2 bars back, and the changes between them. *****

I use this on various TF’s to look at strong weak pairs, and pair them up to trade. You need to keep in mind longer TF’s are more dominant for the trend.

I use this for RP's range bar system, but I think we can also use for his new system.

Please leave feedback, and ideas of how to use the system. I will comment and later post more details how I use it.

Regards,
EZ

I also forgot to mention on the right side of the dashboard, I have each currency pair individually, then 1 hr, 4 hr, and daily trend. This is same logic as before for 1, -1, or 0. Ideally I want a pair that is uptrending on 1 hr, 4 hr, and daily, then look for shorter term (5 min to 30 min) signals on each currency that make up that pair for entry.

Thanks ez for info, if you don't mind, please post some samples - thought process, when you execute your trades based on this.. Thanks in advance.

RP,

I hope your neighbor is fine. Ouch! I've done that 5 times to my right shoulder over the years Once it pops out its never the same. :-(

I may be able to code an EA to trade your system above. I'll post here once complete.

Cheers,
EZ

Endy,

I've been trading and using my dashboard for years and have lots of ways to use it ... but want to see if there are any fresh ideas out there. I will post my ideas here in a few weeks after I see how others can use it. I want to see if others can come up with a new angle or new way to use it that I have not thought of yet.

Regards,
EZ

I have just closed a gbpjpy trade for 55 pips and a gppusd trade for 7 pips.
The reason i closed the trade is that 55 pips is the most pips i ever made on a trade so i was so excited and did not want the market to go against me haha could have made more and it looks like the pair might go higher.I entered the trade at 1030 am my time after positive GBP prelim gdp data so the trade took about 30 minutes.
RP's system is so effective especially with news trading and today is packed with news!

I closed gbpusd because i was leaving my desk( full employment to go out on some assignment). With determination and more experience I believe I will learn to better manage trades but for some time to come I will be getting out of trades due to excitement and reaching milestones eg 100 pip trade.

Hi RP !!!
I see you changed RSI levels 40-60, is it correct ?
I´m keeping an eye on it on DAX also :-)

yes rsi o/b 60 o/s 40 and rsi and adx to 8 periods

Busy morning again 7 trades nothing big but they add up. After some debate with myself I closed CAD trades b4 news and lucked out but CAD has been a litlle news jumpy lately.

One more contribution here which helps visualize the currency strength from my dashboard. This indicator is great to visualize the currency strength, and can filter out the chop.

Example below for EA: Note how when the currency strength #'s are close together there is chop. When they are a distance of 8 or more apart (shaded area), we get a strong trend. This can be a good filter for the range bar system or RP's new system.

EZ

Following this thread with great interest. Well done all. Maybe a suggestion to start a new thread, as now different members start to throw in different indicators or new systems. Since this one i is called 'Trading with range bars, Ichi and AO'. No offense though, just my 2 cents.

@BataviaTrade, i do agree that this thread should never forsake the very reason it was created which is trading range bars with the ichimoku cloud and the awesome oscillator.It is such a great system.I hope RP is just showing a different system but will keep encouraging and posting trades based on the original system.
The importance of doing so is to avoid other traders especially beginner ones like me from thinking that the system failed and that is why it is no longer being traded.

People posting indicators should not be a problem especially since the indicators can be drafted into the core system which started this thread.The only worrying part is when a trend emerges where charts no longer show any Awesome Oscillator,ichimoku system, let alone range bars.
I have about 5 or 6 systems RP uses and i am so grateful for them as well as the one he is developing now on this thread.
I am a newbie trader but i believe the original system is timeless and suitable in any market conditions because the system thrives on pinpointing volatility and there is no way price will move without the system alerting you.The only challenge is how to avoid false breakouts and maybe that requires higher range bars than 5 pips?I have not really tested that but i am comfortable with the 5 pips.I personally use a 200 period EMA to filter trades and i do not take long trades as long as price is below the EMA and vice versa.Maybe with time i will do a bit of counter trades through experience but for now id rather not.
I am looking for even better ways to filter noise though.

I apologize for digressing.

Back to the topic: RP please tell us the way forward regarding the new system and whether or not there would be a new thread.If i was your personal advisor i would say please have a separate thread for the new system and retain the purity of the current thread.

To all trades here, if you feel like adding your contribution regarding a new thread or no new thread,please do so without hurling expletives and demeaning one another.

Shalom!

The ECB has kept the minimum bid rate unchanged as expected about 15 mins ago.I immediately sold Eurjpy and Euraud on break of areas of support and made 27 pips.It was a risky move but i decided to be aggressive because there was no indication of any knee jerk reaction.
Exited the trade in 7 minutes when i noticed price failing to break lower.I think it is because the market is being cautious because the ECB press conference is up in 30 minutes and has potential to move the markets tens and tens of pips.
I am now testing 8 pip range bars and i used them on these trades.There will be fewer opportunities but hopefully more probable.

I will continue to post trades on new system for rest of this week and next, after that back to the ichimoku trades. I have no intention of starting another thread. I'm
just giving you the chance to use another system that filters more of the range bound trades out and a lesser chance of being whipsawed. No system works well in all
markets.

Hey guys
eu

Nice trade GW, haven't seen you in a while..

thanx RP yea i,ve been a little busy to post a reply but always checking the thread. nice job with the new system by the way,
keep the great work up