I have been trading the range on the daily charts since July 1st 2013 . Before that I was messing around on different time frames and some scalping. All with no success. If there was any success is was short lived. Starting July 1st 2013 I began just trading the daily chart trading the “range” . As many of you know the markets are ranging nearly 80% of the time. Then they trend up or down to the next range. I find that range and drop in a horizontal line at the top and bottom. When price gets to the top I sell and when price gets to the bottom I buy. I use a 100 pip stop and no limit.
There are usually many pairs at the top of their range and many at the bottom of their range.
This is the key I have found that has worked for me for the past 9 weeks. I open multiple positions 7 to 13 trades 7 being the least I have opened and 13 being the most so far. I live in California and I have a day job, so all this is done after work usually around 9pm PST . Then I close all my positions the next morning about 8 hours later.
I keep trading that range up and down up and down. But I don’t stay in the trade and ride it up or down. I am in and out over night.
A few times I have gotten into a trade that was in the middle of the range on it’s way up or down.
I have drawn in a trend line across the range sometimes.
The only indicator I have used is CCI . If the price is at the top of the range and the CCI is just coming down crossing the +100 line I’m selling.
If the price is at the bottom of it’s range and the CCI is heading up just crossing the -100 line I’m buying.
Use whatever you want to aid in your decision to get into a trade.
This is quick in and out over night trading. I don’t care if the price kept going and I missed out on another 200 pips. I don’t care if I wake up and I’m up 350 pips but 2 trades are negative 20 pips or 50 pips each. I’m up 350 pips ! I close everything and go to work.
Trading like this I get maybe 1 to 3 trades a week.
My biggest over night gain was over 700 pips. 13 open positions
This is a demo account . I am going to continue to trade this way through September and maybe take it live Oct with $500 bucks.
The reason I wont go over 13 positions is because at 1k lots 13 positions would cost around 300 bucks to open so I need to test it live with just $500 . If all 13 hit their stops, that’s a $130 loss. And that’s the key to trading multiple positions. All 13 will never hit their stops.
983 pips in July
569 pips in August
922 pips this first week of September 2013
I will be happy to answer any questions, you can track the trades at myfxbook .
All the results are at the link on myfxbook
When you go there , scroll down to "monthly analytics " and click on the “more” button and change it to “pips”
