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Simple High Probability Trading

  • #21
  • Oct 23, 2013 1:27pm Oct 23, 2013 1:27pm
Quoting Nexas
Hi Everyone, Wow lots of posts! I see that you all seem to be helping each other which is exactly as it should be. OK so onto the next part of the system. The Indicators. I have played with a few different things but as I said simplicity always wins. I find I can see the market best and take the best setups when I am not distracted by loads of lines so I always come back to one moving average and that is the 100 EMA. The rule for this is simple. If the market is above the line I am looking for buys and if it is the below the line I am looking for...

Does anyone have indicators for this system on MT4? There are so many versions of range bars, CCI, etc. Just want to be on the same page as everyone else. Can you post the indicators/template on here. Many many thanks. I have been looking but I would like the correct version. Thanks.
  • #22
  • Oct 23, 2013 3:14pm Oct 23, 2013 3:14pm
Nexas -

A clarification please: In post 6 you say for day trading you use 8-10 ranges - does that mean a range of ticks (or pips) as opposed to number of bars? This thread is interesting but I just don't know much about range bars and I did read the suggested Investopedia article and will reread again tonight.
  • #23
  • Oct 23, 2013 3:16pm Oct 23, 2013 3:16pm
Quoting DrNoStopLoss
{quote} Does anyone have indicators for this system on MT4? There are so many versions of range bars, CCI, etc.

The Range Bar indicator is on the post #13 from Dr. Scalpall:

range bar indi's for mt4 are still found here - http://www.forexfactory.com/showthread.php?t=326958




Although, the CCI was not posted yet.


I am Brazilian and I use Range Bars for years. They are an invention of another Brazilian to trade our high volatile future market. They are great for breakouts, after a sideways market.

I have been trying to improve my way to trade for a long time. I have already used Gann HiLo, Volatility Stop (ATR) and Smoothed Heiken Ashi to detect a new trend and scalp it.

Nowadays, I am trying to use the TDI indicator as described on the thread "Trading made Simple".
http://www.forexfactory.com/showthread.php?t=291622.

They are not good for my intraday market but they may be OK for Forex.

I will give it a try and get back to you guys.
  • #24
  • Oct 23, 2013 3:17pm Oct 23, 2013 3:17pm
Quoting DrNoStopLoss
{quote} Does anyone have indicators for this system on MT4? There are so many versions of range bars, CCI, etc. Just want to be on the same page as everyone else. Can you post the indicators/template on here. Many many thanks. I have been looking but I would like the correct version. Thanks.
Oanda's mt4 CCI is provided, I hope it is the standard one provided by mt4 software coders but you never know. p.
  • #25
  • Oct 23, 2013 4:55pm Oct 23, 2013 4:55pm
Quoting IenDzi
Hello, thanks for the system. I have some questions. What bar height do you use? What is the system winning percent? What is the time to trade this system? (from what to what time) thank you for answers.
Hi,

I mentioned above for day trading it is typically 8-10 and for longer term it is 40-50. The winning percentage hovers between 60-70%.

Time to trade is up to you but I trade during the UK day time and then my longer term trades are executed when ever.

Nexas
  • #26
  • Oct 23, 2013 4:58pm Oct 23, 2013 4:58pm
Quoting DrNoStopLoss
{quote} Does anyone have indicators for this system on MT4? There are so many versions of range bars, CCI, etc. Just want to be on the same page as everyone else. Can you post the indicators/template on here. Many many thanks. I have been looking but I would like the correct version. Thanks.
Hi,

The indicators I use are all standard. I don't use anything proprietary so the CCI is the one you can get on MT4 only the MT4 version isn't a histogram but it does give the same readings.

The range bars I use ninjatrader but I have posted some MT4 Versions above.

Nexas
  • #27
  • Oct 23, 2013 4:59pm Oct 23, 2013 4:59pm
Quoting piprac
Nexas - A clarification please: In post 6 you say for day trading you use 8-10 ranges - does that mean a range of ticks (or pips) as opposed to number of bars? This thread is interesting but I just don't know much about range bars and I did read the suggested Investopedia article and will reread again tonight.
Hi Piprac,

That is a range of pips... tick bars are volume bars and I don't use them.

So range bars are based on price movement and exceeding a certain range to print a new bar where as a tick chart is based on the number of ticks and the range doesn't matter.

Nexas
  • #28
  • Edited 5:28pm Oct 23, 2013 5:17pm | Edited 5:28pm
Quoting Nexas
The rules are simple when I get my entry signal (to be covered in a later post)
Nexas, I am looking forward to it!

Would all the circulated areas be entries for Short?
Attached Image (click to enlarge)
Click to Enlarge Name: Short.png Size: 72 KB
  • #29
  • Oct 23, 2013 5:56pm Oct 23, 2013 5:56pm
OK so understanding the rules is easy... the real difficulty for the new trader is understanding a chart and realizing that not every trade is created equal.

Look at this first chart. The price is clearly sideways... there is no direction to it, there is no move and hence there is no retracement. Trading signals on charts like this will guarantee that you lose money.

Attached Image (click to enlarge)
Click to Enlarge Name: Ugly.png Size: 63 KB


However take a look at this chart. In contrast to the one above this chart does have a clear direction and hence a nice pullback. This was an easy trade to take and the type of trade that setups up day in day out with this system.

Attached Image (click to enlarge)
Click to Enlarge Name: Pretty.png Size: 78 KB


So what I am really trying to say is that you should learn to read price action and what the chart is telling you. You cannot trade the chart blindly, just following the rules but discounting the state of the chart, this will lose you your account in little bite size chunks. Instead wait for directional movement followed by a nice pullback and then take the trade! If you can do this, you will make money!
  • #30
  • Oct 23, 2013 7:45pm Oct 23, 2013 7:45pm
it would be a good idea to post both the range bar and cci indis. cant find it on yourother thread.
  • #31
  • Oct 23, 2013 8:05pm Oct 23, 2013 8:05pm
Quoting whatfx
it would be a good idea to post both the range bar and cci indis. cant find it on yourother thread.
He isn't using personally any custom indicator. He works with Ninja platform where range bars are provided as standard. Like CCI ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #32
  • Oct 23, 2013 8:39pm Oct 23, 2013 8:39pm
Quoting Nexas
You cannot trade the chart blindly, just following the rules but discounting the state of the chart, this will lose you your account in little bite size chunks. Instead wait for directional movement followed by a nice pullback and then take the trade! If you can do this, you will make money!
I will try to find an indicator that can tell if the Market is moving.
ATR would be the choice but it doesn't work on Range Bars. As all the bars have the same size, there is no volatility.

Maybe Guppy or some Moving Averages...

I prefer trying to do it with indicators because I would like to built an EA.

Also, objective rules are good. They make it possible to do a backtest and a forward test.
  • #33
  • Oct 23, 2013 9:44pm Oct 23, 2013 9:44pm
I can't get either one of the range bar indies given on pg 1 to load. I unzip and then send to the desktop as an icon so that I can open 'file location' then experts and then indicator - anyone have a suggestion?
  • #34
  • Oct 24, 2013 12:47am Oct 24, 2013 12:47am
Here they are!!, my rangebars are platform based like nexas but from memory both should work ok although range bar chartv103a needs metatrader to be started twice when(if) your pc has been switched off to be able to display the history correctly.

doc.
Attached File(s)
File Type: mq4 s-Constant Range Bars.mq4   11 KB | 1,702 downloads
File Type: ex4 RangeBarChart_v103a.ex4   21 KB | 1,504 downloads
  • #35
  • Edited 2:20am Oct 24, 2013 2:06am | Edited 2:20am
What pairs do you trade?
Do you trade during high impact news?
  • #36
  • Oct 24, 2013 3:06am Oct 24, 2013 3:06am
Hi,

As mentioned above I use standard indicators so you don't need a custom cci or anything like that. The range bars are also standard on NinjaTrader although I have also added some EA's to this thread as have some other members. Unfortunately as I do not use them it is difficult for me to comment on how to use them.

The pairs I trade at the moment on a day trading basis are

EURNOK
EURSEK
EURAUD
EURUSD
AUDUSD
USDJPY
GBPUSD
GBPJPY

For longer term trades I will look at anything.

Nexas
  • #37
  • Oct 24, 2013 3:10am Oct 24, 2013 3:10am
Here is a trade I literally just took profit on in the EURNOK

Attached Image (click to enlarge)
Click to Enlarge Name: Short_EURNOK.png Size: 62 KB
  • #38
  • Oct 24, 2013 3:29am Oct 24, 2013 3:29am
Just took profit on my second EURNOK short... pretty much same deal as the previous one. Only I took half a position on this one as the pullback was quite large when you look at it in comparison to the previous move.

Attached Image (click to enlarge)
Click to Enlarge Name: Short_EURNOK_2.png Size: 54 KB
  • #39
  • Oct 24, 2013 3:56am Oct 24, 2013 3:56am
nice catch!.. ill read about this strategy
  • #40
  • Oct 24, 2013 4:57am Oct 24, 2013 4:57am
great thread Nexas, i appreciate you sharing your strategy.
i've been mucking around with it on demo, think i like it. :-)
i think i've got the basic idea for entries....but how do you pick your exits ?
is it just when the first apposing range bar appears, or do you shoot for a certain risk/reward ratio.
regards,
anton
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