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THREE SET UPS
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THREE SET UPS

  #981 (permalink)
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Aztrader:

I just noticed your thread ...."Zen". It looks interesting and I am going to read it from day 1. I am curious to see if you became profitable...however....lots of reading. You can give me the short answer if you want...hehe.

Thanks,
Joules360

Most of it is pretty boring. I don't remember any great insights and I have strayed far afield from the original intent. Now its just a journal of my journey.....sorry to disappoint.

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  #982 (permalink)
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Squeeze Bars, Reversal Bars

I am not using the concept in exactly the same way, but I look at


Narrow Range Bars (NR7)

A bar which has the lowest range of the last 7 bars. I use the strict definition, that is the range must be smaller than all the preceding 6 ranges, not smaller or equal. This is because I want to see that volatility decreases.


Inside Range Bars (IR)

An inside range bar is a bar with a high and low, which is contained in the previous bar. There are three definitions possible, the strict condition which requires a lower high and a higher low, and the wider condition which allows equla bars. I use the definition in between, that the inside bar must at least have a lower high or a higher low than the preceding bar. This definition is better adapted to smaller timeframes and still satisfies the main requirements

-> that the bar is entirely contained in the previous bar thus confirming its value range
-> that volatility is decreasing


Inside Narrow Range Bars (IR4)

An inside bar which is a narrow range bar as well. But as the inside bar already indicates decreasing volatility, I do accept the wider definition for the narrow range condition, that is I include bars that have an equal or smaller range than the preceding 3 bars.

All the definitions are based on decreasing volatility.

Reversal Bars

I have not found reversal bars to be reliable on its own. However I display them on my charts, and sometimes they have a meaning, in particular

- if they confirm the current larger time frame trend
- if they sit outside Keltner Channels and coincide with a retest of a high or low
- if they sit on the edge of a trading range

The narrow range bars / inside bars indicator is available here:

https://futures.io/free_downloads/ninjatrader-7/indicators/870-download.html?view

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  #983 (permalink)
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2 IB trades this AM, +20 and +20.

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THREE SET UPS-cl-15-march-28.jpg  
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  #984 (permalink)
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Anagami View Post
2 IB trades this AM, +20 and +20.

The second one was a breakout from the opening range.

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  #985 (permalink)
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How it all came down today

1 IB. +20.

Pre-open: overnight trading tested S1, bounced off, and then tested again. Right around S1 at the open. The question is if CL will continue is downward move and will reach S2... or if it will pullback to P at 104.45.

AM: decided to label candles starting from 1 at the open.
1: an outside up candle after a 5 tick bear trap. The next R to watch is the 103.90-104 level (R in pre-open trading and a mid-pivot level).
2: test of R.
3: bull trap fakeout and then a pullback, outside candle. Very unusual to have two of these in such a short span.
4: 38% pullback test.
5: pullback is over, re-test of R @ 103.90-104 area.
6: breakout to the upside.
7: IB
I don't straddle IBs, but choose preferred direction. Short here would be a poor choice for several reasons. The pullback happened on a weaker volume. There has been a breakout to the upside. Moreover, the short entry below the IB would be selling into significant support.
On the other hand, the trend is up, there is good support below... and the next significant resistance point is the Pivot @ 104.45.
So long is preferred here.
Easy long.
+20.

PS Hey Fat Tails, if you have additional insights, please do share. (And everyone else is obviously welcome too).

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  #986 (permalink)
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No comments, just a nice picture

Acting

- the pivot lines and yesterday's close as S/R levels
- the VWAP as a trendfilter and S/R
- the pivot range and 3-say rolling pivot range as reference levels
- inside and narrow range bars (each of them would have yielded a nice trade)

Went long 3 ticks above S1 at VWAP, not related to IR and NR bars

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  #987 (permalink)
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Fat Tails View Post
No comments, just a nice picture

Acting

- the pivot lines and yesterday's close as S/R levels
- the VWAP as a trendfilter and S/R
- the pivot range and 3-say rolling pivot range as reference levels
- inside and narrow range bars (each of them would have yielded a nice trade)

Went long 3 ticks above S1 at VWAP, not related to IR and NR bars

Nice! Thanks for sharing buddy. I look forward to seeing more of your trades.

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  #988 (permalink)
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Joules360 View Post
Jeff:

I hate to say I am lazy....since many will say...."The bars turn colors...why in the hell do you need an audible alert?" lol...well.... with a family and other responsibilities....its hard to sit in front of the computer all day. I work the nightshift and the days are valuable to get things done and even sleep..lol.

The audible alert on a 5 min or 15 min chart would be awesome to bring my attention back to the computer as I do other things around the house. The time frame I say would allow for this type of trading.

Thanks...I will try to post this in the "make my indicator for free" and see what comes about.

Thanks,

Joules360

Joules
I trade the inside bar trades (have since last June when I read Jeff's thread). I switched to Sierra Charts at the end of January. It has an inside bar indicator and allows you to set audible alerts (in fact, you can set audible alerts for just about all indicators). Might be worth a look.
Papa15

My focus is on:
1. Avoid the opening chop.
2. Honor stops
3. Ensure reward > risk on all trades
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  #989 (permalink)
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papa15 View Post
Joules
I trade the inside bar trades (have since last June when I read Jeff's thread). I switched to Sierra Charts at the end of January. It has an inside bar indicator and allows you to set audible alerts (in fact, you can set audible alerts for just about all indicators). Might be worth a look.
Papa15

If you want an audible alert for an inside bar, it needs to be an intelligent alert.

-> next to every bar starts as an inside bar, and you do not want to be alerted all the time
-> if you get the alert after the inside bar has completed, it is too late to be alerted (hindsight alert)

So you want an alert prior to the completion of an inside bar, when the probability is high that you may get an inside bar. This will be different for every bar type

5 min bar

You would use a time filter: If the bar is still an inside bar after 4min 30 seconds the alert should fire off.

5 range bar

Joke: Find an inside bar on a range chart

500 tick bar

You would use a tick counter. If the current bar has already collected 450 ticks and the bar still looks like an inside bar, you would get an alert.

So you need to code an alert that fires off, if the bar has 90% completed. the 90% should be user selectable. For a 60 min chart you may use 98%, for a 1 min chart 50% is a better choice.

Or does anyboy have a better suggestion. If not, I will add that feature to the narrow range indicator in the download section.

Basically the task would be to design a bar timer, which works on minute, range, volume and tick charts, and then integrate that bar timer with other indicators to create audible alerts.

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  #990 (permalink)
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No IBs on CL 15 min this AM, though there have been other opportunities.

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