Trading with range bars ichimoku cloud & awesome oscillator

Hi people.Just closed my EN and EA shorts.Since i think the kiwi was driving the moves i exited both trades as soon as the EN breached yesterday's low and was almost at the ADR low.I was skeptical in the past of the ADR indicator but suddenly i love it! Enjoy your weekend!

Did any of you trade the Dow ?
I wish I did but I was out with a walking group, followed by a pub lunch. Just looked at the chart
Enjoy your week end people.

Normal 15M chart resembles the range bars offline chart but the ichimoku isn't spot on. Still if u want normal charts, 15M chart is cool.

Hi all.Just closed my GN and EN longs.Price seems to have hit some resistance.

Hi.Just closed my gold trade when it reached the psychological figure of 1330 which it was trading at about 10 months ago and it seems traders are indeed taking no chances and taking profits.

E/J one loss and one win:

And afternoon Uk time Nas was a good long ( Dow chart similar I noticed afterwards)

Just closed my GC long trade.

Hi people.I would like to share something that i have learnt from RP's stop loss level.He says he trades on a max of 20 pips.
Initially i used to have a 30 pip stop loss but i have since realized the logic of his 20 pip stop loss.
If you time your entry well, 20 pips stop loss will usually be on the opposite side of the cloud right below it for longs or above for shorts.
This makes sense because for this system if price goes the other side of your entry there is no reason to stay in the trade according to this system and this is very good for money management.

My advice is that, please if you trade the 5 pip range bar as RP, try to have a stop loss of 20 pips and time your entries such that the stop loss is on the other side of the cloud.You will see huge improvements.If your stop loss is on the other side of the cloud but is more than 20 pips,you most likely entered late and increased your risk.Do not enter late by all means.This is important for money management.Rather wait for a retracement.Im not saying late entries dont bring profit but they mess up your money management and we need the discipline.

I have been working on my money management and my trading has improved.
RP says he rarely gets his stop loss hit.Now i think i have had about 30 trades without my stop loss being hit.I just exit when i see that the sentiment seems to have gone against me.So i have plenty of trades that are 3 pips losses , 2 pips etc but im learning to hold winners longer.

What this means is that one could have 10 very small losses and one huge winner that wipes out all these losses.
Please look at Rp's charts.He is ruthless with losers and he has plenty of 15 pip wins etc but when he gets a winner he sticks with it.

Also like RP i break even at 20 pips.That is not negotiable for me.
This week alone my account is up 16 percent.

Cutting losses is one of the most important aspects of trading if not the most.

Do not give up.This month marks my second year of trading.My best results ever are this week and that is after i became ruthless about cutting losses.

I wish everyone all the best!

EDIT:What I said above is more applicable to forex trading than stocks .Although some stuff works in forex and stocks ,some of the stuff might not work best in trading stocks,for example 5 pip range bars or 5 min charts may not be very suitable when trading stocks where many prefer 1m charts.Even the 20 pip stop loss might be too big for stock traders.Those who trade stocks know better.
I only trade forex and gold.

Cheers☺

..excellent post.

Great advice.

Also: ''Cutting losses is one of the most important aspects of trading if not the most.''

Absolutely the golden truth. Remember, if you get it ''wrong'' and price goes back in your original direction, then assuming all the signals are still correct, you can simply re-enter.

E/J back to friendly form again - sadly I traded the Dax elsewhere and got my ears "boxed" albeit eked out a few pips at the end _ blood pressure now returning to normal.

The DAX was hard work this morning, T.

This is true of all winning systems (i.e., a trading method which has a positive expectancy):

1. As your average gain to average loss ratio rises, your winning percentage will tend to fall.

2. As your winning pct falls, your average gain to average loss ratio will tend to rise.

This inverse relationship is inescapable long-term. You can have a great day, a great week, a great month or a great year or so, but the market is structured so that the above will normalize your long-term experiences which resulted in you having a winning system.

Any disillusionment of the above is usually a product of either a skewed market bias (e.g., old ladies' clubs can make money in a bull market just by betting long and holding, regardless of the draw-down) or the lack of a sufficient number of trials within a given time period.

I say this dispassionately from 16 years of every day real-time experience in all kinds of markets. For many of you, this is a side-thing because you have a full-time job in "the real world" or retired from that and doing this to help out your life-savings equity drain. Regardless, your stats WILL converge to what a full-timer does who just happens to discover this phenomena sooner rather than later, based on experiencing many more trials of an applied trading system.

The simple formula is this:

1. If you are shooting for 40-60% winning pct avg long-term, it is realistic to look for 1.5x - 3.0x reward to risk ratios as a long-term average.

2. If you are looking for 70% winning pct avg long-term, then you're down to risking $1 to make $1, 1:1 reward to risk ratio.

Be on the look-out for highly correlated markets or sequential one-way bets (i.e. only going long in an uptrend, short in a downtrend) from biasing your perception of what I have tried to pass on here.

great advice Ichikuse. Something I need to watch. Sixteen percent....... great trading.

We are in L.A. leaving for Africa(Kenya) in the morning. Spent some time with late day trading(After 1pm NY time). Very often when a currency trends in the London market and continues trending in to the early part of the NY market, 2 things happen around 10-11am ny time there will be profit taking, followed by people buying back into the trend around 1pm. Today the only currencies that trended were the AUD and NZD. I missed the profit taking, so I traded the trend return.

1) Catching the profit taking will usually make you more money.
2)Trend return I look for 10-20 pips

I made 6 trades all small winners, the only iffy trade being the Nzd/Jpy where profit taking was minimal.

Just closed my short trades on the pound.The GU one lasted 5 hrs! The other 4 hrs!
Trades didnt move much until the New York open.I stuck with them because price had broken below yesterday's low and after many attempts to break up, it still failed.

..how to reduce over-trading using RSI(2). Don't take the first cloud break long when overbought or first cloud break short when oversold; wait for the pull-back and long on the next oversold signal or short the next overbought. Wait for the session to settle - Nas first 30 minutes, for instance, has been pretty useless this week unless scalping.

Quick Dax trade - in at 11460 and out at 446

@ CLTrader.
I am looking into the chart and approach you posted awhile ago.
Please see the above chart and the oval in particular.
Is there any price action around the moving average that would indicate a long to you?
Sorry if I am a bit obtuse but I am trying to put the bits from your chart together with one of my own. Please feel free to annotate my chart.
Many thanks.