Range Breakout

Finally something logical looks like something to me, I'm waiting for more information,

Thanks for the feedback. Yeah it is nice to eliminate the guessing game about which direction the market will favor since it's simply a matter of whether the price touches either the high or the low.

The indicator has been logging all pairs for historical back testing since March 24 and out of all the pairs provided so far, only the AUDNZD hit stop loss.

I am interested in this setup, Sir

Sure, I'll post the setups for tomorrow after the daily candle close.

Price touched the low so here's an example of where the SL would be, and suggested TP. How you enter depends on your trading style. I personally like to place many trades to average in, but someone else might prefer to have one pending order at the low for example.

Can you explain in simple terms what your indicator is all about? What it uses to verify this setup? I'm very curious about this What conditions must a candle meet to be considered continuation possible? Is it about market volume and measured buying power?

Honestly, there are so many things it does, even if I tried my best to explain it in writing, it would still be impossible to understand. One could get a faint idea, but it wouldn't be meaningful or useful. It's complex. Also, interpreting it, would also be impossible because I've got signs and numerical values associated with each component that I couldn't even begin to explain. That also, would not make sense just from explanations. What I mean to say is, interpreting it would be impossible which is why I've been making it as user friendly as possible since I'm planning on sharing it soon, making it user friendly where it just provides the pairs to trade for different setups. It's not like a typical currency strength indicator with colored lines showing strength and weakness. That is utterly useless. It does something entirely different. In short, what it does do is, provide pairs for various market conditions, whether someone is looking for trend, range, volatile choppy, or the one you see here, breakouts. My personal favorite is the intraday basket of pairs which I've been trading daily with great success. These are pairs that are traded in one direction only and when combined together, they net positive, quickly.

Okay, so I'm waiting for the EA for testing. What pairs do you trade one way? Have you tested the system on lower timeframes, or is the EA set to daily only? So many questions.what other setups does your ea show? You focus on that, so that's probably the most promising . Sorry for asking so many questions, but I'm genuinely interested.

No worries, ask as many questions as you want. Actually the currency strength indicator is not an EA, it's an indicator. It's a different type of currency strength indicator, unlike any strength indicator or strength meter I've seen online, or in MetaTrader. If you're using an EA for making entries, I could share the pairs for the daily basket. This is by far the most effortless method of trading but it would require an easy method of making the entries, because reaching for the mouse, and using the pointer to click on New Order button would just be too much work. This is one reason I am sharing this particular setup to start with, because it's user friendly to almost everyone since it is fine to just place even one trade either by market or by pending order.

Entering on touch of high or low got stopped out so a safer approach is wait for close outside of the range.

One thing to note so far about the EURAUD is that when the price does hit the other side where the SL is, it doesn't continue as if the trade was dead wrong. The price does go back in the direction of the side it touched first.

This was the case with the AUDNZD here: https://www.forexfactory.com/thread/...6#post15635986

So, one option is to continue using the touch as the entry trigger, but not set the SL and instead, observe that if the price does reach the SL level, then adjust the TP from 200%+ to 150% or BE.

The AUDUSD and AUDCAD were activated in the up direction.

There is more than one way to use the indicator, so for example, apparently that AUDNDD setup from March 25 running out of steam was giving us a clue about the upcoming strength of AUD. This is really, a "leading indicator."

So when a previous setup has a candle close on the other side of the range, we'll know the strength or weakness of either AUD or NZD, based on which one shows up in a current setup.

This can also be seen in the EURAUD from yesterday.

As another example, the USDCAD from March 27 hit the 200% target but it didn't continue. It looks like it's losing steam. This tells us that if we have a current or upcoming setup that involves either the USD or CAD, we'll go back and check if USDCAD closed on the other side of the range in order to have leading information about the strength or weakness of either USD or CAD.

Kind of like an inside day, or better still, consecutive inside days signal.. Like a wound up spring, can only get so tight before it has to release.
i messed around with it many years ago, added an ATR and a few other things, but drifted away on a different tact.
May have been more successful if I had the tools available these days like AI and python. Back then i was using mt4's DDE and excel..
Good luck with it and hope it goes well for you

I was sure that it was an indicator that could be adapted to your own system, but it is an EA Anyway, I'll check it out when I have some free time

Seems interest in this method died already. Until next time... next topic...