What is this about? Hmm? Sounds interesting.
Do I want stock picks with triple gainers?
LOL, I take at LEAST triple gainer trades EVERYDAY.
Today was an eight’ gainer, how about that?
This is great, I’m with the people for more trading examples! It really supplements the learning with the manual. Good job and best appreciation to Nas for this fine system! Hope people who use it will come back and talk about it, it can be improved, made easier, report your earning etc. Share this goodness!
Look interesting system. Any example to refer and we wish to see the result of this system until today…
Hi Nasdin
For Consolidating market we need to use the candlestick signal method mentioned in trending section for entry stop loss and take profit
So does this mean looking at the WPR to filter out bad signals?
[I]Here, we look at the WPRs
If both the 3 and 21 WPR is above or at the -10 level, we CANNOT take ANY bullish trades
If both the 3 and 21 WPR is below or at the -90 level, we CANNOT take ANY bearish trades
If there is no problem, proceed.[/I]
And we use the 4hr to 15m checking?
[I][PRICE ACTION TO GET TRADES] OUR TRIGGER
Wait for 4hr close.
See whether its bullish or bearish.
In the case of bull,
Let’s say the candle close time is at 0800gmt ( New candle is now opened at 1200gmt)
Go to 1hr chart, look at 1200 - 1 hour = 1100gmt
If candle is also bull.
Look at 30 min chart, look at 1200 - 30minutes = 1130gmt
If candle is also bull.
Look at 15min chart, look at 1200 - 15minutes = 1145gmt
If candle is bull.
You now have a valid price action signal, waiting to be traded for a bull market
For bearish signal.
Just look for all bearish candles, instead of all bullish candles.
[STOP LOSS]
Stop loss level is 3 pips below the low of the 1hr candle for buy
Stop loss is 3 pips above the high of the 1hr candle for sell
[ENTRY]
3 pips above the high of the 1hr candle for buy
3 pips below the low of the 1hr candle for sell[/I]
Thanks.
Also if Im looking for buy signals with candles above ema on trending. can i just take only the trades where its a obvious buy green bull bar 4hr, green bull bar 1hr, green bull bar 30m, green bull bar 15m. so that way i dont have to deal with the whole doji/small body candles/look at volume/look if small body candle is higher or lower than previous bars/cci. Or will there not be enough signals to trade? do you usually find signals where 4hr 1hr 30m 15m are ALL obvious green bar?
For the consolidating part
Yes you’re right,
But the WPR checking only applies to h4 and H1
Also, if price manages to break out of the EMA channels in consolidation mode --> Then you can use the ranging trade strategy which is look for wpr converging and forming V or /\ shape under 5 bars since breaks and set buy stop/sell stop.
So It’s somewhat like a fakey set up where price “fakely” breaks out of the channel and then slingshots back up in the opposite direction and trends in that direction.
Oh yea sure, although you’re missing out some trades, but you can do that.
This kind of trading would be more towards catching trades in the middle of the trend itself rather than trying to enter at retracements.
So your TP is slightly smaller but yes, it should work out fine.
Yes, It was ranging. Price was between the two sets of MAs. I have taken two trades and on both got my good portion of
green pips. However, I changed my mind about trading this pair. It is nice but extremely slow. Thank you!! :0)
Read more: 301 Moved Permanently
Thanks for that reply Nasdin
[I][Detecting whether the ranging condition has ended]
Range condition would end if the market EXPLODES OUT and is now far away from the
channel (common sense) if you still need some kind of gauge. Use Channel high -Channel
low *3. And if price exceeds that, then its likely to have broken out and is now
ranging.
OR - when price has been outside the EMA channel for at least 12 bars.[/I]
when you count these 12 bars is that on the 4H or 1H?
[I][ How to trade in a trending market ]
Identify whether it is a trending market.
Look at WPR
[Negating signals, aka filtering bad signals]
Here, we look at the WPRs
If both the 3 and 21 WPR is above or at the -10 level, we CANNOT take ANY bullish trades
If both the 3 and 21 WPR is below or at the -90 level, we CANNOT take ANY bearish trades[/I]
If both? so is it ok if 1 of the WPR is below the -90 level, we can still trade short?
on the market that was ranging/consolidating (either h4 or h1)
Yes, it is fine if 1 of them is.
Not fine when both is.
Do make sure that you’re trading with the trend, unless you’re having div/sharp compressing+pattern
Thanks and for ranging trade, to get the TP you basically draw the fib from the first wick OUTSIDE of the EMA channel to the high/low correct?
Draw on whatever recent corrective wave you can find.
I didn’t know what you meant by this, but as I look at the picture examples, you draw the fib from the first wick outside of the EMA channel
And what are the most reliable pairs for range trading? What are your favourite? Thanks.
and what session do you mostly trade in? or do you just trade whenever you see an opportunity?
The most reliable pairs for range trading?
Well, the ones which are obviously ranging.
My favourite pairs to trade would be the majors.
I just trade whenever I see an opportunity.
I came, I saw, I traded.
Thanks. Is range trading your favourite because that’s when you have the most trade signals, or because out of trend, range, consolidation, range trading is the most successful?