The power of range bars

1 trade today, headed up to Arizona this morning to do some shopping. Used Currency Strength Indicator for this one, have to say its worked pretty well so far, long term who knows.

Took a divergence on nzd/jpy while waiting for my ride. Used currency strength indicator to pick a pair but not method to trade.

nice divergence entry!



mmm you inspire a lot my interest...would you share the strategy in detalis? Very nice entries!

i added range bar.ex4 to indicators.when i attemt to add to chart ;mt4 removes instantly

what range bars are you using?

Thank you -

I can try to provide a bit more detail, but its not so much a "strategy" other than just attempting to read the market that revolves around my theoretical construct of how markets operate/move. In a nutshell, I see the market as an auction, an ongoing process of buyers and sellers ("traders") determining "value". There are two "states of being", ranging and trending. During periods we call "ranges", traders have arrived at a "value" they somewhat agree upon. Ranges can be seen on any time frame/bar interval and can be as big or as small as you want to trade. If you use a minuscule bar interval, ranges will perhaps not provide enough distance between pivots to hit a profit target.

For example, in a down trend, price will pullback at some point - this will create a distinct pivot at the low prior to the pullback. I will mark this with one horizontal line. Price will pullback until buyers are exhausted or overwhelmed by sellers and this will create a pivot high. These two pivots form the potential for a "range". I will attempt to trade reversals from their extremes (the pivot low, or the pivot high), or breakouts/breakout pullbacks (prefer breakout pullback, not very good at breakouts) once these pivots are broken.

Now I mentioned trend - this is the other "state of market being". Trends are when traders are seeking a new value, be it for whatever reason (news, rumors, who knows and who cares). The process for finding entries is the same as written in the above paragraph, but with a preference for trading from S/R or broken S/R in the direction of the trend.

The definition of the pivots mentioned above is something that is discretionary. I find that range bars, having removed time from the equation, simply the process of locating these pivots more objectively. Nonetheless, it is nothing I could wrap up in a package and sell to anyone, therefore why I say it is not so much a strategy, rather than just a framework of understanding market behavior. Whether my framework is right or wrong is irrelevant; its whether that framework creates an ability for me to locate and place more profitable trades than losing ones, which I think it does.

Hopefully this helps -

Below are some experts/indicators:

Range Bar with Gap Generator Experts:



Range Bar no Gap Generator Indicator:


Range Bar Close Marker (forecasts the close of the bar):


My Horizontal Lines indicator (drag them around after application, they will show the distance between the lines on the right margin):

at #post 185 rangebar.ex4

look at the first post of the thread and you will find everything you need...

That is in expert, not an indicator I believe. Also, there is something not right with it. Use one of the two experts above (one of them is in the first post of this thread I believe). Or if you want no-gap, use the indicator I posted above (also in the first post of this thread).

the lower the candles zoom, the better my confidence in trading...




EDIT:

moving stop loss to entry point and setted tp




1st tp failed so locked 16 pips profit and moved tp at next significant support level

Hey pro, could you post your news calendar indicator? Mine is too big and doesn't seem to work right all the time.
Thank you -

sure

1 trade a short on gbp/usd, letting it run small profit locked in 10 pips. Big moves down for euro and chf too fast to pick anything up don't like chasing, seems like when i do i get bitten. post pic. when i close trade

Yeah I was in a bit early on the first sizeable pullback in the euro, but caught the ride back down to the low. Now short again.

EDIT: Calling it a day - less than perfect entries by a long shot, but had some momentum behind them.

Stopped out for 10 pip profit

One more little breakout scalp -

took a long on the USD , done for the day gonna take my 79 Harley Shovelhead for some cerveza and oysters at the oyster farm 80 and sunny. Biker rally starts late today thru the weekend let the party start. Heres a picture of My baby

do you switched on nogap version?


this is my last trade on dj:

I'm testing them out - they look nicer, not that that means anything. The 4pip no-gap is almost the same as the 3pip with gap, in terms of number of bars per unit of time.

The main reason though is that the indicator version seems to be more stable than the expert version. If I had an indicator version of with-gap, I'd probably just be using that instead.