Trading with range bars ichimoku cloud & awesome oscillator

this is an actual trade i took, i opened with a pending order because i am at work, i hope it fits the rules a little bit.....


only the time i took the trade was stupid ...just before news....

Hello. I have read through the entire thread over the last several days and have started practicing on a demo account. I used the power indicator to choose currencies and did some demo trades around New York open and a few at Asia open. Mostly losses so far but I'm very accustomed to losing with every method I've tried. Here are my first trades. Can only attach 10 per post so I will do the rest in a second post:

Here are the rest of them:

I think you have to look better at s/r levels, some of them i also maybe would take, that is also my question where i must enter...after wich s/r level...

Hi there,

Can you tell me how you get the range bars in the MT4.

Practice is still making perfect ...
E/A Short at the red dot

Nice one...how did it turn out...

As RP says, avoid ugly charts.Your GBPCAD chart with 37 pips is ugly. Your XAUUSD chart with profit of 16.4 pips is beautiful and has discernible price action.
Also always draw support and resistance lines and only trade if they get breached.

A trap for us retail traders is trying to catch a falling knife, that is price chasing.Let us always try to get in on the trend as it is starting or maybe in the middle(if you can find the middle lol) and not after some time of selling/buying.This is where the bull trap and bear trap come in.Apparently big players fake a downside/upside breakout after a prolonged fall/rise in price.Unless you are a seasoned trader who can take a few pips and run, avoid buying at what may be the end of a prolonged bullish move or selling at what maybe the end of a bearish move.Your AUDCHF chart with a loss of 18.5 might be a good example.I say might be because maybe price would eventually go the way you had hoped it would go.

Sometimes price is so bullish/bearish that it can carry on even when you think the buying/selling is waning but such times dont come often thats why its safer not to chase price.

Some of the losses in the charts you put may not have anything wrong with you.Sometimes a trade meets all the rules but sometimes the market can just turn around and we get a loss.It doesn't mean the rules are wrong.LET US STICK TO THEM.All we have to do in such circumstances is cut losses fast! In your charts, your losses are too huge eg 37 pips.If a trade doesn't materialize ,i would say cut losses at not more than 10 pips or 15 pips.RP does this well and he says it in the thread.

I also think it does not do you good top trade the Asian open if you can trade the US open.There is thin liquidity in the Asia session.Sometimes there are big moves but sometimes the moves are erratic. Dont get me wrong.I believe some people can trade it well but when you are a struggling for consistency, i would rather stay away from it.

I also want to say that one of the most difficult issues ever is the transition from a demo account to a live account.I was doing so so well in demo and making 50 pips etc per trade.In demo you can leave a trade and go and drink coffee and come back later even without a stop loss(which is wrong) and you can make so many pips because the money is fake and does not cause REAL anxiety/fear/greed in you.This is probably why you are taking losses of 37 pips etc because the loss does not leave you gutted as a real money loss does.

When you go live, you realize its real money and now you are on your toes,nervous and when a valid trade happens you take profit at 4 pips,7 pips etc out of fear and the trade goes on for 40 pips etc without you.What am i saying is, i am saying dont demo trade for too long. Thats my personal view.Rather demo trade a while even a month or less.The rules are quite clear and there are no fib levels here or murray math etc.Just a cloud and support and resistance so understanding that is not that difficult.

After a month or less of demo trading put a small amount eg 100 USD and trade @ 0.02 lots.This phase is to test your discipline.Also, you start feeling what it is like to win/ lose real money and you start to fight with your emotions.Carry on in this phase until you master your emotions,until you are disciplined( i am currently struggling to have very high levels of discipline),until you are profitable on this small account and only add much more capital when you succeed with small lots.

I am still struggling with discipline but today i am getting a piece of paper like RP said and making a checklist and never to trade if price doesn't meet the criteria.I also learnt the hard way that unless you are now seasoned and can play around with risk appetite and increasing risk as you see fit, it is best to stick to 2 percent risk per trade(This is my personal view).

All i can say is that the strategy on this thread is a money spinner if only we STRICTLY follow rules,let winners run,cut losses,master our emotions,be disciplined,stop tweaking charts and have faith in this system. Also, people have been emphasizing everywhere about trading times but i wanted to see for myself.Now i am convinced that you really need to stick to a certain time of trading as RP says.

If you look at RP's charts, i have struggled to see a trade he took more than 2 and a half hours after the New York open. Yes there are some moves after that but i believe you increase your probability of success by sticking to the early hours(maybe the first two hours of London open and US open).

If you see the tons of pips RP makes i think a successful day trader makes more money than a swing trader.
Honestly, it is hard to come to this thread when you have been failing to trade successfully and then leave and look for a better way because this one is very difficult. There may be better ways i dont know but truly, with effort and discipline, this strategy is arguably the easiest yet. The problem is discipline and risk management.

Another issue is sticking to one thing and mastering it before thinking of trying anything new. When trying hard to learn to be successful , we will frustrate ourselves if we say we want to learn trading off 5m charts,and tomorrow we are now on 1h charts, the next day range bars, the next 4h,etc and with all sorts of different indicators it will be difficult to succeed.Let us stick to one method at a time before trying another method if ever there is need to try another.

I moved my SL to breakeven after the market moved in my favor for about 20 pips, and then got stopped out.
Today being FOMC day, I probably will be sitting on my hands for the balance of the day.

You can try/buy them here.
https://ovo.cz/products/offline-char...t4/range-bars/

Other guys may know of free Range bar but OVO are good for me. I am not paid to promote them by the way

I think there is a lot to learn, but i think there is potential in this method. The cloud was the first indicator i used when i started trading, cause i liked the way it looked. Now i know a very litlle more and begin to understand how to use it. If we can help eachother out here and learn more from the master RP, we can maybe succeed.

Goodluck to all of you and thanks RP and all off you for the contribution to the thread

Today was a pretty flat for me, 1. small trade. Otherwise a stay out of the market day, just let trade run since I had nothing going on and got out after lower high formed.

Awesome oscillator is a MACD with the following adjustment:

MACD uses closing prices with its moving average difference calc while AO uses midpoint prices ((H+L)/2)when calculating the difference of 2 simple moving averages.

Better only one small trade than more big losers

Thanks for you support, do you also know about macd histogram...cause it looks a litlle the sam as oa...?

I've attached a range bar EA and how to set it up.

ichikuse, thanks for the advice. Actually I did try to avoid ugly charts but as others have said, that's one of the most difficult parts of the method. And I didn't take a 37 pip loss on one trade. The indicator on the GBPCAD chart apparently added two losses together to say 37. Every trade had a max stop of 15 - 25 pips, and I would move to breakeven if a trade reached 20 pips of profit as rockypoint suggested. Also I know live trading has more emotions involved that make things more difficult; I have done it before and lost a lot doing it. And to make it worse I wouldn't stick to small lot sizes. I've also never been consistent even on a demo account which is why I'm not trading live again yet. Today I traded the JPY pairs since the JPY was the weakest currency on the power indicator when I started.

Also do your best to master divergences.Most divergence trades have a higher probability of success and the moves are usually fast paced.RP said he used to almost exclusively trade them in the past.

What you did with the trend-line in the eurjpy trade is a classic RP trade. In trading we need to look for high probability trades only such as this trade where the buying pressure had lost steam.Such trades happen all the time.As much as i know that we only need the best setups, i struggle to have the discipline not to overtrade but im working on it.Look, RP says up there he only found one trade today.I bet you many people took many trades, even 20.That for me is what separates RP from people like me,FOR NOW. Dont give up.This thread is probably the friendliest on FF with the most helpful people that do not shout at you and RP will answer your questions.

GBPJPY: practice is making perfect ...
I missed the first short opportunity (1st red dot) and when it moved back I shorted it at the 2nd red dot ...

Very nice trade Snoopy, you showed patience and discipline keep it up.