Strategy: Daily Range Spike and Pull Back | Forex Factory

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Strategy: Daily Range Spike and Pull Back

  • #1
  • First Post: Edited Dec 29, 2020 6:51am Nov 5, 2020 3:13am | Edited Dec 29, 2020 6:51am
Hello all,
Here're one of strategy help me more profit. I called it name: Daily Range Spike(DRS) and Pull Back

This is the rules:
1/ Check Yesterday Range (Open-Close) from 80 pips above.

2/ Check Today pips: Price from Daily Open to current price (Bid/Ask)
+ Min: 5 pips
+ Max: 50 pips
3/ Open Trade:
- SELL if yesterday is Bullish candle
- BUY if yesterday is Bearish candle

takeprofit: 20 -35 pips
stoploss: 2 options
option 1: 20-25% Account Equity, not stoploss by pips/price.
option 2: check from 5-10 Daily candles, then put your stoploss above/below High/Low of it.

4/if the price goes against the direction of the trade
- Check distance pips from 1st entry with Bid/Ask >= Yesterday Range/2 or at least 25 pips.
- Open 2nd trade with same lot size (can martingale), no tp price.
- Close all trades when Basket Profit >= 2 or more...

Pips range based on currency pair, based on Daily bars, based on broker

You also can run Break Even or Trailing Stop

And the result:
Attached Image (click to enlarge)
Click to Enlarge Name: b0aaa947890c3a1e50984e05dd8cf7a0.png Size: 1.0 MB


This is a small indicator to help you find the Spike Bars, display Yesterday/Today range...

  1. https://www.mql5.com/en/market/product/57435


MM is very important with this strategy.

Good luck.


Thank @TheZenienss for the example:

Attached Image
  • #2
  • Nov 5, 2020 3:37am Nov 5, 2020 3:37am
A warm welcome, Cuongitl.
May your Thread be successful.
Continued success to you.
Hercs.
Hercs
  • #3
  • Nov 5, 2020 4:19am Nov 5, 2020 4:19am
For point #1, check the Yesterday Range, Open to Close?

The EURUSD has a total ADR of 73, so would hardly ever have an Open to Close of more than 80 pips

Maybe you mean High to Low range of 80 pips?

Maybe a few charts to help out, thanks

Cheers, and good luck
It takes a lot for me to IGNORE you, but you can try.
  • #4
  • Nov 5, 2020 4:36am Nov 5, 2020 4:36am
Quoting Erebus
For point #1, check the Yesterday Range, Open to Close? The EURUSD has a total ADR of 73, so would hardly ever have an Open to Close of more than 80 pips Maybe you mean High to Low range of 80 pips? Maybe a few charts to help out, thanks Cheers, and good luck
Hi Erebus,
Not Adr!

Pips range (Yesterday) = Open - Close

Example Yesterday #GBPCAD: 86 pips

Attached Image (click to enlarge)
Click to Enlarge Name: 33ea74efa9548818979d08060d4e3344.png Size: 69 KB

The same for #GBPNZD, #GBPAUD...

Attached Image
  • #5
  • Nov 5, 2020 4:37am Nov 5, 2020 4:37am
Quoting Hercs
A warm welcome, Cuongitl. May your Thread be successful. Continued success to you. Hercs.
enjoy your green.
  • #6
  • Nov 5, 2020 4:59am Nov 5, 2020 4:59am
Quoting cuongitl
{quote} Hi Erebus, Not Adr! Pips range (Yesterday) = Open - Close Example Yesterday #GBPCAD: 86 pips {image} The same for #GBPNZD, #GBPAUD... {image}

No need to get too excited, I did say Open to Close, you won't find many days like that for EURUSD

When the ADR is only 73, correct?

I saw one EURUSD trade only, the next day Open to Close is only about 11 pips even though the range is huge at 168 approximately

How do you scan for Open to Close figures as that not widely used, as far as I know, that dashboard you have there?

I see GBPCAD yesterday has Open to Close of more than 100 pips and Bearish, so it's a Buy today

Must be broker difference if you only have 86 pips, might affect any followers, which broker and daily close time, please.
It takes a lot for me to IGNORE you, but you can try.
  • #7
  • Nov 5, 2020 9:56am Nov 5, 2020 9:56am
Quoting Erebus
{quote} No need to get too excited, I did say Open to Close, you won't find many days like that for EURUSD When the ADR is only 73, correct? I saw one EURUSD trade only, the next day Open to Close is only about 11 pips even though the range is huge at 168 approximately How do you scan for Open to Close figures as that not widely used, as far as I know, that dashboard you have there? I see GBPCAD yesterday has Open to Close of more than 100 pips and Bearish, so it's a Buy today Must be broker difference if you only have 86 pips, might affect any...
Don't care ADR with this strategy. Please read carefully and follow my strategy.
Pips range based on currency pair, based on Daily bars, based on broker

Above picture #GBPCAD 86 pips with JAFX

but with IC Markets: #GBPCAD has 105 pips
  • #8
  • Nov 5, 2020 11:25am Nov 5, 2020 11:25am
Quoting cuongitl
{quote} Hi Erebus, Not Adr! Pips range (Yesterday) = Open - Close Example Yesterday #GBPCAD: 86 pips {image} The same for #GBPNZD, #GBPAUD... {image}
Hello

Could you post the dashboard which shows the open-close range of the 28 pairs.

Thanks
Regards
  • #9
  • Nov 5, 2020 5:16pm Nov 5, 2020 5:16pm
Quoting cuongitl
{quote} Don't care ADR with this strategy. Please read carefully and follow my strategy. Pips range based on currency pair, based on Daily bars, based on broker Above picture #GBPCAD 86 pips with JAFX but with IC Markets: #GBPCAD has 105 pips
I don't think you are understanding here, I'm not saying to use anything with this system... only,

I used ADR as a guide to measuring the range of pair

It should be patently obvious, using EURUSD again, if the ADR, based on LOW to HIGH is only an AVERAGE of 73 pips,

Then it will be very hard to find many days when the OPEN to CLOSE will measure the 80 pips required by this method

Still waiting on example charts

Still waiting on example trades

Still waiting on how to scan for eligible setup days, dashboard ???

Good luck
It takes a lot for me to IGNORE you, but you can try.
  • #10
  • Nov 5, 2020 8:48pm Nov 5, 2020 8:48pm
Quoting cuongitl
Hello all, Here're one of strategy help me more profit. 1/ Check Yesterday Range (Open-Close) from 80 pips above. Pips range based on currency pair, based on Daily bars. 2/ Check Today pips: Price from Daily Open to current price (Bid/Ask) + Min: 5 pips + Max: 50 pips 3/ Open Trade: - SELL if yesterday is Bullish candle - BUY if yesterday is Bearish candle takeprofit: 20 -35 pips stoploss: 2 options option 1: 20-25% Account Equity, not stoploss by pips/price. option 2: check from 5-10 Daily candles, then put your stoploss above/below High/Low of...
What exactly does it mean ?
2/ Check Today pips: Price from Daily Open to current price (Bid/Ask)
+ Min: 5 pips
+ Max: 50 pips

So does it mean when I check the chart anytime during the day, seeing the last daily candle big enough to trade (e.g. Bullish), and the current price is +5-50pips away from open (i.e. even higher price now), then I place an instant SELL trade order?
  • #11
  • Nov 5, 2020 9:22pm Nov 5, 2020 9:22pm
1/ yesterday range.
2/ today range
3/
if yesterday is Bullish candle, today is Bearish ==> SELL
if yesterday is Bearish candle, today is Bullish ==> BUY

Easy rules.
  • #12
  • Nov 5, 2020 9:41pm Nov 5, 2020 9:41pm
Quoting cuongitl
1/ yesterday range. 2/ today range 3/ if yesterday is Bullish candle, today is Bearish ==> SELL if yesterday is Bearish candle, today is Bullish ==> BUY Easy rules.
So basically means to see some pullback from today as confirmation to trade the pull back that will continue “today”?
  • #13
  • Edited 10:06pm Nov 5, 2020 9:52pm | Edited 10:06pm
Quoting Erebus
{quote} I don't think you are understanding here, I'm not saying to use anything with this system... only, I used ADR as a guide to measuring the range of pair It should be patently obvious, using EURUSD again, if the ADR, based on LOW to HIGH is only an AVERAGE of 73 pips, Then it will be very hard to find many days when the OPEN to CLOSE will measure the 80 pips required by this method Still waiting on example charts Still waiting on example trades Still waiting on how to scan for eligible setup days, dashboard ??? Good luck

His strategy doesnt mention anything about ADR (AVERAGE DAILY RANGE). He use YESTERDAY RANGE bro.
  • #14
  • Edited 10:06pm Nov 5, 2020 9:54pm | Edited 10:06pm
Quoting tommydoginti
{quote} So basically means to see some pullback from today as confirmation to trade the pull back that will continue “today”?
They usually pullback to make daily wick. I saw it alot when I trade HOLO. Price will pullback to create daily wick, after that, nobody know it reverses trend or continue trend.
  • #15
  • Nov 5, 2020 10:12pm Nov 5, 2020 10:12pm
Quoting will.cyan259
{quote} His strategy doesn't mention anything about ADR (AVERAGE DAILY RANGE). He use YESTERDAY RANGE bro.
Thanks for that, don't know what I was thinking, how do you find the YESTERDAY RANGE and then the trading opportunities?

Maybe you can define YESTERDAY RANGE first?

Cheers, good luck
It takes a lot for me to IGNORE you, but you can try.
  • #16
  • Nov 5, 2020 11:32pm Nov 5, 2020 11:32pm
Just a
  • #17
  • Nov 6, 2020 12:03am Nov 6, 2020 12:03am
Today:

Attached Image
  • #18
  • Nov 6, 2020 12:26am Nov 6, 2020 12:26am
This would work if your take profit was 20 pips and you traded the reversal as soon as the new daily candle opened. But the problem is the wide spreads at the new daily candle open is anywhere from 10 to 50 pips depending on the pair and that particular day. So this strategy is not viable unless you are the broker or you know a broker that has very low spreads at daily open.
  • #19
  • Nov 6, 2020 1:23am Nov 6, 2020 1:23am
I've uploaded a small indicator to help you find the pips range: Yesterday, Today.

Hope you have more profit.
  • #20
  • Nov 6, 2020 1:57am Nov 6, 2020 1:57am
[quote=cuongitl;]
Attached Image (click to enlarge)
Click to Enlarge Name: shot.jpg Size: 152 KB

Is this chart correct for selling orders? B=？
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