Range Bar Trading with Nexas

R:R pretty bad on this one.



EDIT: Out at -2 pips, didn't like the way it was behaving.

I think a 20-pip SL for an 11-pip target perhaps isn't very wise. I'll have to rethink this one.

Thank you for maintaining this thread, it's very informative and helpful!

Hey Nexas,

I've been following your thread and strategy now for a few weeks. I like the strategy and I think this 'live trading' thread is a great idea.

I hope to be posting some value added insight as best I can.

One challenge I'm faced with is, I live in the Pacific Standard time zone so I typically go to bed just before the London open and get up and try to get to work as the London session is winding down and the US session is in full swing.

Anyway, I want to try to catch the first couple hours of the London session and hopefully we can all bag as many pips as we can.

Steve

Morning All,

The markets are looking strong this morning in the pre-market. Momentum is to the upside and I like the look of pretty much everything on my hot list (NQ, Z, EurUsd, AudUsd, Dax).

The only real problem I have this morning is the fact that we have news out pretty much every half and hour. If it wasn't for that, mornings like this would have me rubbing my hands, but because of this I need to warn you all to be a little more cautious. Perhaps dial back your size this morning.

This is one of the harder things to do when everything looks so good but, this is the kind of situation which will separate the 95% from the 5%.

Nexas

Well I walk away from the morning without taking a single trade. I said that the event risk was the issue for me this morning and it hasn't failed to dissapoint... Everything looked so good this morning but the ducks were not in a row!

The best trade of the morning was no trade at all!

Hi Pips,

that is a tough position to be in. Have you thought about trading the Emini's into the close? I would do that on the NQ if I didn't live in the UK. The moves are usually nice and smooth and that would be early afternoon for you so it might be the best thing for you?

Take a look at the chart and let me know what you think.

Nexas

Hi Macdee,

Thanks, please feel free to post your trades too.

Nexas

I don't know about you guys but I am looking to sell both the AUDUSD and the EURUSD on a pull back!

If anyone is interested in what I consider near pefect conditions, take a look at the EURUSD or AUDUSD 5 range charts!

Now we just need the price action on the pull back to be clean!

I am favouring a short AUDUSD at the moment though... so if both setup I will take the Aussie with full size and Euro with maybe halfs.

OK the price action no longer looks great so I am not waiting for momentum to come back into the market...

Hey Nexas,

thank you very much for the idea. I'll look into it. I would have to open a futures account and get charting service to see a range bar chart but I'll take your word that it moves nice and smooth for the most part.

thanks again,
Steve

Nice trade 08:06 Stoch helped me to pick the right time, but if am reading it correctly, mom was signalling to stay out, is that correct?

I've had 3 trades so far this morning, 1 loser, 1 winner and 1 breakeven. But to the positive risk reward that I like to have I am up on the morning.

1.3300 seems to be a big level for the EURUSD. I am waiting for a break above that now before I jump in long on a pullback, or perhaps dip a toe in with a small position and add from there. But what ever happens it is a big level intraday so I am not buying till we are through and if we fail to get above I will be flipping to look to sell rallies.

Nice trade Krisdetrader!

Hi Kris, Yes the Momentum indicator was signalling to stay out.

I've struggled with how to approach the way I trade with the group. I actually use some proprietary stuff (not mine, purchased), but I know Forex Factory rules say no pushing proprietary stuff. The free Momentum indicator is okay and will help but, as you've seen this am, can sometimes lead you astray (as can anything). The momentum indicator I use is proprietary to a company called Top Dog Trading owned by Dr. Barry Burns. Although it too can sometimes lead you astray (as can moving averages or anything else), it tends to work somewhat better than the freebee.

So, even though FF may want to kick me out, I'm going to post how I would have traded this am. Note that I'm out of town and not actually trading so I'm probably also violating a rule of this thread, but I assure everyone, had I actually been trading, this is exactly what I would have done.

Have to run off to a meeting in a couple of hours but here's a picture of this morning with the chart I use to trade.



The momentum indicator is proprietary to Top Dog Trading. You rightfully passed up on the first Nexas signal at 3:03 EST due to Stoch, and, at that time, the Top Dog momentum indicator was also signalling to stay. However, at the second Nexas signal at 3:06, Stoch was lined up and there was a 5 wave down on momentum in a strong uptrend (What Barry Burns calls a reload pattern), so you would actually want to jump all over that signal. There was another momentum reload at 4:29 EST that led to another strong move up.

I don't have time to go over the chart in detail right now but, for the morning, with regard to Nexas trades, I would have had 4 winners, missed one winner and a probable scratch, and missed 2 losers.

There were 2 Top Dog signals (yellow triangles) that were big winners and four takable and profitable "thrust" trades (white arrows -- purple markers are ones that would have been filtered out).

When I get back, my plan was to trade these techniques in the room so you could see actual results which I assure you have been rather nice.

I apologize for not originally talking about the proprietary stuff I use (I'm only a customer and have no financial interest in the company), but I was trying to play by FF's rules.

This is a very deep pullback on the M30 chart, so hopefull it will continue with the current long-term trend.

Be careful unemployment claims are out in a few minutes...

Yes, as soon as I entered the trade I realized I forgot about the news. I'll put my seatbelt and helmet on and hope for the best!

Out at -11 pips. I had a couple of opportunities to get out at break even but didn't take them.

Nexas, aside from the news, would you have taken such a long pullback? This is an educational question so perhaps belongs on your other thread, so just let me know.

Hi All,

I hope you are all well.

Yesterday afternoon was a bit of a rollercoaster, but I am ready and raring to go this morning!

Nexas

Hi all,

First two (i know, late ones!) trades for today, one loss, one profit.
First - there were mom and stoch against, but i took it as i thought that Nexas would take it , haha!
Second, stoch and mom confirmed.
From now on I will be taking trades when one or both of those two indis confirm.