Strategy: Daily Range Spike and Pull Back | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

DHR - Daily Half Range Strategy 310 replies

daily range Strategy 782 replies

Daily Range Strategy 19 replies

Another Daily Range Strategy GBP/USD 23 replies

does she want to pull back ? 5 replies

Attachments: Strategy: Daily Range Spike and Pull Back
Exit Attachments

Strategy: Daily Range Spike and Pull Back

  • #21
  • Nov 6, 2020 9:44am Nov 6, 2020 9:44am
Quoting hibra68
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.
Hibra68, I thought exactly the same thing. I opened a sell trade yesterday on the EURUSD at two minutes before
the day closed when I saw a green candle with 80 pips, (open to close). I set my limit (target) at 20 pips and the
trade worked out ok. Price went down about 25 pips, then shot up. I don't see any other way to avoid the wide
spreads when the new day begins, 4:00 PM central time here in Houston TX.
  • #22
  • Nov 7, 2020 3:51am Nov 7, 2020 3:51am
please share some chart with example.
  • #23
  • Nov 7, 2020 9:54am Nov 7, 2020 9:54am
Quoting Ashwani
please share some chart with example.
Hi, please use the indicator to find the spike bars on chart.
  • #24
  • Nov 7, 2020 9:58am Nov 7, 2020 9:58am
Quoting hibra68
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.
Quoting Darryl
{quote} Hibra68, I thought exactly the same thing. I opened a sell trade yesterday on the EURUSD at two minutes before the day closed when I saw a green candle with 80 pips, (open to close). I set my limit (target) at 20 pips and the trade worked out ok. Price went down about 25 pips, then shot up. I don't see any other way to avoid the wide spreads when the new day begins, 4:00 PM central time here in Houston TX.
Please check current spread before go trade.
You also can open trade when have the new daily candle, if you want.

But I just checked Price From Open (Daily), if it's in range, I'll go trade.
  • #25
  • Nov 7, 2020 10:00am Nov 7, 2020 10:00am
I'm using this indicator, setting the body size to 80.0 value.
Attached File(s)
File Type: ex4 Body_Size_Indicator.ex4   11 KB | 889 downloads
  • #26
  • Nov 7, 2020 10:01am Nov 7, 2020 10:01am
Quoting Darryl
I'm using this indicator, setting the body size to 80.0 value. {file}
Please check my indicator in #1 post.

Hope its useful to you.
  • #27
  • Nov 7, 2020 12:01pm Nov 7, 2020 12:01pm
Quoting cuongitl
{quote} {quote} Please check current spread before go trade. You also can open trade when have the new daily candle, if you want. But I just checked Price From Open (Daily), if it's in range, I'll go trade.
I was just trying to explain that this will definitely work if the spreads were not so wide at 5.00 pm eastern ny time. This is exactly when the new daily candle opens.
But as far as I know the spreads will never be narrow at that particular time in day.
Other than that you really dont have any edge.
  • #28
  • Edited 10:00pm Nov 7, 2020 9:47pm | Edited 10:00pm
If the pips range (yesterday/today) is valid, and then if the spread is ok
I'll go trade. Don't care anything.

Why are people talking about Average Daily Range, , talking about timing...? when my strategy doesn't mention it.

That's so strange.

If you are interested in this strategy then you need to follow the rule first. And after fully understanding it, you can try to improve it if necessary.
  • #29
  • Nov 8, 2020 5:58am Nov 8, 2020 5:58am
[quote = cuongitl; 13246922] Ciao a tutti, ecco una strategia per aiutarmi a guadagnare di piů. 1 / Controlla l'intervallo di ieri (Apri-Chiudi) da 80 pips sopra. 2 / Controlla i pip di oggi: Prezzo dall'apertura giornaliera al prezzo corrente (Bid / Ask) + Min: 5 pips + Max: 50 pip 3 / Open Trade: - VENDI se ieri č una candela rialzista - ACQUISTA se ieri č una candela ribassista prendi profitto: 20 -35 pips stoploss: 2 opzioni opzione 1: 20-25% del capitale del conto, non stoploss per pips / prezzo. opzione 2: controlla da 5-10 candele giornaliere, quindi metti il tuo stop loss sopra / sotto il massimo / minimo di esso. 4 / se il prezzo va contro la direzione del trade - Controlla la distanza pip dal primo ingresso con Bid / Ask> = Yesterday Range / 2 o almeno 25 pip. - Aprire il 2 ° scambio con la stessa dimensione del lotto (lattina martingala), nessun prezzo tp. - Chiudi tutte le operazioni quando il profitto del paniere> = 2 o piů ... Intervallo di pip basato sulla coppia di valute, basato sulle barre giornaliere,https://www.mql5.com/en/market/product/57435 Buona fortuna. [/ quote]

Thank you for sharing this strategy and for the excellent indicator. This strategy is similar to https://www.forexfactory.com/thread/...o-trade-simple.

I am seeing that there is research on inversion patterns through the size of the previous and last candle. It may be good criteria but needs prudent money management because not always big candle means inversion.

In the mentioned strategy, the entry is after whatever candle with the size of 110 pips with no filter, but in your strategy at least you filter the entry with the new candle as confirmation of the inversion.

I add a Rsi 2 periods and 10/90 levels as OB and OS for high TF to confirm the inversion.

I have only one question: may you explain the two options in your indicator as shown in the second image?

Thank you.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 4e78fa7e2aaab3e9745c36908fb64ebe.png Size: 156 KB
Click to Enlarge Name: 5f5d46ea105c8bf430b71d5427ad3710.png Size: 174 KB
  • #30
  • Edited 8:36am Nov 8, 2020 7:11am | Edited 8:36am
Hi flashpaul,
You can try filter by any things you think it's good. Try to more profit, that is the goal of traders.

About my indicator:
1/ Minimum pips Price From Open(PFO): if today pips (Open-Close) > PFO, it'll sent an alert on your screen.
(yesterday pips is passed already).
2/ Limit Bars: only find the spike bard with max bars = 80
You can change the settings as you need.

Risk Management is part of the trading plan, every trader must know that.

My trading rule with a risk ratio about 0.5% of balance/order, max 05 orders.
  • #31
  • Nov 8, 2020 7:43am Nov 8, 2020 7:43am
Thank you!
  • #32
  • Edited 3:23pm Nov 8, 2020 3:05pm | Edited 3:23pm
Please, let´s take care of this thread and strategy. It is so simple and has enormous potential.

I have done, lazily, a manual backtest on seven pairs, in D1, the past month with the rules of the author (80 pips).

I measured almost 2000 pips in the last month of October.

As already explained by the autor, the best thing to do is if the MM allows, open two trades, one with fixed TP and the other with BE and TS.

It is also possible to recover the losses with moderate martingale with a multiplicator factor because frequently the price comes back until 50% of the race.

As I have already told I use an RSI indicator, period 2, 10/90 levels, to filter the best trades.

Regards.
  • #33
  • Nov 8, 2020 3:40pm Nov 8, 2020 3:40pm
[quote = Erebus; 13247050] Per il punto n. 1, controlla l'intervallo di ieri, da aperto a chiuso? L'EURUSD ha un ADR totale di 73, quindi non avrebbe quasi mai un'apertura alla chiusura di oltre 80 pips Forse intendi un intervallo da alto a basso di 80 pips? Forse alcuni grafici per dare una mano, grazie Saluti e buona fortuna [/ quote]

You are right. In October, with EurUsd there has not any candle of 80 pips.
But this month two candles were more than 80 pips.

I can understand that it should be better to use ADR to adapt the strategy conforming to the typical daily candle size of a cross, but it becomes more complicated if you want to work on almost 28 pairs.

In one month, if with one pair you don´t meet a trade with one pair, surely you can meet many other opportunities with other crosses.

In my personal opinion, another opportunity is to sum consecutive candles in the same direction, until to achieve the limit of 80 pips. But it needs a little bit of analysis.
  • #34
  • Nov 9, 2020 9:02pm Nov 9, 2020 9:02pm
Today, we have plenty of opportunities to trade

Attached Image
  • #35
  • Nov 9, 2020 9:14pm Nov 9, 2020 9:14pm
I am here to share you the opportunities, save you money, and help you may be earning money.
So if you believe this, you can try it, and ask me if you have any further questions (but first need to follow my strategy).
If not, don't mind.

Attached Image (click to enlarge)
Click to Enlarge Name: d02386860c7f18d8cc02e8d7c7993373.png Size: 331 KB
  • #36
  • Nov 10, 2020 5:34am Nov 10, 2020 5:34am
[quote = cuongitl; 13254880] Je suis ici pour vous partager les opportunités, vous faire économiser de l'argent et vous aider ŕ gagner de l'argent. Donc, si vous croyez cela, vous pouvez l'essayer et me demander si vous avez d'autres questions (mais vous devez d'abord suivre ma stratégie). Sinon, cela ne vous dérange pas. {image} [/ quote]


please, I did not understand the conditions to enter the trade.
  • #37
  • Edited 7:05am Nov 10, 2020 6:51am | Edited 7:05am
Quoting tarzon06
[quote = cuongitl; 13254880] Je suis ici pour vous partager les opportunités, vous faire économiser de l'argent et vous aider ŕ gagner de l'argent. Donc, si vous croyez cela, vous pouvez l'essayer et me demander si vous avez d'autres questions (mais vous devez d'abord suivre ma stratégie). Sinon, cela ne vous dérange pas. {image} [/ quote] please, I did not understand the conditions to enter the trade.
Which part don't you understand?
  • #38
  • Nov 10, 2020 6:53am Nov 10, 2020 6:53am
[quote = cuongitl; 13255752] {quote} Quelle partie ne comprenez-vous pas? Qu'est-ce que vous ne comprenez pas? [/ Quote]

I did not understand when should I enter the trade
  • #39
  • Nov 10, 2020 6:55am Nov 10, 2020 6:55am
Quoting cuongitl
{quote} Which part don't you understand? What do you not understand?

when the price moves back 50 pips or when the price moves 50 pips from day open ?
  • #40
  • Nov 10, 2020 7:09am Nov 10, 2020 7:09am
Quoting cuongitl
- Close all trades when Basket Profit >= 2 or more...
Hi There.
What do you mean by Basket Profit >= 2?
Thank you.
0 traders viewing now