Trading with range bars ichimoku cloud & awesome oscillator

Dax: often more than one entry since the opening of Frankfurt to New York closing.

Thanks for your nice reply .

Hi.Yes the EC trade was a continuation trade.Please see charts attached.

I do my analysis on time charts but enter on RP's method.

As for my pairs, i used this link to check volatility/adr on all the pairs: https://www.mataf.net/en/forex/tools/volatility

So i decided to focus on the top 13 pairs because they suit my daytrading style.I dont need to trade pairs that HAVE A HABIT of moving a few pips in hours.
Then i trimmed the pairs based on some issues.(There are no exotics in the pairs because i dont like trading them).

I decided to take out GBPNZD,EURNZD,GBPCHF because they can be too choppy and i dont like that.They rarely have beautiful price action.Beautiful price action is essential if i need to trade with a 20 pip stop loss.Also,i save time by not looking at them.

I dont trade AUDJPY because it moves in Asia more than any other session.

The remaining pairs i trade them because they move in all sessions if they want to because of their high ADR.
USDCAD moves well in the NY session which starts at 2pm my time.Gold has fast moves and it can move all day if its in the mood.

I like Forex and gold because i enjoy price action trading and changes in sentiment which is not always the case with stocks.......

Please note that all these are my views and i arrived at them because they suit my style and others have different views and preferences.

Ichikuse. Are you looking the volatility on Mataf site with default settings (10 weeks) or other number?
And can you give a link to previous day high/low indi, please?

I use 10 weeks and 4 weeks etc but usually on average these pairs never really change....i take out exotics like usdzar which move more but i dont trade them...

Thx for your insights!!! I like to hear how other people trade and their thought process.
More and more I also like to use RP's approach to enter for a trade and am also using it as a stand alone now.

Hi troops, took quick +10 on gold
remember...friday so careful

Oh no -not E/J again !
Nice long as per Rocky style.
( UK time )

Hi people.My trades today.Had 2 earlier successful trades which i didnt manage to capture on GBPAUD AND EURAUD shorts as well....was rushing somewhere at work....

I opened all trades with 2 lots per trade hence the pip count is double.

Just a fact of the markets to save anyone time in having to risk money to find out for themselves:

Taking small, "fast" trades will require you to be 70% accurate long-term with a 1:1 reward to risk ratio. If you widen your stop up to 2x the target, then you have to be right 80% of the time and your avg gain will drop to 1/2 of what you were willing to risk.

Go to your historical charts and you will see the following on any instrument with good volatility (the kind worth trading):

1. Pick out the very start and end of each trend with your 20/20 perfect hindsight.

2. In the uptrends, from each negative (red) closing bar, measure 2 distances:
a. The distance from the close to the max heat you would have to take on that entry long. This is your max adverse excursion (MAE).
b. The distance from the close to the very top of the trend minus 1 pip/tick This is your max favorable excursion (MFE).

3. In the downtrends, do the same thing, except with green bar closes instead of red. In other words, you're measuring opposing bar close entries as potential trade entries.

These become the obvious observations:

1. The OVERWHELMING MAJORITY of the measurements you performed will have FANTASTIC reward to risk ratios. That is, the MFE distances far exceed the MAEs you had to endure.

2. 20/20 hindsight trend picking is 100% accurate but, of course, you will have very low accuracy in real-time. But that's OKAY because all you really need to do in real-time is recognize that you are actually IN a trend with an accuracy in the range of 40-60% and having nothing to do with picking the actual start of it. I would suggest to all of you that anyone who can't tell they're in an active trend at least 40% of the time should stop trading real money and figure out how before you do.

What was the point of the exercise? To get you to understand that it's not the winning pct which dictates how successful you will be in trend trading. It's the reward to risk ratio advantage you have that makes you the net positive gains. So why am I measuring opposing bar closes? Because it is optimal to buy on weakness in trends and to sell into strength.

As I've said before, RP's method can find you the trends to meet the minimum 40% accuracy required. What YOU have to realize is that it's all about keeping your real-time reward to risk ratios just as amazing as the ones I described to you how to measure from historical charts.

You will find that the harder you try to be right in real-time then the less you will make, on avg, per trade (i.e., avg winning pct is inverse to avg win / avg loss in the long term). So you need to know what MAE's are normal for the instrument you trade WHEN THAT INSTRUMENT IS ACTUALLY TRENDING. Because when the MAE diverges from your historical findings, either your instrument has increased its volatility noticeably beyond anything normal relative to your research period (6 months is enough) OR...guess what? You chose wrong and you are not in a trend! A correct entry in an incorrect trade context has a name...it's called a losing trade, big deal, 40-60% of your trades can be losers and you can still win long-term in trend trading.

There has to be a "line in the sand" for you to be willing to stay with a trade. My personal preference is a common one among day traders: if a strong trend cannot hold a 9 wma or a good trend cannot hold a 20 ema, then I don't want to stay in the trade. This is not the same thing as demanding that price be above a 20 ema to initiate a long or below a 20 ema to initiate a short but this post is too long already and that's another story (but to confuse things more, yes, you need to be above a 9 wma for a long (strong trend), below for a short ).

It really is this simple. What's hard to accept is that improvement in your trading results is not directly related to how many winning trades you have. You will arrive to the point where either size or adding to winning trades in trends (btw, NOT "peeling off contracts from initial large size) makes the bigger difference in your wealth accumulation.

All I can add beyond RP's method is what 15 years of high volatility real-time futures trading has taught me. Now, you can do that exercise I mentioned on one of the worst futures contracts in the world for volatility, the ES e-mini, and you will still arrive at favorable reward to risk ratios in the trend; however, when you compare those results to the higher volatile contracts in the world, your pupils will begin to dilate.

[This is a one-time post (not a new discussion starter) to get you to see from a risk standpoint what you can expect to achieve once RP's entry has set you in motion. Summary: optimal trend trading is long term 40-60% winners, avg win / avg loss ratio = 1.5 to 2.5...all you can do then is sizing of your trade and/or taking more opportunties to accelerate wealth]

Hi cltrader, agreeing with you in yhe main, i must say the core for me is the money management.We dont need a perfect r:r, we must be flexible and adaptable.We have to vary lotsizas and target on each and every pair or trade.For sure you can be winner with a 30% system and loser with a 90%,Speaking by myself, i have been always scalper, so the r:r use to be negative,..just turning on the money management side of things,...the green is around the corner.So repeat, according with you,..but trading its an alive creature, and we must adapt.My 2 cents about

No one knows what chocolate tastes like until you actually taste it. Descriptions by others can only take you so far.

In other words, do the exercise and learn. The results will surprise you.

Chocolate is often full of nuts too.

For Swesson, This is a pretty straight forward trade, no divergences no real s/r to think about simply pa crossing cloud and ao flipping.
After entry price moved against me a little and if that small red bar had closed in the cloud I would've gotten out, then price turned back in my direction trade has small profit. Again price goes against me and I'm back to B/e again bar does not close in the cloud so I stay in trade which finally makes a good move in my direction prfit passes 40 pips so when 3 bars in row turn against me I get out with 42 pips.

Hi all!
Not a good start of the week for me.
-10 pips on the first trade; EURJPY. Let's make the rest of the week positive.

took +10 on gbpnzd,..it was a large winner, but happy nyself with entry

and must say very lucky on the gold trade, played parallel structure to retest minimum,...it was actually a minimum for the day

regards

Hi everyone.My trades taken in the NY session a while ago...

So... took a nice 23 pips on the GBPJPY (2R) and a sweet 58 pips (6R) on the DJI.
Guess I closed the DJI too early but I am happy with the result.
Eyeballing EURJPY long...

Looks like UJ is ready to go down.
Would you guys consider this as a valid setup?

last for me today. +10 on gold