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Trading NR7 setup

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  #11  
Old 18th June 2009, 04:19 PM
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Default Re: Trading NR7 setup

WoW!!!

Purrrfect AW10 --- surely will be following this.
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  #12  
Old 18th June 2009, 04:29 PM
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Default Re: Trading NR7 setup

Quote:
Originally Posted by .Pride. View Post
Rules:

1. Identify an Inside Day/NR4/NR7
2. The next day, buy if market moves above previous day's high or sell if it moves below the previous day's low.
3. Put stoploss as previous day's low if buy triggered, or previous day's high if sell triggered.
4. If stoploss is triggered, immediately reverse position.
5. Trail a stop to lock in accrued profits.
6. If the position is not profitable within two days and you have not been stopped out, exit the trade. Usually, when the setup works, it is profitable immediately.
------------------------------------------------------------------------------------
.Pride. Thanks for putting in these rules. They are sufficient to start with but I would like to redefine/ regroup them slightly. Will post the rules of the strategy in one of the parking place at later stage when they are developed.

My views on your other points.
Quote:
The reason to trade this strategy is that losses are small, and occasionally, a big winner will fall into your lap.
You are right. It has comparatively low risk for swing trading. Big winners are not occasional but more frequent then that but it all depends on the rule of the strategy whether we can stay long enough or not.

Quote:
It is important for traders to realize the importance of stopping and reversing on a same-day whipsaw.
In one of my post, below I have described the way I trade breakouts and take care of false breakout and reversal. Strategy rules should address this.. otherwise, the rules have area of improvement.

Looking forward for more such valuable inputs from you.

Happy Trading.
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  #13  
Old 18th June 2009, 04:32 PM
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Default Re: Trading NR7 setup

Quote:
Originally Posted by vishal7176 View Post
If Yu Create Pofir Loss and SL-Triggred Excell **** that's good ...For Tracking this System
Vishal, we are far away from having a tradable system.

This is just the setup dear. There are many steps between "finding a setup" to "developing a trading system" out of it.

Feel free to enhance the sheet as you like to add few extra columns in that.

Happy Trading
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  #14  
Old 18th June 2009, 04:53 PM
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Default Re: Trading NR7 setup

Quote:
Originally Posted by AW10 View Post

Thanks a lot for volunteering. Bandlab2. Sincerely appreciate it.
Keep posting your doubt/questions here so that others can also benefit from it.
Others, don't leave everything to bandlab and me but jump-in and benefit from this. Probably, you won't find the kind of learning that this system development will give you here. If someone wants, then this testing can be taken up for stocks, commodity, Sector indices etc.
Thank you for sharing this wonderful set up.

Count me in for this AW10. I can take up the responsibility of Forex, if other members also participate. My background and exp will help me come up with possible suggestions. But since, not every trader in India can trade Forex, I am not sure of good enough participation.
None the less, I would be here and participating. Would do it for NF and BNF, which I guess many other traders will participate in.

Thanks again friend,

Ankit
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  #15  
Old 18th June 2009, 06:00 PM
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Default Re: Trading NR7 setup

Thanks Ankit for volunteering.
I have not traded Forex so will be looking forward for your contribution in knowing the behaviour of NR7 breakout in forex market.

Just few points to think about
1) Pick up a currency pair
2) Think about what can be defined as day (forex being 24hr market, this is a point that always comeup.. I have seem many people using US mkt timing as the day limit in their analysis because majority of action take place in that timeframe)
3) Source price OHLC data (either in excel or program it in trading platform/TA software)

I am sure, I would have missed some points here but u are expert in forex.

Happy Trading
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  #16  
Old 18th June 2009, 08:09 PM
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Default Re: Trading NR7 setup

Quote:
Originally Posted by AW10 View Post
Thanks Ankit for volunteering.
I have not traded Forex so will be looking forward for your contribution in knowing the behaviour of NR7 breakout in forex market.

Just few points to think about
1) Pick up a currency pair
2) Think about what can be defined as day (forex being 24hr market, this is a point that always comeup.. I have seem many people using US mkt timing as the day limit in their analysis because majority of action take place in that timeframe)
3) Source price OHLC data (either in excel or program it in trading platform/TA software)

I am sure, I would have missed some points here but u are expert in forex.

Happy Trading

Sure AW10. Let me first try and get a good grasp on this method and then I will proceed ahead step by step.

And yes, please dont call me an expert in Forex. I am not even an "E" of the expert.

Looking forward to some learning here.

Best Wishes
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  #17  
Old 18th June 2009, 09:05 PM
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Default Re: Trading NR7 setup

wow...AW SIR ... how i miss it yest.

thanx a lot sir , finally we got a thread from your side...

basically i trade this system since nearly 6 months but things are not so clear in mind..basically what i do is open 60 min chart of last 10 days & try to find contraction in charts ...when i find a contraction , i wrote the levels on pad & keep watch on those charts specially during those days but am doing this as just as ambush trade intraday ...certainly not in options..

sir looking forward to a great learning experience ahead....

am ready to help in all the way I can do ..

thanx & regards
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  #18  
Old 18th June 2009, 10:00 PM
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Default Re: Trading NR7 setup

Mr AW10 thanks for the excel sheet but pls would u explain by giving an example how can we trade through the NR7 setup pls give an example also today NR7 day range is 153 it means wat hope to hear from u soon

regards
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  #19  
Old 18th June 2009, 10:20 PM
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Default Re: Trading NR7 setup

Quote:
Originally Posted by thesaint View Post
Mr AW10 thanks for the excel sheet but pls would u explain by giving an example how can we trade through the NR7 setup pls give an example also today NR7 day range is 153 it means wat hope to hear from u soon

regards
thesaint, the range of last 7 days including today 18-Jun are (153, 185, 132, 131, 127, 93, 137). Narrowest range of last 7 days has been 93. Because today's range is not smallest of all, today is not at NR7 day. In simple terms, it was not a contraction day.
In price action terms, market has been expanding for last 5 days and it is time to take a breath anytime i.e. have a narrow range day. In my observation, if not tomorrow then in next 2 or 3 days, we might see NR7 /NR6 day. If we had today's range, less then 93 then we would have got NR7 setup today.

In that excel sheet, if you copy the formula given in column G and H and enter the OHLC data for other days, then NR7 = YES will be flagged in column H automatically.
One can very well copy OHLC data for any other scrip /timeframe and easily find out the days / bars when NR7 was flagged.

With the help of others, we are going to develop a trading system around this setup. Plz wait till such time.

Happy Trading
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  #20  
Old 18th June 2009, 10:54 PM
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Default Re: Trading NR7 setup

Mr. AW10 thank you for the reply but i would like to ask u that if the NR7 = yes flag appears then we buy or wat pls do explain it sir pls one example or an illustration for buy sell with this intraday trading system

hope to hear soon

regards
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