Trading NR7 setup

[AW10]

i think the more compressed range the more wide range we see after breakout.

Rohan, higher the number stronger is the signal that market will breakout.. but
that doesn't tell us that it will give us next wave of 300 pts / 500pts. How long that expansion will last depends on many other factors so we should not anticipate bigger expansion.

eg - if mkt breaks upward on Monday, It may not be able to go too far cause, it has already travelled 700 pts in current wave. Still 100 to 200 pts is possible. If it breaks down on Monday then support zone are quite far away (4000/3900 level).. It might be able to go down to those level or it might find new buyers before that..
Lets not anticipate that and listen to the market and adjust our trades.

Happy Trading

 

[lazytrader]

AW, Can you please guide me to select SMA & EMA and one indicator to create a system...I am looking for a crossover based system whose trade signals will be confirmed by one indicator......also can you tell suggest me the timeframes (5/10/15/60 min) to trade with these tools.....

I know I am asking for kind of spoon feeding but your guidence will really show me the path.....

If your requirement is moving average and one indicator then Prides method will fit the bill perfectly.
But your question is like going to the doctor and asking for tasty medicine. What you should be asking the doctor is medicine that would get your health back. Don't fall into the indicator trap. Keep your mind open and ready to lean new things. As you get more experienced you will stop looking at indicators. I am yet to come across a successful trader who trades a single method. You usually have a mainstay, the one that you trust and know well and then use other signals to support your decision or check RR.

Experiment (paper trade) various methods and chose something that fits both your pocket and mind well.

I trade nifty with 1min chart. I look at prides' method (5min) and miniflow (60min) but if I don't get 1 min candlestick I don't trade intrady. If you check Saints miniflow thread he says nothing less than 60min he doesn't like it. Everyone is different so you should pick what fits you. What works for one person will not work for another. If you have a bad run you will lose confidence in what someone else has designed for you. Every trader has his unique style and and the only way to find out one is to try it out. Learn, read, spend time with the charts.

Once you have a framework you can present it and ask people to help and everyone will pile in with views and suggestions because then they can be confident tht what they suggest will work for you. Otherwise it is hard. Every seen a doctor who will prescribe medicine without checking the patient? It doesn't work that way.

I sure many would agree with my views...

 

[lazytrader]

.... 2) Trading Reversal - Bollinger band based thread by columbus / Rajendrani's thread on trading patterns where he has mentioned about Gimmie bar......

What gimmie bar? I can't find anything, not even in search

 

[WOD]

If your requirement is moving average and one indicator then Prides method will fit the bill perfectly.
But your question is like going to the doctor and asking for tasty medicine. What you should be asking the doctor is medicine that would get your health back. Don't fall into the indicator trap. Keep your mind open and ready to lean new things. As you get more experienced you will stop looking at indicators. I am yet to come across a successful trader who trades a single method. You usually have a mainstay, the one that you trust and know well and then use other signals to support your decision or check RR.

Experiment (paper trade) various methods and chose something that fits both your pocket and mind well.

I trade nifty with 1min chart. I look at prides' method (5min) and miniflow (60min) but if I don't get 1 min candlestick I don't trade intrady. If you check Saints miniflow thread he says nothing less than 60min he doesn't like it. Everyone is different so you should pick what fits you. What works for one person will not work for another. If you have a bad run you will lose confidence in what someone else has designed for you. Every trader has his unique style and and the only way to find out one is to try it out. Learn, read, spend time with the charts.

Once you have a framework you can present it and ask people to help and everyone will pile in with views and suggestions because then they can be confident tht what they suggest will work for you. Otherwise it is hard. Every seen a doctor who will prescribe medicine without checking the patient? It doesn't work that way.

I sure many would agree with my views...

I am currently still experimenting with systems and will find out one for me......but I also realizing fact that I need to support trading signals given by system with other sytems like NR7, fibonacci retrace, cam pivots etc and signals generated on other time frame; only then I would have confindence on my trades and could choose stop losses and targets well....

Currently am experimenting with 5 min and 60 min timeframes to trade.....also have done good study of NR7, fibonacci retrace, cam pivots (any other systems you would like to suggest me?)...

Am I thinking on right direction?

 

[bunny]

How do we trade this scenario: The day after NR7 is also a NR7 but make a low below first NR7's low?

Also I have seen that many times, after the NR7 day, the low next day goes below the NR7 day triggering a false sell, and then next day onwards the price starts shooting up!

Ex:
Day 0 : NR 7 setup detected
Day 1 : A low below day 0's low triggers SELL
Day 2: Price starts moving upwards violently!

Any guidelines on identifying a potentially false signal?

 

[MurAtt]

@WOD

You're taking this too very extrmely seriously - this selection of EMA, System, SLs and what-not and is getting over your clear mind which is required of you to trade.

Let it coool down, trying too hard also ruins trading mood and results in bad trades.

Relax and let it flow for a few days ....

Hope this helps ...

 

[lazytrader]

How do we trade this scenario: The day after NR7 is also a NR7 but make a low below first NR7's low?

Also I have seen that many times, after the NR7 day, the low next day goes below the NR7 day triggering a false sell, and then next day onwards the price starts shooting up!

Ex:
Day 0 : NR 7 setup detected
Day 1 : A low below day 0's low triggers SELL
Day 2: Price starts moving upwards violently!

Any guidelines on identifying a potentially false signal?

So you have a nr7 day and nr8, depends on what you are trading and your timeframe. I am a short term trader and if it is stocks then I am an investor. What I would do is go short on the break of low and then when the price moves up I reverse and go long over HOD. Simple.

 

[WOD]

@WOD

You're taking this too very extrmely seriously - this selection of EMA, System, SLs and what-not and is getting over your clear mind which is required of you to trade.

Let it coool down, trying too hard also ruins trading mood and results in bad trades.

Relax and let it flow for a few days ....

Hope this helps ...

Yup...only I know what trading success meant to me.....My all dreams are now associated with trading and now days I eat, slip and drink trading fundas; it has become my life and top priority....

I am giving everything that I have to do this; Success in trading at any cost thats the only thing I know and till I achiev I will not rest....

 

[scorpio77]

HI WOD,

Appreciate your enthusiasm, drive and commitment. Looks like you are young and ambitious! Do watch out for over-trading as tracking too many indicators will tend to trigger one or the other signal. At the end you end making your broker richer!
Speaking from experience! Hope it helps. All the best wishes!

Cheers!

Scorpio

Yup...only I know what trading success meant to me.....My all dreams are now associated with trading and now days I eat, slip and drink trading fundas; it has become my life and top priority....

I am giving everything that I have to do this; Success in trading at any cost thats the only thing I know and till I achiev I will not rest....

 

[WOD]

HI WOD,

Appreciate your enthusiasm, drive and commitment. Looks like you are young and ambitious! Do watch out for over-trading as tracking too many indicators will tend to trigger one or the other signal. At the end you end making your broker richer!
Speaking from experience! Hope it helps. All the best wishes!

Cheers!

Scorpio

Yup Scorpio bro, I am 25 year old kid with a billion dollar dream (anyone could laugh on this but will try my every best to achieve it and may be I have found my way)..

Anyways thanks for your consistent help....Please keep guiding me going forward.....