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The power of range bars

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  • #21
  • May 26, 2013 2:15pm May 26, 2013 2:15pm
Hi,

Give us examples of your reasoning.
Thank you very much!
  • #22
  • May 27, 2013 12:41am May 27, 2013 12:41am
is the range bar is the same as renko chart ??? or there is diffidence ???
  • #23
  • May 27, 2013 1:20am May 27, 2013 1:20am
thank you very much
  • #24
  • May 27, 2013 7:28am May 27, 2013 7:28am
Quoting mmaker
{quote}Very different. If you search Google for "range bar vs renko" you will see some Youtube videos explaining the differences in graphical form that is much clearer than writing in text. The first picture below is regular 15mins time-based candlestick chart for EURUSD as of Monday 2:01amET (New York Time). Second picture is EURUSD on Range Bar chart 8RB (8pips per bar). Third picture is EURUSD on Renko 8pips brick. {image} {image} {image}
I have had an interest in trading Range/Renko bars for a long while but nothing seems to be able to work on my MT4 but this 3 pip EA does.
Now the question is how do you trade it? This would save us the rigor of searching and researching except of course if this can be run on a trade simulator.

(I had taken the trade before loading the EA)
Attached Image (click to enlarge)
Click to Enlarge Name: [AUDJPY,M5 (offline)]_2013-05-27_12-58-54RANGE BARS.png Size: 95 KB
Let it turn and find your entry.
  • #25
  • May 27, 2013 7:46am May 27, 2013 7:46am
Quoting thefxpros
{quote} here you go. I don't know if you know. In order to work, you have to load this EA on a 1 minute chart then open offline chart M3 {file}
so is like Renko EA ?
  • #26
  • May 27, 2013 9:50am May 27, 2013 9:50am
Quoting Intrepidpips
Now the question is how do you trade it? This would save us the rigor of searching and researching except of course if this can be run on a trade simulator.
These are some of the threads dedicated to Range Bar trading:

1. Katana Trading Strategy
2. Musashi Trading Journal Using Range Bars
3. Nexas's Intraday Range Bar Trading
4. Range Bar Trading with Nexas
5. Range Bar Charts Exposed - The Timing Solution
6. Constant Range Bar Charts Exposed
7. The Power of Range Bars
8. Trading with altered price chart: P&F, Range Bar, Renko, Kagi, etc (this one more like general survey)

Many ways to trade it. I don't trade Renko bricks so I don't have a list for Renko threads.
No longer trading forex. Looking for full time job.
  • #27
  • May 28, 2013 2:09am May 28, 2013 2:09am
Quoting Intrepidpips
Now the question is how do you trade it?
Just an example of how we can use Range Bar as tool for tight stop loss at entry.

1. First picture showed EURJPY 15mins chart today with the daily OHLC lines drawn as taught in Seneca Pilot's thread. Yellow line is Sunday's High 131.051 and Magenta line is Friday's New York Close 130.949. The pink arrow points to the 8:15pmET breakout bar when Tokyo session opens. The pink circle is the first pullback where we look to buy the continuation long at the NY Close line.

2. Second picture is 5mins view where traditionally we look for some kind of pin bar or hammer for entry long.

3. Third picture is a Range Bar chart at 5pips per bar. Entry long at 131.006 at the pink arrow, based on a Quasimodo Pattern as taught in NoBrainerTrades. The advantage is that I only needed to use 6pips Stop Loss, because every bar is 5pips constant size. Whereas if I chose my entry from 5mins or 15mins chart, waiting for confirmation of green bar close might give me a larger Stop Loss price. Range Bar don't care about time element, it doesn't make sense to "wait" for bar close when price is the element we are trading.

Not the best example, but I thought this was fun exercise to make pictures.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ 15.png Size: 13 KB
Click to Enlarge Name: EJ 5.png Size: 11 KB
Click to Enlarge Name: EJ 5RB.png Size: 43 KB
No longer trading forex. Looking for full time job.
  • #28
  • May 28, 2013 2:18am May 28, 2013 2:18am
Quoting mmaker
{quote}These are some of the threads dedicated to Range Bar trading: Many ways to trade it. I don't trade Renko bricks so I don't have a list for Renko threads.

Thanks, Mmaker,

Think I found my own twist to the Range Bar approach but will study yours as well.
Attached Image (click to enlarge)
Click to Enlarge Name: [USDCHF,M3 (offline)]_2013-05-28_08-03-45-RANGE_BARS.png Size: 103 KB
Let it turn and find your entry.
  • #29
  • May 28, 2013 3:04am May 28, 2013 3:04am
Quoting mmaker
{quote}Just an example of how we can use Range Bar as tool for tight stop loss at entry. The advantage is that I only needed to use 6pips Stop Loss, because every bar is 5pips constant size. Whereas if I chose my entry from 5mins or 15mins chart, waiting for confirmation of green bar close might give me a larger Stop Loss price. Range Bar don't care about time element, it doesn't make sense to "wait" for bar close when price is the element we are trading. Not the best example, but I thought this was fun exercise to make pictures. {image} {image}...

I'm seeing the advantage of tight SL that was a 1:2 Risk to Reward trade. I'm ignoring the second signal (Close above MA or Breakout of BB)due to resistance at the .97000 handle
Attached Image (click to enlarge)
Click to Enlarge Name: [USDCHF,M3 (offline)]_2013-05-28_09-02-07_EFFICIENT.png Size: 106 KB
Let it turn and find your entry.
  • #30
  • May 28, 2013 4:23am May 28, 2013 4:23am
Could someone post another range bar indicator? The indicator (Range bars EA 3 pip) i download here is something wrong. The chart would suddenly be reset to become a new fresh chart with only 1 bar exist on the chart. I cannot scroll backward the chart as well. This would only happen after offline range bar chart is opened for a period time. I cannot post the chart now because now it is running fine. I will screenshot the chart and post here if i encounter this case again.
  • #31
  • Edited 5:40am May 28, 2013 4:49am | Edited 5:40am
Quoting mmaker
thefxpros,Is it ok if we use your thread as exploration of range bar setups? All the other threads are very much dead. But I know you use this for your strategy. Let us know. Thanks.
Yes, sure. It can be useful for other range bars trader!


Quoting ~bull.bear~
Could someone post another range bar indicator? The indicator (Range bars EA 3 pip) i download here is something wrong. The chart would suddenly be reset to become a new fresh chart with only 1 bar exist on the chart. I cannot scroll backward the chart as well. This would only happen after offline range bar chart is opened for a period time. I cannot post the chart now because now it is running fine. I will screenshot the chart and post here if i encounter this case again....
The EA is fine. You will encounter this problem again only if you compile some indicator, or EA's with the mql editor while the range bars EA is running. You need to restart the mt4 platform or unload end reload the EA on the chart and everything turn back to works fine!
First rule is not to lose. Second rule is not to forget the first rule...
  • #32
  • May 28, 2013 4:59am May 28, 2013 4:59am
Quoting thefxpros
{quote} The EA is fine. You will encounter this problem again only if you compile some indicator, or EA's with the mql editor while the range bars EA is running. You need to restart the mt4 platform or unload end reload the EA on the chart and everything turn back to works fine!
OK. I will try then. Thanks
  • #33
  • May 29, 2013 12:48pm May 29, 2013 12:48pm
Quoting thefxpros
Hi all, I discovered range bars charting method some months ago and my trading results are changed dramatically. Give it a try... http://www.mt4i.com/users/hotforex-demo/stats {image}
hi thefxpros,

thank you for sharing. your results are amazing. i read the katano thread and the nexas threads a while back and became very interesting in looking further into range bars, but have not found the time between trading, family, etc. seems like i probably need to find the time because i may be missing out on something simple and more profitable than what I am currently doing.

wishing you continued success.
Trading Foreign Exchange....But Only By The Grace of God!
  • #34
  • Edited 6:42am May 30, 2013 6:30am | Edited 6:42am
One of the advantage of Range Bar is the tight stop, since every bar is a constant size and there is no worries about whether to wait for 1mins or 5mins or 15mins bar to close. The longer the time interval, obviously the wider that "confirmation candle" might be and thus a larger Stop Loss. GBPJPY on 5RB (5pips per bar) gave a short entry at 153.962 on the red bar close after the push up to liquidity at 154.00 round number. We just need a stop loss no more than 5 or 6 pips. If you trade with 8RB (8pips per bar), then use 8 or 9 pips Stop.

The reward-to-risk can be much better than 2:1 given the tight stop.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GJ 5RB.png Size: 9 KB
Click to Enlarge Name: gj 5.png Size: 24 KB
No longer trading forex. Looking for full time job.
  • #35
  • Aug 2, 2013 2:08pm Aug 2, 2013 2:08pm
Quoting thefxpros
{quote} This is my strategy, really, nothing else more...draw correct trandline, validated by macd e cut losses, you don't have to beg me http://www.forexfactory.com/attachme...1&d=1363643586 {image}

thefxpros,

I've been studying your range bar pictures for a month and I still can't figure out how you combine trendlines with MACD. I've tried many different settings but nothing seems to work. It would really be helpful if you could help me understand how you draw your trendlines a little more as well as your MACD settings (I've looked everywhere and can't find that MACD indicator either).

I know a few members were rude to you. Please don't let their jealousy affect you. I think you started this thread with the good intention to help people. Remember yourself before you were successful?!

I fully respect if you don't wish to share.
  • #36
  • Aug 7, 2013 4:29am Aug 7, 2013 4:29am
Quoting cornelius5
{quote} thefxpros, I've been studying your range bar pictures for a month and I still can't figure out how you combine trendlines with MACD. I've tried many different settings but nothing seems to work. It would really be helpful if you could help me understand how you draw your trendlines a little more as well as your MACD settings (I've looked everywhere and can't find that MACD indicator either). I know a few members were rude to you. Please don't let their jealousy affect you. I think you started this thread with the good intention to help people....
Hi cornelius,

i appreciate your post. my strategy has been slightly amended recently. I've switched form a 3 pip range bar chart to 2 pip range bar chart.

Regarding the MACD indicator you didn't find it because i rename all of my indicators by my needs. I upload it here, but it is nothing special, it is just a colored macd indicator. I also attach the heiken ashi separate window and other useful indicators. it helps me a lot to find correct trendlines...

Please don't base your entry point only on MACD, it is useful in trending market and in order to find divergences...

as you can see from my mt4 platform screenshot...and like i said before...it doesn't matter the strategy, i've changed often it, but my profits are always there. You need to re-educate your eyes...

i'm here for your further needs...

Ciao!
Attached Image (click to enlarge)
Click to Enlarge Name: Cattura.JPG Size: 167 KB
Attached File(s)
File Type: mq4 Heiken ashi MTF sw.mq4   6 KB | 748 downloads
File Type: mq4 Heiken ashi.mq4   4 KB | 627 downloads
File Type: mq4 MACD in color.mq4   5 KB | 861 downloads
File Type: mq4 Zig zag pointer sw.mq4   11 KB | 701 downloads
File Type: mq4 Zig zag pointer.mq4   11 KB | 650 downloads
First rule is not to lose. Second rule is not to forget the first rule...
  • #37
  • Aug 12, 2013 4:18am Aug 12, 2013 4:18am
Quoting thefxpros
{quote} Hi cornelius, i appreciate your post. my strategy has been slightly amended recently. I've switched form a 3 pip range bar chart to 2 pip range bar chart. Regarding the MACD indicator you didn't find it because i rename all of my indicators by my needs. I upload it here, but it is nothing special, it is just a colored macd indicator. I also attach the heiken ashi separate window and other useful indicators. it helps me a lot to find correct trendlines... Please don't base your entry point only on MACD, it is useful in trending market and...

Hi thefxpros,

Thank you so much for your message and great indicators.

I have been looking at the screenshot you posted and studying your trend lines thoroughly. As you mentioned, I am searching for a way to retrain my eyes. Part of my challenge is that I don't know where the entries were on that chart. But I annotated your chart to better understand your advice.

Attached Image (click to enlarge)
Click to Enlarge Name: Cattura.JPG Size: 249 KB


I think there are three scenarios:

  1. Points ABC form a trend line. Is the break of this trend line to the upside a valid trade?
  2. Points DEF form a parallel channel with ABC (or is that an Andrews Pitchfork with AB and D?). Is the break of this channel to the down side (after F) a valid trade?
  3. Points B23 form a trend line. Is the break to the up a valid entry? If so, what is the significance of ABC and DEF in relation to B23? Is C a profit target and F a stop loss? Is the point to look for the upside breakout of a down channel?

I noticed that the Heiken Ashi SW makes this B23 trendline much clearer. Would you recommend always drawing trendlines using 3 points?

Thanks in advance for your help.

  • #38
  • Aug 15, 2013 5:56am Aug 15, 2013 5:56am
Hi thefxpros,


I have tried really hard for many many hours but can't understand what you did in that last photo.

Would you be so kind to post another example?


Much Respect, eitherway.
  • #39
  • Aug 15, 2013 9:49am Aug 15, 2013 9:49am
Quoting cornelius5
Hi thefxpros, I have tried really hard for many many hours but can't understand what you did in that last photo. Would you be so kind to post another example? Much Respect, eitherway.
I'm sorry but notifications regarding this topic not always arrive in my mail address, i don't know why. I ignored your post of August 12...

Unfortunately now I'm traveling and making screenshots with all instructions is very uncomfortable to me , but i'll do as soon as I get home.

In any case, the Heiken ashi sw is really great to locate trendlines. Price draws a continuous dance and this is particularly evident with this indicator!

For each trade just try to start with the steepest trendline and then, little by little draws trendline with greater angle. The entry point is the trendline break!
First rule is not to lose. Second rule is not to forget the first rule...
  • #40
  • Aug 20, 2013 3:15pm Aug 20, 2013 3:15pm
Quoting thefxpros
{quote} I'm sorry but notifications regarding this topic not always arrive in my mail address, i don't know why. I ignored your post of August 12... Unfortunately now I'm traveling and making screenshots with all instructions is very uncomfortable to me , but i'll do as soon as I get home. In any case, the Heiken ashi sw is really great to locate trendlines. Price draws a continuous dance and this is particularly evident with this indicator! For each trade just try to start with the steepest trendline and then, little by little draws trendline with...

Thank you thefxpros for the reply.
Looking forward to learning more.
Safe travels.
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