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The power of range bars

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  • #421
  • Sep 22, 2014 3:31pm Sep 22, 2014 3:31pm
@ isko

How did you know to stay on the sideline?
What must have happened to jump in?

Thank you and also rockypoint for all your contribution.
  • #422
  • Sep 22, 2014 3:53pm Sep 22, 2014 3:53pm
I stay out when my system gives me no entries and when you have a day where charts look a ekg test and a day like today when majority of chaartrs are showing consolidation.
  • #423
  • Edited 12:26am Sep 23, 2014 12:08am | Edited 12:26am
Quoting kofix11
@ isko How did you know to stay on the sideline? What must have happened to jump in? Thank you and also rockypoint for all your contribution.
hi kofix11.

How did you know to stay on the sideline?
1. If I have entered a trade following my rules / plan and it FAILED. I definitely hold my action and further analyze why it failed.
2. If price did not make significant move after a pullback during Major Sessions (London, NY session). You will see that before London, NY Opens, price are reacting significantly, and price starts to bounce within a specific range, triangles, etc.. On this case it did not, maybe its Monday Blues?

What must have happened to jump in?
1. Wait for the breakout and pullback. Anyway, price consolidation / ranging is a patience game.
2. If you are that eager to trade, go lower range bars and scalp 5-10 pips of it (do note the range width of a specific price consolidation).

Now, the gray box is a price range box --- it is identified from the start of pullback to the end of it where price have not broke through on either one of the level.

So, below is a little explanation and analysis for my pairs (GU, GJ) today. But then again, anything can happened during today's trading sessions.
Attached Image (click to enlarge)
Click to Enlarge Name: 09-23-14_GU_Chart_Analysis.png Size: 61 KB

Attached Image (click to enlarge)
Click to Enlarge Name: 09-23-14_GJ_Chart_Analysis.png Size: 55 KB


Isko
SMT, IPDA, Market Structure
  • #424
  • Sep 23, 2014 1:40am Sep 23, 2014 1:40am
Quoting rockypoint
I stay out when my system gives me no entries and when you have a day where charts look a ekg test and a day like today when majority of chaartrs are showing consolidation.
Forex has been pretty quiet this year, I was steered towards indices instead - dax has been on fire for months - like the GU of yesteryear!!.
  • #425
  • Sep 23, 2014 6:08am Sep 23, 2014 6:08am
First trade of the day on dow jones, 14 tick gained.

Classical reversal pattern:

Attached Image (click to enlarge)
Click to Enlarge Name: range bars scalping dow jones.jpg Size: 181 KB
First rule is not to lose. Second rule is not to forget the first rule...
  • #426
  • Sep 23, 2014 9:09am Sep 23, 2014 9:09am
1 trade today on NZD futures got out for 40 ticks
Attached Image (click to enlarge)
Click to Enlarge Name: ff40.png Size: 103 KB
  • #427
  • Sep 23, 2014 9:55am Sep 23, 2014 9:55am
Out of my only fx trade of the day and finished for the time being, good for 69 pips GBP keeps gving.
Attached Image (click to enlarge)
Click to Enlarge Name: ff41.png Size: 97 KB
  • #428
  • Sep 23, 2014 10:37am Sep 23, 2014 10:37am
Only 1 trade today, GJ +25 pips. Quite busy with other stuff today.
Attached Image (click to enlarge)
Click to Enlarge Name: 09-23-14_GJ_Trade.png Size: 30 KB

BTW, 2 range bar on the chart since I have limited time today to sit down.

Yeah rocky, GBP has good moves today.


isko
SMT, IPDA, Market Structure
  • #429
  • Sep 23, 2014 10:43am Sep 23, 2014 10:43am
Quoting rockypoint
1 trade today on NZD futures got out for 40 ticks {image}
Hey, good trades, please can explain why those entries are not valid? (that with a circle)

Attached Image (click to enlarge)
Click to Enlarge Name: Cattura.JPG Size: 209 KB



Quoting isko
Only 1 trade today, GJ +25 pips. Quite busy with other stuff today. {image} BTW, 2 range bar on the chart since I have limited time today to sit down. Yeah rocky, GBP has good moves today. isko
daaamn you always make me jelous of those exits! Look at that! What exits!

eheheheh...compliments
First rule is not to lose. Second rule is not to forget the first rule...
  • #430
  • Sep 23, 2014 11:50am Sep 23, 2014 11:50am
The first chart is what I saw when I opened platform today shows mostly sideways movement, with the 2 pops up hitting resistance at 8103-5 area anyway no particular bias toward long or short.
The next chart has my squeeze template on it, see how the RSI o/b and o/s lines are pretty much in middle of pane and ADX is stuck below RSI o/s line again
this shows no bias and no strength in price action.
To take a trade on a chart showing no particular bias I want 2 consecutive candles in my direction above the price line, which did not happen on your circled breaks.
hope that helps
Attached Image(s) (click to enlarge)
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  • #431
  • Sep 23, 2014 12:01pm Sep 23, 2014 12:01pm
Isko, admirable display of patience on you trade that definitely would've have been at best a b/e for me well done.
  • #432
  • Sep 23, 2014 1:37pm Sep 23, 2014 1:37pm
@ thefxpros... it just happens.

@ rockypoint... it's part of our trading and thank you. though, consistency and discipline still something i need to overcome.


isko
SMT, IPDA, Market Structure
  • #433
  • Sep 24, 2014 12:06am Sep 24, 2014 12:06am
Quoting isko
@ thefxpros... it just happens. @ rockypoint... it's part of our trading and thank you. though, consistency and discipline still something i need to overcome. isko
hey isko,
trading from sma144 is not bad,thanks...
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Money is made by sitting, not trading. Jesse L. Livermore
  • #434
  • Sep 24, 2014 6:20am Sep 24, 2014 6:20am
interesting stuff....................................
  • #435
  • Sep 24, 2014 7:25am Sep 24, 2014 7:25am
Held the trade a bit longer than my usual...35 ticks profit on dow jones.

Attached Image (click to enlarge)
Click to Enlarge Name: range bars scalping dow jones.JPG Size: 133 KB
First rule is not to lose. Second rule is not to forget the first rule...
  • #436
  • Sep 24, 2014 9:30am Sep 24, 2014 9:30am
3 trades today 2 wiins 1 still not sure drifting sideways looks like a small loss is coming
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  • #437
  • Sep 24, 2014 9:33am Sep 24, 2014 9:33am
Attached Image (click to enlarge)
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Only the price on the chart can show the entrance to the deal...
  • #438
  • Sep 24, 2014 9:40am Sep 24, 2014 9:40am
News on crude oil can be very profitable, 35 ticks gained.

Attached Image (click to enlarge)
Click to Enlarge Name: range bars scalping crude oil.JPG Size: 154 KB
First rule is not to lose. Second rule is not to forget the first rule...
  • #439
  • Sep 24, 2014 9:55am Sep 24, 2014 9:55am
Nice trade FXpro. My CAD trade stopped out for 6 tick loss.
  • #440
  • Sep 24, 2014 10:31am Sep 24, 2014 10:31am
Nice to see good trades from you guys.

Got burned -25 pips today on GU, no clear direction for my pairs today, 144SMA went flatline for almost the whole day.

Waiting for tomorrow's trading session. But if still no direction, I'll go for a 1 minute scalping until the smokes clears out.


Isko
SMT, IPDA, Market Structure
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