Trading indicators - Are these enough?

Hey guys,

I'm trading for a few years now and these days focusing on intraday, trading stocks when my strategy is:

1. Looking for NR7 candles, prefer it after a correction to enter the main trend of the stock.

2. I don't enter on each NR7 candle I spot, only if it has clear indicators to support my entry and they are: round number ($52) or half round number ($43.50), VWAP and pivot points.

3. When I have an NR7 and a few indicators as well to support this, I enter (long or short, depending on the stock and main trend).

Your ideas?

Thank you all!

Hi, You look for NR7 candles. You do that on an EOD chart and then trade the stock intraday OR you look for NR7 candle in intraday chart? If latter is true then in what Time frame you follow Intraday chart.

Its confusing when you talk of Trend and NR7 together !As I have understood, NR7 usually occurs when the trend is absent.....

What Indicators are you using along ith NR7 to decide on direction of the trade?
Look around we have a thread on NR7 which explains in detail the NR7 set up, no trading rules are given, but has a lot of different suggestions but nothing concrete trading strategy has emerged from that thread.

Would be happy to have your inputs in that thread too !

Thanks!

Hey there,

I look for NR7 on intraday charts and the time frame is of 5 min candles.

I'll try to explain again:

Let's say I spot a stock which in itraday is clearly on an uptrend, I wait for it to correct, it can go down a bit or sideways, it doesn't matter.

Then, if at the end of this correction I spot an NR7 candle, prefer the volumes to be low as well since it's a correction, I want to enter long again to the main trend the moment the next candle (after the NR7) goes above the NR7 and ride the uptrend again.

My stop loss will be lower than the NR7 bar and here I prefer to have what I call "shields". This means that if I have a round or half-round number under the NR7 candle/bar, or VWAP or pivot points, they will use for me as support and I'll try to have the stop loss below them, since the stock can re-test and then go up again...

I hope it was clearer now.

Saw the NR7 trend, thank you.

I am still not able to understand how one can choose say one scrip out of 10/ 20 /30.... ? scrip in real time NR7 candle on 5 min chart after end of correction ?

When I say end of correction, I mean after a pullback, then when I spot an NR7 bar, I'll take long at the next bar once it goes higher than the high of the NR7 and short the opposite.

What can't you understand?

I'll try to post a chart later on,

Thanks,

In your earlier Post you give an impression that you are trading NR7 only in direction of the trend, here you say that you take a 'short' below the low of NR7 candle ! Well the pull back was from an Uptrend, so you were to go LONG only, why this Short???