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Register FAQ Calendar Today's Posts Search. Just initiating this thread to discuss possible expansion setup 1 What is NR7 pattern Narrow Range 7? Market goes thru regular contraction i. Expanding range is followed by Contraction and vice-versa. So if we can indetify the narrow range days, then it give us a step ahead of everybody to benefit from coming expansion. NR7 is term given to a day that has the daily range smallest of last 7 days including that day.
Last edited by AW10; 2nd June at Add how to find NR7 section.. Sorry your browser does not support IFRAME. The Following Users Say Thank You to AW10 For This Useful Post: Looking for a share broker?
Select State Andaman and Nicobar Islands Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Dadra and Nagar Haveli Daman and Diu Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Lakshadweep Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Sikkim Tamil Nadu Telangana Tripura Uttarakhand Uttar Pradesh West Bengal Are you a day trader? This is one of my favourite setup. One of the easiest way to trade this setup will be to go long above the Day's high of NR7 day with stop at the Day's Low of NR7 day.
NR7 Pattern | Trading Strategy (Setup & Exit)
Or Go short below the Day's Low of NR7 day with stop at the Day's High of NR7 day. In many cases, NR7 break-out is found near the start of a new wave.
Price Action Trading Strategies Archives | Forex Trading Strategies
The Following 54 Users Say Thank You to AW10 For This Useful Post: Option traders, has lot more flexibility to trade this setup. They can start with direction neutral strategy on the NR7 day when it is under development and then covert it into a directional strategy after the break-out on next day.
On next day, when mkt breaks-out of NR7 range say downward break , then we sell the losing Long call leg of straddle.
As market falls, this spread will gain in value because the Delta of Long put is lower then Delta of short put.. That means as market falls, out bearish position will gain.
Last edited by AW10; 17th June at The Following 36 Users Say Thank You to AW10 For This Useful Post: Suggested Trading System - DRAFT rules I am providing the rule for the system here. Please don't take these rules and start trading. It is given with the intetion that u get idea about how to test this setup and can define your own trading system to backtest.
Based on the result, you might have to modify them. Feel free raise your doubts, if any and I or others will try to clarify them. We will be using DAILY timeframe chart of NIFTY SPOT to take any trading decision. On last week of the month, we will start using NEXT Months NF Contract. This is to maintain simplicity. The rules can be adjusted for LONG entry by applying the same logic with minor adjustments.. Underlying logic behind why this strategy should work - Refer to post 1 of this thread..
Even if it is profitable, YOU will find it difficult to implement it because of many psychological challenges posed by your subconscious mind. So either get convinced by underlying logic by asking question, reading, research etc or move onto something else. For long trades, stoploss is at the Day0-L. Trailing stoploss orders will be used to exit the position.
They are never moved against the direction of our position. But the example below will guide u in answering them. I will certainly like to come back and update these sections as they are the foundation of trader's long term survival and the success.
Know your strategy as much as possible. YOU can only control your EXECUTION, it is upto market which is beyond your control to give u profit or loss. They know the environment when this strategy will not work or produce poor result.
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You may not know at the beginning but as you backtest or start using this strategy, you will learn it gradually and can fill this section later. Last edited by AW10; 26th September at Useful Resources 1 Following post has an Excel file to track NR7 day user needs to enter or copy OHLC data in first few columns and NR7 bars will be flagged in seperate column. This can be used for drawing indicator on the chart, and can also used for exploration. More details are in the post.
This has code for MS indicator.. Once u enter trade details, it will calcualate and generate basic statistics for your rules and will help you understanding the strategy well.. Use this in conjunction with rules given in point 5 above. Last edited by AW10; 2nd December at The Following 12 Users Say Thank You to AW10 For This Useful Post: The next day, buy if market moves above previous day's high or sell if it moves below the previous day's low.
Put stoploss as previous day's low if buy triggered, or previous day's high if sell triggered. If stoploss is triggered, immediately reverse position. Trail a stop to lock in accrued profits.
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. It is important for traders to realize the importance of stopping and reversing on a same-day whipsaw. Usually, the best trades occur after one group of market participants has been trapped. They'll later become fuel for the fire when their losses deepen.
Keep dropping your pole in the water and once in a while you will catch a big one. The Following 23 Users Say Thank You to. For This Useful Post: MR Pride will u give me an example how to trade the NR7 strategy pls explain it hope to hear soon regards.
The Following 2 Users Say Thank You to thesaint For This Useful Post: Originally Posted by AW The Following 3 Users Say Thank You to bandlab2 For This Useful Post: The Following 19 Users Say Thank You to AW10 For This Useful Post: For Tracking this System.
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Trading NR7 setup
Discuss Trading NR7 setup at the Advanced Trading Strategies within the Traderji. Find All Thanked Posts. Page 1 of Trading NR7 setup Just initiating this thread to discuss possible expansion setup 1 What is NR7 pattern Narrow Range 7? Date High Low Range Remark May 4, Later Linda Raschke has also discussed this in her book "The street smart". How to Find NR7 day.. To get NR4 get last 3 days range 4 If todays range is smallest of all 7 days, then today is NR7 day..
It is that simple. Refer to following post to understand the difference between SETUP and TRIGGER. Select State Andaman and Nicobar Islands Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Dadra and Nagar Haveli Daman and Diu Delhi Goa Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Lakshadweep Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Sikkim Tamil Nadu Telangana Tripura Uttarakhand Uttar Pradesh West Bengal.
Are you a day trader? Trading NR7 setup 2 How to trade NR7 pattern? For day trader, this setup indicates that they can anticipate wide range days, so they should be prepared to chase the trend and use trailing stops so that they can get maximum from the coming trend. Option traders, have lot more flexibility to trade this setup without waiting for the break-out to take place. Trading NR7 setup 3 How can option trader use NR7 setup? Trading NR7 setup Suggested Trading System - DRAFT rules I am providing the rule for the system here.
Trading NR7 setup Useful Resources 1 Following post has an Excel file to track NR7 day user needs to enter or copy OHLC data in first few columns and NR7 bars will be flagged in seperate column. Trading NR7 setup Rules: Trading NR7 setup MR Pride will u give me an example how to trade the NR7 strategy pls explain it hope to hear soon regards.
Trading NR7 setup Quote: Originally Posted by AW10 Just initiating this thread to discuss possible expansion setup 1 What is NR7 pattern Narrow Range 7? Notice the range expansion. You may not post new threads You may not post replies You may not post attachments You may not edit your posts BB code is On Smilies are On [IMG] code is On HTML code is Off Trackbacks are Off Pingbacks are Off Refbacks are Off Forum Rules.