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RANGE Breaker Method

  • #301
  • Aug 31, 2011 11:54am Aug 31, 2011 11:54am
I noticed this setup from early this morning. Too bad I wasn't awake for it. Is this chart a valid setup?

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  • #302
  • Aug 31, 2011 12:35pm Aug 31, 2011 12:35pm
Not really. No good bars.
  • #303
  • Sep 1, 2011 12:03am Sep 1, 2011 12:03am
THis strategy is an interesting one. However, one is bound to miss a lot of valid entries. Would be glad if a programmer writes an mt4 indicator that spot and give alert for RSI divergence.

THanks
  • #304
  • Sep 1, 2011 12:22am Sep 1, 2011 12:22am
Quoting ochuko
THis strategy is an interesting one. However, one is bound to miss a lot of valid entries. Would be glad if a programmer writes an mt4 indicator that spot and give alert for RSI divergence.

THanks
There is a level of subjectivity to this method. So no mechanical systems could do that. Yes, one would miss lot of valid entries but the way I do it is to anticipate divergence and plan accordingly.

for example: If I see price making new high/low and I see RSI also see make new high/low then I add it to my short list and wait for retracement. If price retraces and comes to make new high/low then I will watch for divergence. No divergence then look for new one. By watching charts this way I'm able to identify trends and sideways markets very easily. I can spot levels and PA too easily this way.

If you still want an indicator to spot these for you then search for FX5_MACD_Divergence indicator in FF. It uses MACD to spot divergence but I think I came across that being extended to use RSI as well.
  • #305
  • Sep 1, 2011 12:23am Sep 1, 2011 12:23am
I've seen an indi for RSI divergence somewhere here at FF forums.
It doesn't worked well in my opinion though.
I am also not convinced we should be adding stuff to this method. You start adding indicators, the method will become more and more mechanical, you won't even noticed when EAs for it start to pop up and eventually all will go down the drain.
Power of this method comes among other things from its clean-cut and straightforward approach. You have clear setups, entries and exits here. What more do you need? It's perfect KISS. Let us not make ourselves ass our kiss goodbye! (or something to that effect)
  • #306
  • Edited 4:21am Sep 1, 2011 3:53am | Edited 4:21am
possible triple divergence on eu 5m. We now wait for a new low and a good bar from that area. I dont see any location around there.

update: triple divergence didn't happen. Price made a new low but so did RSI which wiped out the third divergence. EU looks bearish. have to wait for good PA + divergence to take any long. If not PASS.
  • #307
  • Sep 1, 2011 4:45am Sep 1, 2011 4:45am
...took this long. Nice mini ascending triangle with a couple of reinforcing candles - bullish engulf (albeit weak) followed by a pin. Placed a pending order just above the highs, in anticipation of the break north.
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  • #308
  • Sep 1, 2011 5:00am Sep 1, 2011 5:00am
I think according to Razorman's rules there's too many candles between the two lows (and another in between low, which doesn't agree with the divergence).
But profitable trade is profitable trade...
  • #309
  • Sep 1, 2011 5:32am Sep 1, 2011 5:32am
Quoting sidefx
...took this long. Nice mini ascending triangle with a couple of reinforcing candles - bullish engulf (albeit weak) followed by a pin. Placed a pending order just above the highs, in anticipation of the break north.
I took that trade as well. I was hoping for triple divergence and that didn't happen. But when it consolidated on the bottom there was another divergence and took 9 pips from it. So not the best setup but okish one.

Now watching the 15m for divergence. It prices makes a low and gives us a PA bar then it will be good location for long.
  • #310
  • Sep 1, 2011 6:26am Sep 1, 2011 6:26am
waiting for divergence on eu to take short. for that to happen I would like to see price to make new highs. atm it is a triangle on 5m eu
  • #311
  • Sep 1, 2011 7:45am Sep 1, 2011 7:45am
A lot of news today.
And NFP tomorrow.
Maybe it's a good time to take a long weekend off from Forex
  • #312
  • Sep 1, 2011 8:00am Sep 1, 2011 8:00am
anyone see any setup? I don't see any atm.
  • #313
  • Sep 1, 2011 8:02am Sep 1, 2011 8:02am
Quoting vijidas
anyone see any setup? I don't see any atm.
..well i'm long from 4291 but not strictly according to the rules....just a quick +9 to the RN.
  • #314
  • Sep 1, 2011 8:18am Sep 1, 2011 8:18am
I saw this form. Big location triple div, and a h4 pin bar formed a few min later. Lets see if this breaks higher. Could be a good swinger.
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  • #315
  • Sep 1, 2011 8:49am Sep 1, 2011 8:49am
I enterd this trade. My entry blue vetical line.

BTW If you could shed light on the issue I posted in #263, that would be great. It is about triple divergence.
(http://www.forexfactory.com/showthre...67#post4913767)

Thanks for the great thread.
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  • #316
  • Sep 1, 2011 9:04am Sep 1, 2011 9:04am
Took profit at 1.4310 on that trade.

Quoting Razorman
I saw this form. Big location triple div, and a h4 pin bar formed a few min later. Lets see if this breaks higher. Could be a good swinger.
  • #317
  • Sep 1, 2011 9:24am Sep 1, 2011 9:24am
I took the first one and took a loss. I will make a video recap for past few days today and will explain.

Quoting Miyagi
I enterd this trade. My entry blue vetical line.

BTW If you could shed light on the issue I posted in #263, that would be great. It is about triple divergence.
(http://www.forexfactory.com/showthre...67#post4913767)

Thanks for the great thread.
  • #318
  • Sep 1, 2011 9:46am Sep 1, 2011 9:46am
Great thanks Razorman. It is perfect.
I'm looking forward to it.

Quoting Razorman
I took the first one and took a loss. I will make a video recap for past few days today and will explain.
  • #319
  • Sep 1, 2011 10:05am Sep 1, 2011 10:05am
Here is a another quick one i took on Euro today. Nice bar formation good div, location not exactly perfect but good enough.
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  • #320
  • Sep 1, 2011 10:35am Sep 1, 2011 10:35am
Quoting Razorman
Here is a another quick one i took on Euro today. Nice bar formation good div, location not exactly perfect but good enough.
Good trade. I was looking at the 15minutes, took the break at 1.4249, good for 15pips up to the bottom of the next range - no idea if it'd go higher, I don't like to watch winners turn into losers so I took profit at that point.

(I can't post screenshots of my trades, I use a web-based system for placing my orders that doesn't show trades on the graph, so my charts on MT4 don't have any buy/sell showing)

This method is quite good, I'm combining it with knowledge from elsewhere so I know WHERE to start looking for entries and exists, and use this (or another method when in a trending market) to take the trades at those good positions. The background knowledge combined with confirmation from the signals makes it a real winner. Thanks Razorman
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