Nr7 trading system

I. Trading Strategy

The stop-loss is the low of the NR7 candle. Similarly, as shown in the figure below, a bearish breakout happens when on the next candle the stock closes below the low of the NR7 candle. The stop-loss is the high of the NR7 candle. If we do that, then a blue arrow will be shown on any stock chart e. NOCIL appearing in the scan on the last candle, but we will also see blue arrows elsewhere in the chart which turn out to be false signals as shown in chart below:.

In order to minimize the false signals, we can put an additional volume filter in our custom scan as shown below:. Once we apply this new updated scan, the Custom Scan results will be updated as per the new updated scan, and also a lot of the false signals will disappear as shown in the same NOCIL chart below. As you can see, adding volume as an additional filter to the popular NR7 Trading Strategy has eliminated a lot of the false signals, and it so happened that this stock, after doing the NR7 breakout, went up by almost 5.

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.

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Setup Rules 1 NR7 setup is triggered today. For long trades, stoploss is at the Day0-L. Exit — Profit taking 1 No plan to place profit taking order for the time being.

Trailing stoploss orders will be used to exit the position. They are never moved against the direction of our position.

Following two sections needs to be customised for individuals account size and risk tolerance limit. But the example below will guide u in answering them. Following two section are not specific to this strategy but they are basic for successful trading.

II. Sensitivity Test

Know your strategy as much as possible. They know the environment when this strategy will not work or produce poor result. 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. 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.. In this NR7 trading strategy, we looked for markets with a strong trend and used NR7 as a low risk entry point to join the trend. Do not follow the trading rules mechanically. Some NR7 bars appear at the high of a bull trend or the low of a bear trend.

These setups are not the target of our trading strategy. Wait for a real pullback to enter. Be very careful when you see multiple NR7 bars.

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Narrow range bars in proximity are a sign of price congestion in which NR7 patterns are less reliable. Remember to follow the path of least resistance. The best NR7 bars occur when price is moving against the path of least resistance. Could I ask you an off topic question? How should I intrepret a large bullish candle with a shaven head in an established up trend possibly engulfing that sees a spike in accompanying vol but then proceeds to fail or reverse?

Thank you very much! Take a look at this article on Anchor Bars. In a downtrend, has to be 6 bars closing lower than 20 MA and the 7th has to be a inside candle and then you buy on 8th bar?