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Nexas's Intraday Range Bar Trading

  • #81
  • Dec 2, 2011 2:34am Dec 2, 2011 2:34am
Yesterday mornings trading started off with two straight losses for me, but then I was able to make it back with the subsequent trades in the morning. The important lesson there is to not be discouraged and make the classic newbie mistake of not taking the next trade.

Generally you should set yourself a daily stop loss and if you have not reached it, then you are doing your self a disservice by not taking all VALID setups.

If I had taken the attitude that the market didn't like me and hence not take the next trade then I would have ended with a loss instead of making money.

Nexas
  • #82
  • Edited 2:57am Dec 2, 2011 2:38am | Edited 2:57am
Hi Nexas,

ok, thanks for the hint.

Seems like a nice pullback on the 8 range, right? I am long EU...

UPDATE: Out at BE, anticipated a break through resistance...should better have taken the + 10 pips.
  • #83
  • Dec 2, 2011 2:40am Dec 2, 2011 2:40am
Nexas, do you move your stop to BE after a few pips or take partial profits?
  • #84
  • Dec 2, 2011 3:02am Dec 2, 2011 3:02am
Hi Olarion,

I didn't get long on the 8 range chart. I took a a small profit this morning from the 4 range. Only 6 pips, but I saw the resistance and price was struggling with it so I thought bank it. The 8 range for me was rather range bound. At the moment I am waiting for some momentum in either direction.

Regarding moving the stop, yes I do at times but more often than not it is to my detriment. As in price takes me out then sales to my profit target. So it is something that I am doing less of nowadays. But if we are in the market condition that we are this morning then I would move my stop of take profits earlier than usual, simple because there is no real momentum in the markets.

Nexas
  • #85
  • Dec 2, 2011 4:42am Dec 2, 2011 4:42am
Nexas....great observation on taking profits, when the market is in a consolidation... you want to be taking them quicker ..than if the market has expansion..this is why it is so important for the trader to constantly be looking @ the "condition-or landscape"..When there is good movement..you want to loosen the stop so as to be able to "ride the wave' longer..markets can and do change on a "dime" but the only best info we have to judge the "condition" is what has previously happened..If the trader has a statistical edge..as evidenced by good "record" keeping" be it back testing(which I'm not a big fan of)or forward testing..then that builds the confidence for the trader to have loses and still know that you will make $$ with proper execution....mark Douglas said it well in "trading in the zone" as Rules for traders..Quote.."There is a random distribution between wins and loses for ANY given set of variables that define an edge".. When i do have a "string" of loses in my mind I know that I am that much closer winning..as I know that I have an edge....with all that ..so far today.. since the London open the market is crap..I have taken 1 good trade /look at how "hairy" the 5 min candles are..wicks, top and bottom on almost every candle ..so we are coiling up for something good to happen..this is where traders often get killed trying to force the action...Let the market tell YOU the story..read it like a good novel..
  • #86
  • Dec 2, 2011 5:23am Dec 2, 2011 5:23am
Hi Kipr,

Yup you got that right... the more losses in a row you get the more excited you should be getting as it means that the winners are that much closer!

This morning has been a bit horrific but I have managed to bag one winner and one break even.

Once I realised what sort of a market we were in I decided to just not trade until we get momentum, hence cutting one short at be.

I am guessing the US is going to drive the price today.

Nexas
  • #87
  • Dec 2, 2011 5:48am Dec 2, 2011 5:48am
finally ..took buy @ 5;59amEST...( I trade the euro currency futures so the #'s are slightly off compared to forex)..but [email protected].. stopped on trail @1.3500 @ 6:43:07 .. market had an 'uptilt " to it.. in this previous condition ..am happy with that kind of price pop...
  • #88
  • Dec 2, 2011 7:57am Dec 2, 2011 7:57am
4 rg sell...I dont trade 5 min before and about 5 min after a scheduled econ report...but @ 8:35:15 amEDT..took s got 16 ticks on the runner..for a total of 20t on trade (2 lot)..trailing stop took me out...1st pullback after the 20 was under the 60 under the 100..often the 1st pb after the ma's line up properly= a good trade..
  • #89
  • Dec 2, 2011 8:17am Dec 2, 2011 8:17am
Quoting kipr
4 rg sell...I dont trade 5 min before and about 5 min after a scheduled econ report...but @ 8:35:15 amEDT..took s got 16 ticks on the runner..for a total of 20t on trade (2 lot)..trailing stop took me out...1st pullback after the 20 was under the 60 under the 100..often the 1st pb after the ma's line up properly= a good trade..
Hi kipr,

nice trade..was it on EU??
On my chart nothing lined up for shorts...the 20 was above the 60 and the 60 above the 100 EMA...
  • #90
  • Dec 2, 2011 8:22am Dec 2, 2011 8:22am
Quoting kipr
4 rg sell...I dont trade 5 min before and about 5 min after a scheduled econ report...but @ 8:35:15 amEDT..took s got 16 ticks on the runner..for a total of 20t on trade (2 lot)..trailing stop took me out...1st pullback after the 20 was under the 60 under the 100..often the 1st pb after the ma's line up properly= a good trade..
I was in the same one at 13:35 and then again at 13:44. Took some nice profits. Now the market is coiling again so I will wait for a move before jumping in again me thinks...
  • #91
  • Dec 2, 2011 8:23am Dec 2, 2011 8:23am
Quoting Olarion1975
Hi kipr,

nice trade..was it on EU??
On my chart nothing lined up for shorts...the 20 was above the 60 and the 60 above the 100 EMA...
Hi Olarion,

Mine was on the EU as was Kipr's I would think. But you are correct the MA's did not line up, the 20 for me was below all of the others but the 60 was above the 100. However I took it because I was watching the reaction to the news and we seemed to have good momentum. I did however only take that one in half the size I would normally. The 13:44 was picture perfect though. Did you get that?

Nexas
  • #92
  • Dec 2, 2011 8:33am Dec 2, 2011 8:33am
Quoting Nexas
Hi Olarion,

Mine was on the EU as was Kipr's I would think. But you are correct the MA's did not line up, the 20 for me was below all of the others but the 60 was above the 100. However I took it because I was watching the reaction to the news and we seemed to have good momentum. I did however only take that one in half the size I would normally. The 13:44 was picture perfect though. Did you get that?

Nexas
Nexas, could you pleas post a chart of your entry? On mine the 20 was way above all others EMAs for a long time on the 4 range...

Thanks.
  • #93
  • Dec 2, 2011 8:44am Dec 2, 2011 8:44am
Hi Olarion,

Yes certainly. Please see below for both the trades I took.

Let me know if you have any questions. They were taken just after the non farm's.

Nexas
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_4_Range_Afternoon_02-12-2011.png Size: 21 KB
  • #94
  • Dec 2, 2011 8:50am Dec 2, 2011 8:50am
Quoting Nexas
Hi Olarion,

Yes certainly. Please see below for both the trades I took.

Let me know if you have any questions. They were taken just after the non farm's.

Nexas
Thanks for the chart, Nexas. The EMAs look totally different than mine...see my chart below. I have set them to 20 ema, 60 ema and 100 ema.

Could you see the difference or tell me where my setup is wrong??

My whole chart looks different....what is wrong?
Attached Image (click to enlarge)
Click to Enlarge Name: nexas_eu 4 range.jpg Size: 130 KB
  • #95
  • Dec 2, 2011 8:53am Dec 2, 2011 8:53am
Just snatched another very quick one at 14:45
  • #96
  • Dec 2, 2011 8:55am Dec 2, 2011 8:55am
Quoting Olarion1975
Thanks for the chart, Nexas. The EMAs look totally different than mine...see my chart below. I have set them to 20 ema, 60 ema and 100 ema.

Could you see the difference or tell me where my setup is wrong??

My whole chart looks different....what is wrong?
Hi Olarion,

You are right... it really does... I don't know why that is? That is extremely strange. Where do you get your range bar indicator from?

Mine is from Ninja trader with a Kinetick data feed.

Nexas
  • #97
  • Dec 2, 2011 8:58am Dec 2, 2011 8:58am
Quoting Nexas
Hi Olarion,

You are right... it really does... I don't know why that is? That is extremely strange. Where do you get your range bar indicator from?

Mine is from Ninja trader with a Kinetick data feed.

Nexas
I used the constant range bars indicator that someone posted here on the thread...very strange. I try to get another one or will change to ninja trader soon me thinks...

PS:
Are the emas set to CLOSE? Or OPEN, HIGH?
  • #98
  • Dec 2, 2011 9:03am Dec 2, 2011 9:03am
mmm that is a good question. I don't have the option to change in the EMA's I have in ninja trader so I would assume close.

Ninja trader is an all round better platform than metatrader so if you can spare I think around $50 per month is is more than worth it...
  • #99
  • Dec 2, 2011 9:09am Dec 2, 2011 9:09am
Quoting Nexas
mmm that is a good question. I don't have the option to change in the EMA's I have in ninja trader so I would assume close.

Ninja trader is an all round better platform than metatrader so if you can spare I think around $50 per month is is more than worth it...
Just wrote you a PM.
  • #100
  • Dec 2, 2011 9:12am Dec 2, 2011 9:12am
I just replied
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