NR7 - ID Breakout

NR7 - ID Breakout

I have wrote some posts about NR7 in another thread and this seems to be new for many traders (mostly newbies).
So here is new thread only for this things.
I will post here some realtime trades in the next few weeks.

NR stands for "Narrow Range".
A narrow range candle is simply a candle which has a range from high to low that’s much less than the average past candles. Many traders are tracking NR7 (daily !!!) candles. NR7 means the narrowest range of the last seven candels.

With NR we can watch for the "Range Contraction".

So if we have NR7 in combination with ID (inside day), it is a very good setup.
The main thing on this setup is the very good chance/risk-ratio.

(also Google: NR7, ID )

Example:
http://img517.imageshack.us/img517/2909/idnr7fg7.gif

http://img517.imageshack.us/img517/2909/idnr7fg7.gif


zeuzera

Could you explain in more in detail, please.

Hi qwer.

This setup i will track on daily and also some attention on 4H.
The trigger-chart will be 5M and the strategie is based on the "openning range brkout".

I will make some realtime trades here, so we can see all details.

Because of the holidays in the past week, i will wait a few days to start a NR-count.


zeuzera

Read Day Trading With Short Term Price Patterns and Opening Range Breakout by Toby Crabel. If you can get hold of a copy it might set you back a few bob,

http://www.amazon.com/Trading-Short-.../dp/0934380171

but I have heard there are other means of acquiring literature..... not that I would ever advocate using a search engine for such purposes.

We have now good chance for an NR7-ID brkout for EURJPY.

Today is the NR7-day and also "inside day".
For sure we have to wait for close of the day candle. But i dont expect any brkout during the US-session.

Also helpfull the two pivots.

For entry i have the first time window at about 00:00 GMT, oppening new day candle.

My trigger chart will be 5M.
I will post it here realtime.

http://img396.imageshack.us/img396/3419/factejlq6.gif

zeuzera

It is an inside day so far, but surely it is only considered an inside bar when it is closed and the trading range for that day has made its high and low. Also, looking at my charts here on Alpari and WHC, the high of yesterday has been taken out by a few pips, but these are set to Asian open as a new day - whereas I would consider the actual new day for forex to begin at London open, or at least the first 30mins is what I consider to be the opening range for OR breakout strategies.

Interested in seeing how someone employs Crabel's strategies though (I assume that is the method you are using) as despite it being an excellent book I find it difficult to trade these sorts of methods on a personal level.

No NR7 and ID today on EURJPY.

zeuzera

Hi,

i need to know more about this... somebody???

NR7 ID brkout on EJ


EJ short 115,68
SL 116,15

Also take a look on EU and EC
http://img209.imageshack.us/img209/1549/tttyc0.gif

Interesting system, have somebody use it in other TF ??

hi

attached the picture for example
rule 1: narrow rage 4(nr4) = last candle4 <next3<next 2<next 1 . it is mentioned in orange clour with 4.

if that nr4 candle is inside compare to before candle that is ''nr4 inside' and mentioned "" orange colur star""


rule 2: narrow rage 7(nr7) = last candle7 <next6<next 5<next4<next3<next 2<next 1 . it is mentioned in green clour with 7.

if that nr7 candle is inside compare to before candle that is ''nr7 inside' and mentioned "" green colur star""
rule 3: normal inside candle is mention as yellow round
Attached Image (click to enlarge)
http://www.forexfactory.com/attachme...1&d=1468121601