Nexas's Intraday Range Bar Trading

I just had a loss at 15:00, then a second bite of the cherry and a win 15:06

It seems as the problem is solved...somehow the emas did not refresh. After loading the template again, my chart looked like yours.

Btw, just made +24 pips on the 4rg EU (exit at the color change) with a 10 pip risk...pullback to the 20 ema and break of the trendline. I am done for today.

PS:
Should have kept a little longer...would have hit my TP with +60 pips. Nevermind, green pips are good pips.

Congratulations Olarion!

I just missed that one and the one after which also would have made money... damn phone rang!!!!

Overall a very good week for me... I hope it was for you guys too!!!

Thank you.

Nice to hear you made money this week, I wish I could say the same...

I really like your system because of 2 reasons:

1. range bars keep you out of the choppy price action
2. SL is always very little and the r/r very high

Not a good week at all for me until I discovered your system. I hope from now on I will be more consistent. Next week will show.

Olarion

Olarion...I actually trade the 6E is what ninja calls the 'Euro" currrency futures traded thru the CME....there are slight differences..in my price vs.. the forex spot market..they are usually within 6-7 ticks in the forex pairs Euro/usd..the denomination is a pip..which =$10usd..in the currency futures market they are called ticks..and in the 6E (euro) a tick is the denomination and each tick is worth.12.50..I prefer the CME 6E futures vs the forex..for several reasons..you can read volume of contracts traded,,much tighter spread..usually if you enter @ market you get 1 tick'slippage...my roundtrip cost /trade is $5usd..,,much greater "transparency' as the CME is regulated..and I never have to worry about trading against my Broker..some forex "brokers" charge a huge spread 3pips..and they will often take positions against you..so if a forex broker tells you they dont charge a "commission" in fact they are ripping you off with the spread..if there is a 3 pip spread you actually paid $30.00usd per contract/round trip..ISnt that nice of them to charge no commissions...So forex is kind of the "wild west" of trading...Incidently i am not endorsing them ..but I use Mirus Futures..and they are outstanding ..but there are others if you shop around..I never have to worry about my Broker trading against my position..and they are all "series licensed" people..the only way they profit is the transaction fee...so I'm not knocking the forex..but its not for me.. so that is why when I post I dont post prices as it would probably confuse folks..but the charts are very close to each other..i will tell you that Nexas's wonderful.approach actually works with any liquid Market or "instrument"...make sense?

kipr,

You are correct.......forex can be like the wild west (shootout @ the OK Coral), but I have somehow managed to survive since late 1999.
From your post you seem to have a good command of trading currency futures & seem like the kind of guy willing to share your knowledge of that market. If that is correct I would like to swap PM"s with you & get some more info on how its done. I have already researched the broker you spoke of & they are appealing at this point. Going the PM route would keep from clogging up Nexas's thread. Let me know if you have the time & the desire to do this & I will send you one this weekend, but I do have two funerals (NO WEDDINGS) to attend, so it might be Sunday.

Thanks for your time & consideration.

_______________________________

Hi Olarion,

I am sorry to hear that!

If you follow this simple system and stay disciplined then you should be on your way to consistency. However you must learn to take losses... once you do this you will be on your way, as this is probably the single hardest thing to do when trading.

If you need any help, we will try to help you here!

Nexas

Nexas...again a very insightful post you have made regarding..learning to accept losses....a trader should learn to embrace stop losses...I make a dumb analogy here..If a person is standing on the side of a road..and decides to cross the road..first, most sane folks would look both ways to see if the "coast is clear"this is what the trader does when the price action matches their specific criteria to "enter a trade" or to risk $$ to make $$...so the coast looks like its clear and the trader decides to cross the road..the trader takes 1 step into the road ..and here comes a car fullspeed at the trader..the trader steps back and the car "grazes" the trader..but the "stop loss" or "step back" kicks in and trader gets a bruise..but the quick "step back" prevented the trader from getting killed..and therefor once the trader "recovers" his/her nerve..the trader is again able to try to accomplish the mission which is to cross the road...I have learned to embrace stop losses ..as even with our best efforts, "random noise" or "Brownian motion" happens(car came out of nowhere)..or as the old saying goes "shit happens"...If I didnt learn to embrace stops...I would no longer be trading....capital preservation is the key and stop losses insure that the trader will be able to continue to "play the game"..and if you cant play you cant win.....I know of a Trader.. that didn't use stop losses..he was an arrogant type..and went for 2 years as a position trader..unscathed...and BOOM finally the "law of numbers" got him..He is no longer a trader as he blew up his accounts..arrogance and lack of understanding of the logic behind stop losses will guarantee the trader will lose over time.. so learn to think of a stop loss as a good friend..a true friend that has your best interest in mind...

Nice post Kipr.

Indeed staying in the game is the hardest but most important aspect of trading. In the beginning you should trade a tiny percentage of your account and then only once you have earned the right through consistency and discipline can you increase your percentage.

The aim in the beginning cannot be to make lots of money, it has to be to learn the rules and protect your capital. Once you do this consistently the profits will take care of themselves.

Nexas

Thank you Nexas...for sure this trading business is not a get rich quick scheme..if you want that try for a lottery..1 of the greatest traders of all time was a gentleman named Ed Seykota..if not familiar with him "Google"..unbelievably profitable trader..his 4 rules are simple...1)cut losses..2)ride winners..3) keep bets small..4) follow the rules without question..meaning "set-up" criteria..5) know when to break the rules..that rule he included so the trader doesnt "stifle" his mental engagement ..He said that #5 was probably break even over the long run..but it develops "trader intuition" over time....btw he is a pretty solid banjo player

I know Ed's work well :-)

Hi Nexas;
What are the time slot to operate this system ?

Thanks

hi all

my1st post on forexfactory. out of all the systems this looks intriguing and original

i will start ninjatrader 2wk trial with it, until i figure out how to do it on mt4.

some of the results are solid

re: timeframe do u only trade active/liquid hours. do you avoid asian session. i am in sydney and sometimes asia session only good for scalping m1 m5 chart.

hi in mt4, anyone know how to get the range bars working properly?

Go to post #25, but I don't know if it matches the one on Ninja. Maybe we should ask Nexas to post a recent screenshot compare his to Mt4 indi.

Hope this helps.
Regards,
Blackeagle

those are some good examples. they say pattern breaks can be good, and we are effectively scalping the market. have u tried it on a few different pairs, it might be a good one for euraud/cad, gold, or eurgbp also.

hi i tried doing it, but when i open offline chart no difference. i think it can only be done in ninja

Hi All,

Rearding timeframes I generally trade from 8am to 11am GMT and then 13-13:30 to 16:00 GMT. So unfortunately I cannot speak for how the system performs outside of these hours.

Regarding the MT4 indicator, I think the best person to ask would be Olarion since he uses this.

About the other pairs, we spoke about this earlier on in thread, but basically it is actually better to only trade a few instruments and get consistent with that rather than trying to chase many. What happens when you do this is you always end up missing the right move and doing silly things to get into the trade.

I mainly focus on the EURUSD and I get more than enough opportunities in a day, and those days that I don't is usually the same for all of the other pairs as well. Plus you need to factor in the spread which can cause this profitable system to lose money. You don't really want to be trading this 3 pip spreads and the like. You want to be at around 1 pip spread or there abouts.

We are doing this to make money here and for that fact you need to factor in everything else including your trading costs.

I hope that sheds some light on things.

Nexas

By the way, I won't be trading today and perhaps the entire week as my PC has decided to pack up on me. I will try and fix it today but if that doesn't work it will be off to PC world to buy a new one... so that means that I will be less active on the trading front but more active on the forum front

Just in case you are wondering, I am posting from my Macbook air which is grossly underpowered so I wouldn't even attempt to trade from it even if Ninja Trader had a native solution for OSX, which it doesn't.

totally i agree. i used to look at all different pairs but the average movement per week of EURUSD and AUDUSD /GBPUSD is enough to make some pips. you only need 80-100 green pips per week to be a good trader.

all the fx pairs are correlated anyway. makes no difference watching the rest, they all move similar fashio so just catch the move where the cost of doing business is the lowest.

anyways good system, ive been interested in a similar concept here

http://www.fxtsp.com/trading-strateg...-strategy.html

its the same thing, but on m1 chart instead of range bars. i tested it decent quick pips, but itll be better with urs.

ill get it sorted out on mt4.

since im in aus. audusd is ideal

i hate long hourly charts or anything higher than m15. you only get a couple of signals per week on the higher tf charts