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Simple High Probability Trading

  • #81
  • Oct 25, 2013 12:41am Oct 25, 2013 12:41am
Quoting DrNoStopLoss
When selecting offline charts on MT4, the M2 bars always range. How can I get more bars on my M2 offline chart? Anyone have any idea. Some of my M2 charts only have 20 bars???
Press 'ctrl' + 'home' on the 1min chart prior to adding the indicator (turn auto scroll off to give you a bit more time to add it!!). It should put you back at the start of the mt4 history - it's worked in the past.

Doc.
  • #82
  • Oct 25, 2013 12:42am Oct 25, 2013 12:42am
Quoting JF_Derzi
{quote} Thank you, Nexas. I saw that, I should be looking for Short only instead of Long Positions. I would like to ask you: On this example, when and why did you exit your first short? I understand that you use the previous TOP as stop loss and a 1:1 risk-reward. So, I do not think that the target was reached. Did you exit when the CCI crossed above 0? {image}

Hi JF_Derzi,

I may be wrong in saying but I believe Nexas' stop loss would have been located at the top of the pullback, around the 8.1325 (just above the red arrow in the originally posted image).

Hope this helps you......
  • #83
  • Oct 25, 2013 1:09am Oct 25, 2013 1:09am
Quoting JF_Derzi
{quote} Thank you, Nexas. I saw that, I should be looking for Short only instead of Long Positions. I would like to ask you: On this example, when and why did you exit your first short? I understand that you use the previous TOP as stop loss and a 1:1 risk-reward. So, I do not think that the target was reached. Did you exit when the CCI crossed above 0? {image}
Hi,

The problem you have is that you have put the stop behind the wrong swing high... mine is not behind that swing high but the most recent swing high hence it was easy to get one to one as my target also doesn't have to be as far away as you have indicated.

Thanks

Nexas
  • #84
  • Oct 25, 2013 1:14am Oct 25, 2013 1:14am
Something else that I consider when taking trades is as the regular technical analysis tools. So I will also draw trend lines, fibs and support and resistance levels on my charts.

As mentioned previously the core is still price and trend trading, so all of the tools that work on regular time based charts work on Range charts. The only reason for using range charts is to clean up the price action.

Look at the big picture always... then take your trade according to the price dynamics
  • #85
  • Oct 25, 2013 1:15am Oct 25, 2013 1:15am
Be careful today as we have a few big data items on the economic calendar. It isn't a reason to not trade but you do need to be cautious, particularly just before the releases!
  • #86
  • Oct 25, 2013 2:34am Oct 25, 2013 2:34am
Much of the key to success in trading is learning when not to trade and how to hold on to your capital...

Now is just one of those times... the charts look a joke at the moment... I can't see which side is control so I am sitting on my hands for the moment!
  • #87
  • Oct 25, 2013 8:10am Oct 25, 2013 8:10am
Nothing going on in the markets at the moment... Anyone had any fun today?
  • #88
  • Oct 25, 2013 8:16am Oct 25, 2013 8:16am
I made 20 pips off a short nzd.jpy trade. I downloaded ninjatrader. I'm still trying to figure out if renko or range bars work best for me. I used your renko system, but was very careful ONLY because I am very new to this system. Still rather use MT4 but looking for a good mq4 version of range and renko bars. Thanks soo much for sharing, will continue to let you know as I move forward. Many thanks.
  • #89
  • Oct 25, 2013 10:16am Oct 25, 2013 10:16am
Quoting griswold
{quote} where can i find range bar chart v103a.ex4?
Hi

Thankyou for that. very concise.....i Love looking at the range charts.....makes one want to never go back...LOL
  • #90
  • Oct 25, 2013 10:50am Oct 25, 2013 10:50am
Quoting Mark001
{quote} Hi Thankyou for that. very concise.....i Love looking at the range charts.....makes one want to never go back...LOL
I know exactly how you feel :-)
  • #91
  • Oct 25, 2013 12:40pm Oct 25, 2013 12:40pm
Quoting Traded
{quote} Hi JF_Derzi, I may be wrong in saying but I believe Nexas' stop loss would have been located at the top of the pullback, around the 8.1325 (just above the red arrow in the originally posted image). Hope this helps you......

Quoting Nexas
{quote} Hi, The problem you have is that you have put the stop behind the wrong swing high... mine is not behind that swing high but the most recent swing high hence it was easy to get one to one as my target also doesn't have to be as far away as you have indicated. Thanks Nexas
I see.

But, if we are using:

1. 8 to 10 pip size bars for short term
2. we wait for (two candles in the same direction of the trend after a pullback) + (CCI crossing +/- 50)
3. the Stop Loss is the present High or Low (not the previous) and the risk:reward is 1:1
4. so, we would have the maximum target of 2 bars --> 20 pips (if the two bars we waited for on number 2 does not have any upper or lower shadows)

Do you always exit at the target or set the Stop Loss to the entry price?

If so, what do you watch to continue on the trade?

Quoting Nexas
So I will also draw trend lines, fibs and support and resistance levels on my charts.
I just would like to know what of those is the main "north".
Attached Image (click to enlarge)
Click to Enlarge Name: Short_EURNOK_2.png Size: 90 KB
  • #92
  • Oct 25, 2013 1:20pm Oct 25, 2013 1:20pm
Ok, thank's to Nexas for this simple system. The more simple the best!!!
Now, I'll attach 7 graphs. These are the graphs that I follow every day and I wanted to trade them in demo today with this system to see how it works.... Anyway, I think today is not the best day to take conclusions but this is what I get:

EU: There was maybe a possibility to enter at 10:57, the red line, but I didn't like what I round in white. We are just hitting a resistance, so I didn't enter.... Then we have another chance at 16:31 after hitting de 100ema, but since we have done a LL in an uptrend and that it's friday I think it's better to stay away. So 0 trades in EU for me today.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.png Size: 35 KB


EJ:nothing to comment, no clear trend for me....
Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 36 KB


GU:Here I saw three possibilies but didn't like any of them. The first red line I don't know if the shape of the bars is important or not, but I didn't felt confident with two bars with wicks, jejejej. Maybe it was a good option, don't know....
The second red line even we are above the ema, we have done a LH and a LL so the trend is not good....
Then I have a doubt with the second circle, I didn't want to enter after that cause I think it's to early to consider a downtrend.
The last circle is for me a posible future trade for next week if it goes down.....
Attached Image (click to enlarge)
Click to Enlarge Name: gu.png Size: 35 KB


UJ: nothing to do
Attached Image (click to enlarge)
Click to Enlarge Name: uj.png Size: 29 KB


AU:Here I think we may have an oportunity entering at yellow line with SL red line and TP blue line but I didn't took this one cause the las Low was a HL, not a LL. Maybe I'm to strict with PA.....
Attached Image (click to enlarge)
Click to Enlarge Name: au.png Size: 32 KB


NU:Here is the only trade I've done today. I think it's not a very good trade because we don't have at least a 1:1 rr between SL and TP. SL was 26 pips above, and TP was 20 pips below, just in a support. All the rest was good for me, good downtrend and so...
Attached Image (click to enlarge)
Click to Enlarge Name: nu.png Size: 29 KB


GJ:No comment, awfull graph!!!
Attached Image (click to enlarge)
Click to Enlarge Name: gj.png Size: 31 KB


So that's all. I'll wait for your comments!!!
  • #93
  • Oct 25, 2013 1:26pm Oct 25, 2013 1:26pm
Quoting JF_Derzi
{quote} {quote} I see. But, if we are using: 1. 8 to 10 pip size bars for short term 2. we wait for (two candles in the same direction of the trend after a pullback) + (CCI crossing +/- 50) 3. the Stop Loss is the present High or Low (not the previous) and the risk:reward is 1:1 4. so, we would have the maximum target of 2 bars --> 20 pips (if the two bars we waited for on number 2 does not have any upper or lower shadows) Do you always exit at the target or set the Stop Loss to the entry price? If so, what do you watch to continue on the trade?...

Hi,

Not sure what you mean by main north... but no I do not always take off at 1:1... really that is a minimum. But I guess on average I take 1.5 to 2 times my risk.

Your image looks good regarding stops and entries...

Nexas
  • #94
  • Oct 25, 2013 2:15pm Oct 25, 2013 2:15pm
Quoting tradefish
Ok, thank's to Nexas for this simple system. The more simple the best!!! Now, I'll attach 7 graphs. These are the graphs that I follow every day and I wanted to trade them in demo today with this system to see how it works.... Anyway, I think today is not the best day to take conclusions but this is what I get: EU: There was maybe a possibility to enter at 10:57, the red line, but I didn't like what I round in white. We are just hitting a resistance, so I didn't enter.... Then we have another chance at 16:31 after hitting de 100ema, but since we...

What range bar indicator are you using? I tried using 'range bar chart v103a.ex4' but after I open 3 to 4 charts, it keeps sutting down my MT4 platform. I'm looking to see if we have a good range bar indicator, not an EA, but haven't found one yet that is good.
  • #95
  • Oct 25, 2013 4:29pm Oct 25, 2013 4:29pm
Quoting DrNoStopLoss
{quote} What range bar indicator are you using? I tried using 'range bar chart v103a.ex4' but after I open 3 to 4 charts, it keeps sutting down my MT4 platform. I'm looking to see if we have a good range bar indicator, not an EA, but haven't found one yet that is good.
I don't use this one. I'm using the script s-Constant Range Bars. You have to save this script into the experts/script folder and then drag it into an M1 chart. Modify the range of the bars to 10 pips or whatever you decide to chose and allow dll. Then open the offline chart (EURUSD M2 for example) and there you are!! That works to me.
  • #96
  • Edited 4:55pm Oct 25, 2013 4:45pm | Edited 4:55pm
Quoting Nexas
{quote} Hi, Not sure what you mean by main north... but no I do not always take off at 1:1... really that is a minimum. But I guess on average I take 1.5 to 2 times my risk. Your image looks good regarding stops and entries... Nexas
Quoting Nexas
So I will also draw trend lines, fibs and support and resistance levels on my charts.

By main north I mean, what technical indicator do you consider the most important of the list (trend lines, fibs and s&r) to set as the target and change the risk:reward ratio?

Are there any rules?


Sorry to bother but as I am trying to make an EA, the more objective the rules are, the better.
  • #97
  • Oct 25, 2013 5:21pm Oct 25, 2013 5:21pm
Quoting DrNoStopLoss
{quote} What range bar indicator are you using? I tried using 'range bar chart v103a.ex4' but after I open 3 to 4 charts, it keeps sutting down my MT4 platform. I'm looking to see if we have a good range bar indicator, not an EA, but haven't found one yet that is good.
I use the RB indicator on the Zip file, there is a PDF explaining how to use it.

Shortly, it is as mentioned before:

1. The Range Bars will be created on 1-minute data, so, the indicator most be assigned to a M1 Chart.
2. On the indicator settings, you will set the Range Bar size, "Constant Range". Also "Show Gaps" and "Timeframe".
3. "Timeframe" is the "name", the non-standard timeframe of the off-line chart that the indicator will create. This will be the Range Bar chart.
4. Open file "offline" on the "timeframe" that you have selected. This is the chart created by the range bar indicator.

If you selected timeframe 2, the offline chart will be called M2.
If you selected timeframe 3, the offline chart will be called M3.

In that way, you can have multiple Range Bar Charts (with different Range Bar sizes) for the same pair.

If you need, just in case, I am posting two indicators that work the same way.

The PDF is on the ZIP file.
Attached File(s)
File Type: zip RangeBar.zip   127 KB | 984 downloads
File Type: ex4 RangeBar_e.ex4   71 KB | 740 downloads
  • #98
  • Oct 25, 2013 5:25pm Oct 25, 2013 5:25pm
It's good to have range bars but I have limited bars in my data to use from. I just need higher pipsframe with range bars. 4/8 pips range bars is seems for scalper. I can't do that due to my internet connection problems. >.<

can you stored data mt4? sorry i'm just a newbie with range bars.
  • #99
  • Oct 26, 2013 4:02am Oct 26, 2013 4:02am
Nexas, thank you for sharing your strategy. I really like the range bars, everything is so clean and clear! I have tested the system according to your rules and it performs really well. Although I only have limited data, but at least I could do some testing on various pairs for the last two months.

Thanks to those who posted the range bar ea and instructions, it works good enough for me on mt4.

  • #100
  • Oct 26, 2013 6:23am Oct 26, 2013 6:23am
Quoting faststare08
It's good to have range bars but I have limited bars in my data to use from. I just need higher pipsframe with range bars. 4/8 pips range bars is seems for scalper. I can't do that due to my internet connection problems. >.< can you stored data mt4? sorry i'm just a newbie with range bars.
problem solved.
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