Range Indicator Needed!!

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TheRumpledOne
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Postby TheRumpledOne » Fri Jan 28, 2011 6:01 pm

smithacus:

You are welcome. I, too, am curious how you will use this.
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Postby smithacus » Sun Jan 30, 2011 1:17 am

Hey Jalarupa and Tro . .
i use it for 2 things. . .first is for price projection and second. . .i am a price action only trader. . .as you can see the only indicators i have are range and MACD. . . . .macd is only for divergence and nothing else. . .. . .when i see a price bar like a down candle around a resistance zone. . .with some confirmation at strong round numbers. . .before i can consider shorting the pair. . .i would want to see if the range in pip of the bear candle is larger than the last 2 (or more. .if its more than 2. . .thats a jackpot but if its just the last 2, thats a go) because it means the buyers have been chased out and overpowered by the sellers. . . the 2 double arrows were the areas i shorted and the 1 arrow was an easy pass bcos buyers were coming strong with high range candles and to short with such a small range little down candle didnt make sense (even though it worked but wasnt high probability). . . . Nothing complicated. . . all you need to make million in the market is a dead simple approach. . . . . .dont listen to that new ''wall street insider who got pissed and decided to sell you the secret most traders doesnt know exits'' :lol: . . . .
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Postby TheRumpledOne » Sun Jan 30, 2011 1:49 am

Image

See if you like this. I added the "Range increasing X bars" message.
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Postby pika » Sun Jan 30, 2011 6:56 am

smithacus wrote:Hey Jalarupa and Tro . .
i use it for 2 things. . .first is for price projection and second. . .i am a price action only trader. . .as you can see the only indicators i have are range and MACD. . . . .macd is only for divergence and nothing else. . .. . .when i see a price bar like a down candle around a resistance zone. . .with some confirmation at strong round numbers. . .before i can consider shorting the pair. . .i would want to see if the range in pip of the bear candle is larger than the last 2 (or more. .if its more than 2. . .thats a jackpot but if its just the last 2, thats a go) because it means the buyers have been chased out and overpowered by the sellers. . . the 2 double arrows were the areas i shorted and the 1 arrow was an easy pass bcos buyers were coming strong with high range candles and to short with such a small range little down candle didnt make sense (even though it worked but wasnt high probability). . . . Nothing complicated. . . all you need to make million in the market is a dead simple approach. . . . . .dont listen to that new ''wall street insider who got pissed and decided to sell you the secret most traders doesnt know exits'' :lol: . . . .


Hi smithacus,

Thank you for sharing your trading method. In addition to the range data and S/R, Do you enter the trade only if the current candle's low is lower than the previous two candles' low for shorts (and vice versa for longs)? In other words, do you compare the range of a reversal candle to the previous candles individually irrespective of candle colour or wick/body ratios, or compare it with the range from the highest high to lowest low of the previous few candles, or some other candle considerations?

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Postby forexjake80 » Sun Jan 30, 2011 11:06 am

Smithacus: May I kindly challenge you?

If the range of a candle increases 2, 3 or 4 times in a row, that pattern completely changes, when you change the timeframe. Your thought on this one?
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Postby smithacus » Sun Jan 30, 2011 1:02 pm

Hey Pika::,
Sorry but i do not clearly understand your question. . .if you are asking if i enter when previous 2 candle low is breached? in an up move that makes the last bar a bearish bar? look at the chart below, look at the bear candle labeled 1 . . .the range is bigger than the last 6 candle (marked at point 2). . with a divergence and at round number and that zone is also an old resistance. . .see what happened next? . . i would have entered at the previous red candle (count 2 candles back before the trigger candle marked at label 1) . . .had the close of that candle lower than the blue up candle. . .the blue candle low was breached but couldnt close below its low. . . so i waited and the big bear candle appeared with it low eclipsing the previous 6candles . . . which meant most buyer's orders have been absorbed and now its time to sell. . .



Tro .. .thanks for the indicator. . .i will play with it to see how it may help.
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Postby smithacus » Sun Jan 30, 2011 1:19 pm

Smithacus: May I kindly challenge you?

If the range of a candle increases 2, 3 or 4 times in a row, that pattern completely changes, when you change the timeframe. Your thought on this one?


FXjake. . . ..keeping it simple means staying on one timeframe to look for your trades. . . .the only time i check 4 hours/daily is to look for strong support and resistance. . . from my own view. . .nothing is as accurate as the 1hr bar bcos we all see the same thing. . .(if data is not manipulated by your broker of course) but a spinning top on 4hr or daily chart could mean something differently on other peoples chart because of the time difference used by different brokers so. . .in short. . .i trust patterns on 1hr than any other timeframe and i dont bother myself by complicating this by jumping from timeframe to timeframe.

Keep it simple = lots of $$$ 8)

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Postby forexjake80 » Sun Jan 30, 2011 1:37 pm

I have no idear what a spinning top actually is :P

I think we have lots of traders in here who actually trade with non-standars tf, that ist 3hr & 45min
It's time to kick ass and chew bubble gum. And I'm all out of gum.

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Postby smithacus » Sun Jan 30, 2011 2:06 pm

Lol. . .
This is spinning top below. . .:lol:
And for traders trading 3hr/ 45mins. . .good luck to them. .
When i go weeks without a single loss. . .i think this is the reason. . . Data accuracy is very very important! 8)
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Postby forexjake80 » Sun Jan 30, 2011 2:20 pm

This is not a spinning top. This is a rat :P
It's time to kick ass and chew bubble gum. And I'm all out of gum.

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