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Range bars - anyone trading them?

  • #21
  • Aug 5, 2010 8:11am Aug 5, 2010 8:11am
This is a 15 pip range bar size on euusd.
CCI set to 600. Buy on blue, sell on red. Basically a stop and reverse approach.

Anyone have any idea how to avoid the whipsaw on the 2nd screenshot ?
Stop loss needs to stay very small with a stop and reverse, always-in-the-market system.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 107 KB
Click to Enlarge Name: 2.jpg Size: 108 KB
  • #22
  • Aug 5, 2010 8:39am Aug 5, 2010 8:39am
http://www.futuresmag.com/Issues/2009/November-2009/Pages/Time-is-relative-with-range-bars.aspx?page=2:


Additional benefits with range bars include:
1. All range bars are the same size on each chart and the resulting charts look smoother and market “noise” caused by the minute bars is eliminated to a greater degree. For instance, all the bars on the Russell are going to be 15-tick price changes and each bar is exactly the same size.
2. The time factor is eliminated. The pattern triggers are the same as the regular minute bars. This means that, if you are a “bar close trader,” you can do the same thing and if you trade with 20-30 seconds to bar close, you can do that too. The tendency is to wait until the bar closes and the new bar starts. This helps traders to put buy and sell stops in ahead of time, thus getting in first in line, or close to it.
3. Range bars show trends more readily and they also show a sideways market more clearly without the attendant choppiness.
4. Traders can still use their favorite indicators. There is no need to change your setups on your indicator.
5. Traders will find they make fewer trades, in as much as they will have bigger stops but the successful trades will be more profitable. This means larger trades, staying in those trades longer, improving your risk/reward ratio and fewer trades that do not get follow through.
6. Traders will know where the top or bottom of the bar is, which will allow the trader to enter stop buy/sell orders ahead of time which, in turn, will enable the trader to be in line early. You can use stop orders to enter a trade because you know where the top or bottom is going to be. In other words, if you have the bar going up and you know what the low is, you can put a 15-tick (or whichever setting you are in) price change from the low and set your stop that far off the high or low. If you make a new high or low, then you might have to adjust your stop accordingly.
7. Traders can use the same money management strategies, but it is strongly recommended that statistics be kept and analyzed as normal.
The creation of the personal computer meant technical traders no longer had to painstakingly chart every tick in a market on graph paper. Range bars free up time in a similar fashion. Technical traders can ignore choppy range bound markets and wait to be alerted by a new data point that could take several hours or just minutes.
Range bars are an innovative concept that will give traders the opportunity to improve their trading success rate. While your basic setup may not be broken, in this fast-moving society, change is inevitable, and traders should evaluate range bars as another approach to profitable trading.
  • #23
  • Aug 5, 2010 9:14am Aug 5, 2010 9:14am
Quoting globalinvest
I am curious if anyone is using range bars to trade with ?
What strategy or indicators do you use ?
G'day globalinvest,
... yes, I've been using "range bars" for about a year now and I'm very happy with this ... especially to trade the Price Action.
Re: strategy ... I do prefer a simple break-out, based on 1-2-3 or fractals, paying attention to recent and previous support/resistance levels,
prior day high/low, pivot points, and most important stuff: higher-highs / lower-highs and lower-lows / higher-lows
and ... frankly ... in my view of course, there isn't much need for any sophisticated/complicated indicators, but on another hand
I like to have MACD - to look for divergence in relation to the current price action and cross or bounce of the zero-line.
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd (5-pips range).jpg Size: 275 KB
  • #24
  • Aug 5, 2010 9:59am Aug 5, 2010 9:59am
Quoting globalinvest
Can you refer to me a source where one can learn about the 123 trading style ?
... you should start with http://www.forexfactory.com/showthread.php?t=54528
and than continue http://www.forexfactory.com/showthread.php?t=80290
O.K. that's a lot of reading, but it's worth and pays-off incredibly well.
  • #25
  • Aug 5, 2010 10:05am Aug 5, 2010 10:05am
Thank you. There seem be quite many different views on 123 trading.
What do you think of this file ?
Attached File(s)
File Type: pdf 1-2-3 High & Lows.pdf   187 KB | 1,638 downloads
  • #26
  • Aug 5, 2010 2:07pm Aug 5, 2010 2:07pm
Great sources on 123 patterns:

http://www.tradeprofitably.com/The_1...ng_System.html

http://www.tradeprofitably.com/1-2-3...g_pattern.html
Attached File(s)
File Type: pdf 123system.pdf   1.1 MB | 705 downloads
  • #27
  • Aug 5, 2010 2:18pm Aug 5, 2010 2:18pm
[quote=globalinvest;3818574]Is anybody else trading with range bars at all ?[/quote

Hi Glo,

You can check my thread out here
http://www.forexfactory.com/showthread.php?t=248298
  • #28
  • Aug 5, 2010 2:28pm Aug 5, 2010 2:28pm
Attached range bar chart of today 5 pip size euusd.
Hope I marked the 123 set-ups correctly.
Attached Image (click to enlarge)
Click to Enlarge Name: 123 patterns.jpg Size: 97 KB
  • #29
  • Aug 5, 2010 2:30pm Aug 5, 2010 2:30pm
RBars are IMO no better or worse, just different. TradeStation (20 pip EU) version:
Attached Image (click to enlarge)
Click to Enlarge Name: EU RB.png Size: 179 KB
  • #30
  • Edited 3:21pm Aug 5, 2010 3:08pm | Edited 3:21pm
I like to use Range Bars sometimes - on Ninja Trader.

They do make a case for looking at the difference it can make in how you format your data feed. It does influence you perspective.

In general, I like to remove the time filter by using - most always - tick bars, sometimes range. Time bars are pretty much pointless to me but, I'll use them, of course, on shitty platforms (Oanda) that don't have tick.
Attached Image (click to enlarge)
Click to Enlarge Name: $USDCHF 8_5_2010 (10 Tick).jpg Size: 42 KB
  • #31
  • Aug 5, 2010 4:23pm Aug 5, 2010 4:23pm
Not me. I consider time bars just as important as the rest of the types.
  • #32
  • Aug 5, 2010 6:47pm Aug 5, 2010 6:47pm
Quoting globalinvest
Thank you. There seem be quite many different views on 123 trading.
What do you think of this file ?
The first pdf. refers to trading set-up by Joe Ross (Ross Hook) - which is a slightly different approach and can be profitable too, but I didn't spend much time with this.
The other two are basic 1-2-3 setups, but there isn't any good reason to pay money for something what is otherwise free on many forex-forums.
  • #33
  • Aug 6, 2010 5:20am Aug 6, 2010 5:20am
Well .. are you looking for 100% profit system? Did you do your stats? OK. We got some whipsaw ... ok we have a nice trades where we can stay even the whole week. My last trade was 6 days long and 324 pips.

I have losses. But I do not risk more then 2% of my account and I use the bottom/top of the previous bar. Max is 30 pips.

If you do your math .. I could now lose 10 times and be still ok.

Try to do it with "helter skelter" system. You are gonna loose all your hair way before you are 35.

I like easy trading where I don't have to sit all day long.

... I do trade only GBP/USD

I am in when CCI crosses 0 and we are above or bellow Ema 204. Then I am moving my SL with swings.

But you can use Fibonacci numbers, or just target profit .. DO YOUR STATS!!!

Have fun!

GE.

Quoting globalinvest
This is a 15 pip range bar size on euusd.
CCI set to 600. Buy on blue, sell on red. Basically a stop and reverse approach.

Anyone have any idea how to avoid the whipsaw on the 2nd screenshot ?
Stop loss needs to stay very small with a stop and reverse, always-in-the-market system.
Attached Image (click to enlarge)
Click to Enlarge Name: $GBPUSD 06_Aug_2010 (15 Range).jpg Size: 148 KB
Some pursue happiness, others create it.
  • #34
  • Aug 6, 2010 7:07am Aug 6, 2010 7:07am
"and I use the bottom/top of the previous bar. Max is 30 pips."

Yes seems like the ema is good filter.
So your maximum loss is 30 pips ?

How do you use bottom/top of the previous to enter ?
  • #35
  • Aug 6, 2010 7:47am Aug 6, 2010 7:47am
Yes. My maximum SL is 30 pips.

Quoting globalinvest
"and I use the bottom/top of the previous bar. Max is 30 pips."

Yes seems like the ema is good filter.
So your maximum loss is 30 pips ?

How do you use bottom/top of the previous to enter ?
Attached Image (click to enlarge)
Click to Enlarge Name: cci.jpg Size: 163 KB
Some pursue happiness, others create it.
  • #36
  • Aug 7, 2010 3:11am Aug 7, 2010 3:11am
Hi Guys,

What indicators do you recommend for the Range Bars?

Regards
Steve
  • #37
  • Aug 7, 2010 3:28am Aug 7, 2010 3:28am
I have bought a script which creates the range bars.
You can pm me and I´ll give you the website.
  • #38
  • Aug 7, 2010 3:36am Aug 7, 2010 3:36am
One can use ma crosses using the macd.
Example: 5 and 100.

Go long after first bar above the 0 line.
Go short after first bar below the 0 line.

This is on a 10 pip range bar size.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 106 KB
  • #39
  • Aug 7, 2010 4:19am Aug 7, 2010 4:19am
Hi
Is there anyone who can help me in running the following strategy through a strategytester ?

Range bars 10 pip size on euusd/ gbpusd. MACD settings 5,100,9.
Buy after first closed bar across the 0 line.
Sell - vice versa.
RR 2:1 and 3:1.
Or sl 15 pips, tp 30 pips.
Sl 20 pips, tp 40 pips.

Or show me how it is done ?
  • #40
  • Aug 7, 2010 12:09pm Aug 7, 2010 12:09pm
Is it even possible to backtest a range bars set-up with a strategy tester ?
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