10.3 SCALPER/RANGE TRADE SYSTEM

[Faramirsen]

I put my trade on G/A:

[nanningbob]

First thanks for all the comments. I do appreciate it. Now some trades. GU first. I am going to use s1 and r1 for targets on TP. This trade is 20 pips profit vs. 12 pip SL so not quite 2:1

[nanningbob]

gbp/nzd 35 pip profit 15 pip SL over 2:1 ratio.

[nanningbob]

I put my trade on G/A:

You may want to move your TP a little lower depending on what your spread is at your broker. GA usually has a larger spread so you may face price hitting the R1 line but not taking profit because of the spread. Just a note, I dont know your broker's spread for GA.

[nanningbob]

usd/jpy I set yesterday never took so I cancelled that order. Lunch over time to go back to class.

[RoyPK]

gbp/nzd 35 pip profit 15 pip SL over 2:1 ratio.

Hi Nanningbod,

Thanks for your new trading method. I am a bit confused. Is it not black line-daily pivot and the red line-daily open? Sorry for the blunt question. Thanks in advance.

Roy

[atharmian]

Bob,

First, Happy Grandpa Day , beats Halloween any time, especially with you cracking the range code 10.3 as well a couple of hours before Lia, besides discovering the 10.2/A trend !

Second, excuse my muddle headedness having read all the comments mixing up your simple formula ( looks like Steve has yet to open his Gimme Your Hair thread after so many conflicting comments.)

1. What s/r do you mean ? DS1/DR! ?
2. I see that the thick red line is DP, the black one DO (what is your DO time frame?)
2. So what is this dashed line saying DP (-15.3) coinciding on the right with the thick black DO?
There is also another dashed line which reads DS1 (-41.3.) This has confused me, having earlier taken the thick black line as the DP with the coincident dashed line DP (-15.3) label.

I think the DP (-15.3) means that this DO level is 15.3 pips below the thick red DP line drawn on the chart.

But I will let you tell me the real story... if these lines are offsets of the respective main labels, DP, DS1, DR1 then they are confusing

Athar.

First thanks for all the comments. I do appreciate it. Now some trades. GU first. I am going to use s1 and r1 for targets on TP. This trade is 20 pips profit vs. 12 pip SL so not quite 2:1

[nanningbob]

Ok with the usd/cad for today. Also looking at usd/chf because of its retrace. See what happens.

[nanningbob]

Don,

First, Happy Grandpa Day , beats Halloween any time, especially with you cracking the range code 10.3 as well a couple of hours before Lia, besides discovering the 10.2/A trend !

Second, excuse my muddle headedness having read all the comments mixing up your simple formula ( looks like Steve has yet to open his Gimme Your Hair thread after so many conflicting comments.)

1. What s/r do you mean ? DS1/DR! ? Daily Support 1 and Daily Resistance 1. You will see them on the right side of the screen.
2. I see that the thick red line is DP, the black one DO (what is your DO time frame?) DO is Daily Open. It is where price starts the day. If you look at daily charts most candles are full bodied meaning if price gets going in one direction it tends to stay that way for the day. I have always wanted to trade off of the open but never could find something that worked. Maybe this will.
2. So what is this dashed line saying DP (-15.3) coinciding on the right with the thick black DO?That is how far price is from that line.
There is also another dashed line which reads DS1 (-41.3.) This has confused me, having earlier taken the thick black line as the DP with the coincident dashed line DP (-15.3) label.Daily Support 1 and then the distance price is from that line. That lets you know if the trade is worth taking or not. Are there enough pips there to bother with the trade?

I think the DP (-15.3) means that this DO level is 15.3 pips below the thick red DP line drawn on the chart.

But I will let you tell me the real story... if these lines are offsets of the respective main labels, DP, DS1, DR1 then they are confusing These numbers help me in placing my order. If DR1 daily resistance 1 is 40 pips away then I am looking at a 25-35 pip profit for the trade. If it say 15 or 20 then the trade may not be worth taking.

Athar.

[GT3RS]

gbp/nzd 35 pip profit 15 pip SL over 2:1 ratio.

Hi Nanningbod,

Thanks for your new trading method. I am a bit confused. Is it not black line-daily pivot and the red line-daily open? Sorry for the blunt question. Thanks in advance.

Roy

Roy.

Simply look at your charts! The answer is staring you in the face.

Whichever line originates at the same level as where the 0:00am candle starts, then that's your open line.

The other one is the pivot!

Simples!