Trading with range bars ichimoku cloud & awesome oscillator

Hey Alcol,

I judge volatility by how fast range bars are forming another method that is less discretionary is checking the ADX and seeing if its above 25 and moving up.

Yes ichikuse I seem to be lucky.

You are very kind to help me out here. SR is still difficult for me. The second I entered I noticed that resistance but I got lucky as u said. Even the previous one was like that. I'm checking all the charts now and I'm sure it will come to me sooner than later. This is my main method of trading now but I've mixed my earlier methods to this one a bit too just like RP has 2 3 mothods of trading.

I'm using range bars but in a little different way. I don't use the offline chart. I've saved the offline chart as a template and use it on the 1 minute chart. For me it gives just a little bit more of price action plus I am used to it in a way since I used renko just like this before. Hope it's not an issue and I don't recommend it to anyone else here but I wanted to highlight that I am in fact using 3 pip range bars template on the 1 minute chart. Entries & Exits are the same as the cloud and awesome indicator seems to adjust to any candle that's on the chart as far as I've been able to see. Just easier for me. In the future I will upload only 5 pip range bar offline charts if that would be more appropriate for everyone here.

Thanks for giving me a helping hand and I would really really appreciate it if you keep checking my charts and letting me know what I need to correct. It helps me a lot and I value your feedback a lot. This coming market close I will try to practice a lot more about SR and diagonal trendlines.

Thanks again.

Hi,

You can carry on uploading what you are trading and what you are comfortable with.It is not mandatory to use only 5 pip bars.There are folks who use this system on 5 minute charts etc.RP showed us his way but he says tailor-fit it to your style.So, if you think you want to add bollinger bands or whatever its not a crime..or to trade 6 pip bars etc.

However, you mentioned that you have been mixing up the system with your other ones and that RP also has different systems.
IT IS VERY IMPORTANT TO HAVE SYSTEMS THAT HAVE COHESION AND WORK IN TANDEM, NOT CONTRARY TO ONE ANOTHER.
If ever you feel the need for an extra system, let it compliment your current one.I have seen RP use ema crossovers, awesome oscillator, bollinger bands, adx, rsi, heiken ashi etc but these systems more or less show similar signals.

Be careful with too many systems.They may mess up the brain because the brain associates and recognises setups based on previous experience so if you keep on trying so many systems the brain can be in conflict because on one hand it can recognise a signal but because of constantly trying new systems, hesitation can creep in since the new system is now affecting the brain's signal recognition process.

NB*Its much easier to try new systems ESPECIALLY when you have found success with your current one.

As for support and resistance, its difficult but not impossible to see support and resistance on one minute charts.The higher the time frame the clearer the S/R zones.
One minute charts are dangerous but not impossible to trade.For someone who understands price action, there is no issue with one minute charts.

If you insist on 1m charts then go and see RP's 1 minute chart posts in this thread(if u havent) :https://www.forexfactory.com/showthread.php?t=575292
You will see how he marked S/R.

Nothing on E/J appeals. Seems to be lot of congestion so far. Will leave alone for today.

Did anyone traded the drop on e/u or g/u?

I didn’t was out of the office.In any case I don’t think I would have traded the drop because it was a knee jerk reaction so I guess it’s the algorithm guys who managed to get something....no safe chance to trade that...

Hi ichikuse. Yes That is where I found Rockypoint 1st. On that thread. Kind of the same as here except he changed the cloud values so this is easier than that one. That is is better for scalping small profits I think than this one. It seems RP has already answered almost all of the questions anyone might ask in this thread and the other one. I just needed to look at them. I think I've got a better grasp of how RP uses the Trendlines now. Will check on tester and confirm later.

I never mix systems which are not similar. Don't see how it can be done. N I actually have 3 methods I liked. Still, I'll only be focusing on this method from now on as I do believe consistency(with only slight variations depending on PA) in entries is key in trading. Until I'm 200% certain I can switch systems as needed depending on PA.

Thanks ichikuse & thanks RP for all the valuable info in all of your responses on this thread.

Congratulations on a very nice and useful method here.

I have attached an indicator that I hope may prove very useful as an add on. It gives a nice display of the spread and the spread value.
Really good for deciding where stops and orders should be placed and also for eyeballing support and resistance areas.

Again, a great thread.

SR line starts from AO zero line or recent higher or lower peak if the peak is small. I think.

I would say take a chart draw lines where you think they have to be, post them and probably some people here will help you. Study all images from Rocky, I think after that u will see it clearly, I think especially with the range bars it's quiet easy to see....

Will do Patje.

My checklist so far based on RPs multiple posts:

ENTRY & EXIT
• Check News time. Can enter before 1hr of news. If time close, tighten stops or get out of trades. Wait 15-20mins after news to trade.
• power indicator to see what's going on, check strong and/or weak currencies.
• check selected pair charts last 4 hrs. Zoom in.
• Cancel charts that look messy. Select clear charts.
• Check double/triple tops/bottoms for reversals.
• Tight consolidations near Cloud with recent Highs/Lows about 20pips
difference to TP1(Last move High or Low).
• draw in divergences, trendlines, s/r areas and timelines on possible trades.
• watch pa and wait for trade confirmations.

Trade Entry:
 x-over of AO. (1st Confirmation - Look for trades)
 price on right side of cloud. (2nd confirmation)
 is initial TP big enough to make trade worthwhile? (recent
SR).
 PA confirmation.
 Break of SR or trendline with 1 or 2 candles. (3rd
Confirmation – Enter)

Trade TP/Exit:
 x-over of AO.
 Price enter cloud.
 Break of trendline.
 Minus 4 candles immediately after entry.
 Break of a consolidation close to entry, against trade.

Do comment.

Testing. This method is not extreme scalping. I need to change my mindset from extreme scalping to selective method entries. Very easy to do it offline. It's how I do it in real time that I need to focus on.

If the definition of extreme scalping is to risk more money than you stand to gain (aka upside-down risk), then it doesn't work in the long-term for the avg human being which, I assume, most of us are.

Get to a winning pct of 50% and make (long-term) in the window of 1.5x to 2x more than you lose per trade (on average) and you're there, you're done, focus then on size, adding in strong trends (but never ever avg against your overall position).

I'm not talking about the same hard stops of this reward and that risk per trade, but the culmination of all trades where the avg target and stop per avg winning trade produce the above statistic and your winning pct may vary in a 40-60% window as well because this is a fact of life in trading: the higher your winning pct gets, the more the market will demand that you risk vs. what you stand to gain on the trade. Those two stats have an inverse relationship long-term and there's nothing we can do about it unless your guessing ability is extraordinary and it is not wise to look for extraordinary as an example of what is possible by average people, which the overwhelming majority of the public trading community is.

It's all the same story. When you look at all of your trades, you see a noticeable range of wins and losses which cancel themselves out to no profit and then it becomes what the difference of your gain levels minus your loss levels outside of that "cancellation zone of profits/losses" are which determines your overall gain. The tendency is to see a large portion of nothingness and then it's those really nice winners you got which made all the difference. That's why the big rule is to keep your losses small, meaning, allow big wins, don't let losses get out of your known "cancellation zone" loss level.

Again, you will lose your mind and your account trying to be right over 70% of the time. At 70% winners, I've seen it over and over again: the culmination of all of the trades tallied has a 1:1 reward to risk ratio (this is NOT a bad thing, highly profitable, just that it's the limiting factor in performance statistics). Yes, there's statistical outliers in this world and what I would say to all of them, continue trading and you will be guaranteed to see your worst trades still to come in your future which may very well drive your averages back down to Earth with the common plodder who's already been profitably boring by comparison.

Let me just add these in relation to RP's thread:

It is my opinion that this method gives you the opportunity to get to that 50% winners level without having to be super selective in signals with enough trading common sense usage of support/resistance/divergence.

High winning pct (70% is SUPER HIGH) greater than 1:1 RR meets up with less trading opportunities vs. 50/50 opportunities where price will march in your favor 1.5 to 2 times first before taking out the 1x risk. I cannot say one trader is making substantially that much more over the other, given similar ability levels and I can't split myself up into both kinds of traders to find out for sure. Personally, I never cared about being right past a 40-60% sliding window so that is my long-term experience as well as bias.

Very good advice @CLTrader. Until now I've been scalping 2-4 pips. Mainly that way until I started checking out this forum strategies. Went my way. Went back to market more. U are right. I'm changing my method completely. Thanks for the advice.

what page is it that tells us how to make entrance based on this technique?
"Candles, use i/2 min or range bars
indicators: Ichimoku cloud settings 9, 16, 52
awesome oscillator std. Settings " is the most important part on the first page. im lost.

it is in Rockies first post - just look at his charts and the method is obvious. But you have to spend time looking at the charts and reading the threads. Just read Rockies threads only and all will become clear. There is no shortcut anyone can serve up to you. Time reading and practicing is what you have to do first. Put some charts up of your trades ( demo if that helps) for critical comment.

as turnip15 told you, study Rockypoint charts.
Here are the entry rules:
https://www.forexfactory.com/showthr...47#post8827247
but here and there in the posts written by Rocky are hints and info about the strategy.

See post #2287