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The power of range bars

  • Linked: HotForex - averaging down test 01 | Demo Account XXXX02
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  • Linked: Mixed trading test 01 | Demo Account XXXXX00
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  • #461
  • Oct 6, 2014 10:16am Oct 6, 2014 10:16am
Quoting rockypoint
! trade a short on oil good for 38 ticks {image}
Nice rockypoint! I've taken a little break from forums because a bit busy.

Isko, are you still one of us?
First rule is not to lose. Second rule is not to forget the first rule...
  • #462
  • Oct 7, 2014 2:43pm Oct 7, 2014 2:43pm
Hi folks,

Just done these three scalp trades on dow jones. Come on guys, let's keep this thread alive!

Attached Image (click to enlarge)
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First rule is not to lose. Second rule is not to forget the first rule...
  • #463
  • Oct 8, 2014 8:21am Oct 8, 2014 8:21am
Hello,I hope someone could answer me,Why when I open a chart with range bars 3,4,5 pips etc and put some indicators like MA,Keltner channels,I am watching the chart 1-2 hours and then when I decide to open the same chart with the same range bars on another computer or restart the same platform,I see absolutely different chart,the order of the bars are not the same,the indicators signals are different.For example I am looking in the history of the chart and see a lot of good oportunities,then i start trading and have some good some bad positions then i close the platform open it again and at the places when i ve seen good signals with bad ending are missing and I see different order of candles....
  • #464
  • Oct 8, 2014 8:49am Oct 8, 2014 8:49am
Quoting corratec
Hello,I hope someone could answer me,Why when I open a chart with range bars 3,4,5 pips etc and put some indicators like MA,Keltner channels,I am watching the chart 1-2 hours and then when I decide to open the same chart with the same range bars on another computer or restart the same platform,I see absolutely different chart,the order of the bars are not the same,the indicators signals are different.For example I am looking in the history of the chart and see a lot of good oportunities,then i start trading and have some good some bad positions...

What you're referring to is absolutely normal with some range bars generator. This because when the generator creates the range bars chart in real time, it uses the real tick datas and you get the real chart. When you restart the platform, since metatrader doesn't store tick datas, the generator, in order to create the chart, uses only the M1 candles values of open price, close price, higher price and lower price, so you get an approximation of the real chart.

If you want to accurately backtest range bars charts, you need a third part generator. Please see this post http://www.forexfactory.com/showthre...38#post7734038.

Hope it helps.
First rule is not to lose. Second rule is not to forget the first rule...
  • #465
  • Oct 8, 2014 11:15am Oct 8, 2014 11:15am
Hola FXpros,

Not much trading for me lately, some aggravation here with my kitchen renovations and a tropical storm weather caused some internet issues. 2 trades today
both divergences on usd for total of 44 ticks. Seems to be lots of ugly charts right now. Traded a Raghee variation today
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  • #466
  • Oct 8, 2014 7:51pm Oct 8, 2014 7:51pm
Quoting rockypoint
Hola FXpros, Not much trading for me lately, some aggravation here with my kitchen renovations and a tropical storm weather caused some internet issues. 2 trades today both divergences on usd for total of 44 ticks. Seems to be lots of ugly charts right now. Traded a Raghee variation today {image}
be careful, trading with falling rubbles is not a joke .

after a long time, by seeing you, i started over again to use divergences and i must say that my confidence has been increased a lot!

may i ask you how your trading career has been developed? The mistakes you made, with which trading book/approaches/techniques you started, ecc...?
First rule is not to lose. Second rule is not to forget the first rule...
  • #467
  • Oct 8, 2014 9:18pm Oct 8, 2014 9:18pm
1) got to agree with you about rubles, never have and never will trade them, actually dont't think my broker even offers any ruble pairs.

I started trading full time in 2006 after i sold my construction company. Originally I traded options and stocks, swing trading but found that I lacked the patience for longer time frames. So I started day trading options using monthly options for a series of iron condors every month. Day trading options is STRESSFUL! I still trade iron condors and credit spreads every month. A friend suggested I take a look at futures/fx I did and haven't looked back since.

I looked at a bunch of different books and honestly found them pretty much a waste of my time. There is a tendency in books to make everything to complicated. I taught myself about candlesticks and indicators using various web sites. I looked at various trading systems even bought a few never paid more than $99- and just started modifying other methods and making them fit my style. Far and away simple is best.

Understand there are a huge amount of systems that work. The reason people fail at trading is 1) they don't trust their system 2) they lack discipline to trade
their system 3) poor money management 4) they try to force themselves to trade a system that doesn't fit their personality.

The best advice I ever got was from Bill Poulos "never trade ugly charts"

Hope this helps, if there is any information or help I can provide please feel free to ask.
  • #468
  • Oct 9, 2014 1:50am Oct 9, 2014 1:50am
Hi all am new to this spread have just spent several hours trying to get Range bars on my chart ..have downloaded and placed the EA into MQL4 experts and opened up a one min, chart dragged the EA onto chart than dragged back to get ticks than open offline chart ( only have 1 min or 5 min options ) clicked to open but only get green bar chart that does not look any diff, to normal chart in bar or candle format its driving ,e nuts
any help appreciated
Allan ( with old eyes )
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  • #469
  • Oct 9, 2014 1:52am Oct 9, 2014 1:52am
thats not normal eh not sure what happened
  • #470
  • Oct 9, 2014 5:32am Oct 9, 2014 5:32am
Quoting asaljay
Hi all am new to this spread have just spent several hours trying to get Range bars on my chart ..have downloaded and placed the EA into MQL4 experts and opened up a one min, chart dragged the EA onto chart than dragged back to get ticks than open offline chart ( only have 1 min or 5 min options ) clicked to open but only get green bar chart that does not look any diff, to normal chart in bar or candle format its driving ,e nuts any help appreciated Allan ( with old eyes ) {image}
Hi Sir, welcome here.

Please follow the procedure in this video.

Inserted Video
First rule is not to lose. Second rule is not to forget the first rule...
  • #471
  • Oct 9, 2014 5:59am Oct 9, 2014 5:59am
Hi The expros.
thank you for that will get to it shortly
  • #472
  • Oct 9, 2014 7:11am Oct 9, 2014 7:11am
Quoting asaljay
Hi The expros. thank you for that will get to it shortly
no problem, let me know if you need further help.
First rule is not to lose. Second rule is not to forget the first rule...
  • #473
  • Oct 9, 2014 10:46am Oct 9, 2014 10:46am
1 trade today, been all divergences lately usd again, been making some nice back and forth moves lat couple of days
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  • #474
  • Oct 9, 2014 12:22pm Oct 9, 2014 12:22pm
Quoting rockypoint
1) ... The best advice I ever got was from Bill Poulos "never trade ugly charts" ....
Lol, actually Bill Poulos saved me a lot of time - I spent hours with his "trading" videos five years ago, until I realized there was absolutely nothing in them, but the promise that the next time he would show his trading system. Since then I never watched any video from any "trader" that was longer than 10 minutes.
  • #475
  • Oct 9, 2014 12:38pm Oct 9, 2014 12:38pm
Yes Bill Poulos has become a marketer not a trader and I've never used his systems. That said ugly charts are less likely to make you money and the first thing i review when I open my platform is which charts I am going to eliminate the charts that look visually crappy.
  • #476
  • Oct 9, 2014 12:49pm Oct 9, 2014 12:49pm
Quoting rockypoint
Yes Bill Poulos has become a marketer not a trader and I've never used his systems. That said ugly charts are less likely to make you money and the first thing i review when I open my platform is which charts I am going to eliminate the charts that look visually crappy.
yes, but how you determine when a chart is ugly? Which parameters do you use for this purpose?
First rule is not to lose. Second rule is not to forget the first rule...
  • #477
  • Oct 9, 2014 1:24pm Oct 9, 2014 1:24pm
Here gbp/cad chart when I first open platform just now its ugly, after I zoom in from 2 days to 12 or so hours still ugly I won't trade that pair.
Next pair gbp?aud when first opened it ain't a beauty but when I zoom in it shows some potential
Next oil when first opened nice looking chart zoom in really good looking chart(missed this one today got a late start)
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  • #478
  • Oct 9, 2014 2:24pm Oct 9, 2014 2:24pm
Trade on today's EURUSD second leg down. Entry after a reversal bar. Target by fibo.
Attached Image
  • #479
  • Oct 9, 2014 2:30pm Oct 9, 2014 2:30pm
Quoting Halley
Trade on today's EURUSD second leg down. Entry after a reversal bar. Target by fibo. {image}
is it a 20 pip size per bar?

great trade!
First rule is not to lose. Second rule is not to forget the first rule...
  • #480
  • Oct 9, 2014 3:19pm Oct 9, 2014 3:19pm
Quoting thefxpros
{quote} is it a 20 pip size per bar? great trade!
Yep, that one was really great, usually 20 pips is the target. But the first leg was strong, so I tuned the bar range to fit a few recent pullbacks.
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