Day Trading with Range charts and the best Red Flag news sites

Day Trading with Range charts and the best Red Flag news sites


hello traders its a samurai trade here
welcome to this hello traders its a samurai trader here welcome to this training
video in today’s video I’m going to be briefly covering day trading using range
charts and also what I believe are the best
red-flag new sites as we get underway I do need to put up the risk disclaimer if
you’re new to my channel if you’re if you haven’t read one of my disclaimers
if some time please do review the risk disclaimer
pause the video and make sure you do read it there is a risk in trading and
as we get underway also if you haven’t already obtained my free ebook truth
about day trading in the description link below under this video you’ll be
able to click on and request my free ebook for truth about day trading and or
my free training manual discover how we trade the futures Forex and stock market
so please feel free to down there click on the down let me get this right click
on the download link in the description below thank you
so let’s start with red flag economic reports it’s absolutely essential that
at the start of every day we review the news what is coming out that is I’m not
a big one on actually watching the news watching for breakouts etc because the
the news readers when it comes to financial news over quite often pushing
their own personal view users delayed etc so I don’t watch the news channels
however what I am interested in here particularly is a day trader I’m
interested in what red flag news maybe come in or what major news may be coming
out for the day that may affect the market that on trading so the two best
that I really prefer over forexfactory.com and econoday.com now with forex
factory.com you’ll find that most forex traders or many many paps I should say
we use forex factory but what if you’re a futures trader well I would refer to
both and here is why if you trade gold for an example that can be heavily
impacted upon what is happening in the forex market so I think it’s very
important that on a daily basis before you start each day that you review the
news now you you drive in your trading journal any red flag
news announcements that may be coming out so let’s just quickly visit them so
what we’re looking at here is forex factory.com now once again I believe
every trader should be refute reviewing let me get this right
reviewing this particular site and one thing though you will see here the date
and you’ve then got the time so depending on where you are located in
the world you may have to adjust the time now for an example I’m based in
Australia so I’ll need to go on adjust that so in this particular case actually
or you can just simply go where is it here match automatically to your
computer clock which is what I’ve just done okay so I’m recording go go back
guard so it’s 4:24 p.m. here so no go I’ll now go back to the calendar and
here we go so this gives me all the red flags for the week very very important
that we take notice of the red flags and we can see here for an example a ton of
them later on the week in USA so let’s now have a look at econoday now in this
particular case unfortunately I can I see the Monday which is off to the left
because it’s going off the screen or for PowerPoint slide size here and we can
see tomorrow being the 4th of July the main markets are closed and we can see
then Wednesday so we can see fOMC minutes too so I’m really interested in
these red flags and I want to be very wary of trading these now I actually
will probably do a video specifically for my members on which of the red flags
we really want to be really noticed for example the jobless claims is not much
of a needle moving out a so there are some that are marked up as red flags but
barely move the market we don’t have to be too concerned but some of them such
as here the petroleum reported 11:00 on Thursday we definitely need to be aware
of and if and as a CL trader which we are we want to really make sure that
we’re out of a market I recommend at least 15 minutes beforehand now let’s
remember that normally the petroleum report the inventory report comes out at
10:30 on Wednesdays but whenever we have a short week they make it Thursdays at
11:00 so that’s why you don’t see it there traders at 10:30 they’ve moved it
so 15 minutes beforehand you want to make sure you place no trades on sale
during that time and usually 10 to 15 minutes after and that really comes down
to the speed of the market so just getting back to our PowerPoint let’s
just go back here you then got INO you got briefing.com
if you’re more into stocks that maybe they may be also big great channels for
you to review so let’s now go back to our next section that we all want to
quickly cover and that’s discussing range charts many of my members and
clients know that when it comes to short-term trading and I am a day trader
I’m a fan of using either volume tick charts and range charts rather than that
the traditional time-based charts like the 1 3 5 15 minutes etc I will look at
a 5 minute I want it on a separate screen just to just really looking at
trading ranges because sometimes if you’re in a range a trading range that
is using a range chart or a volume it’s not particularly a tick chart actually
it’s it’s not so obvious so it’s good to have maybe a 5 in a 15-minute there that
you’ll refer to just to check overall market direction but getting back to
trading I love range charts specifically on Forex now usually when I’m trading
the futures markets I’ll use tick charts that’s sort of my preference I also both
wait love volume charts on futures but when it comes to forex specifically I’m
a real fan of range charts so if we look at them we’ve got time based charts
now time based charts candles are formed within a specific period of time tick
candles are formed within a specific number of ticks that’s the number of
trades not the volume of each of those trades but the number of trades volume
candles are formed within a specific amount of volume tick and volume they
look very similar and both work absolutely brightly and then of course
we get to range and Renko now I also do like Renko and we’ve done a lot of
research on Renko in the past and one thing I don’t like I which I suppose is
same in a way with with them a little with Ranger with Renko I lose some of
the information that I’m after so my preference is range so candles are
formed within a specific price range now in a moment I’m going to show you a
point a couple of things out on the charts for you so there are three rules
of range to range charts or bars if you like each range bombers have a high-low
range it equals a specific range so social trading Forex and you’re choosing
to use a full range which is four pips every candle is the same size each range
bombers open outside the high-low range of the previous bar you’ll see that in a
moment on the chart and each range bar must close it either it’s high or low
and you’ll see that as well now there is something for members that are watching
you so do also want to point out that is on in the members area you will see that
there is a folder in my Google Drive called new member downloads and if you
go down to new member downloads out of many of the downloads that you’ve got
there I have put together a PDF of my third chart settings now it’s also in
one of the emails that you receive that you can download on my site but if you
just want to go to that folder that is new member downloads you’ll see my
preferred chart settings so you can go and look at that now the other thing I’d
like to point out is that I love trading what we call the rule of two the rule of
two and in the members area you will find there but we’ve got a PowerPoint
specifically on trading the rule of two so it’s printable so you can download
the PowerPoint and this one more thing before you go to the charts under the
trading strategy video links and for non-members by the way we have
now our over 300 videos in our series you’ll find there a video also on
trading the rule of two so let’s now go back to the PowerPoint and actually
we’ll go straight to the slides so what I’ve got here in front of you we’ve got
the euro dollar now as I mentioned I really love range charts on on the forex
markets and they just to me just work really well probably because you get
some great trends now so on the left here I’ve got an 89 tick chart so of
course you may like to trade an 89 tick a 144 or 233 or which are 377 610 all
with your FID numbers whatever you really like trading and that’s a big
question that comes up and even under my downloadable PDF there of my preferred
trading times for all markets it really comes down to the speed of the market
and what you feel comfortable if you’re an active day trader you may even not
want to even trade with a full range here which I’ve got on my left or even
on the sorry an 89 tick and I’ve got a full range on the right here you may
need to even drop that down to maybe a 55 tick or a 3 range it really comes
down to the speed of the market so what is my preferred time frame well on the
Euro market particularly on the forex market I love the 89 tick but of course
I need to cross-reference with the red flag news announcements because I need
to make sure of course that I’m not in the market when a red flag comes out and
that by the way that’s something could I still see particularly new traders
getting caught with every week jesus why did I get stopped out why did you go
through my stop it’s because you’re not checking red flags now of course there
are announcements that comes out or user comes out that we weren’t aware of
course we can all get trapped but it’s very important to check your red flag
and then gets back to your time frame so my preferred time frame on trading the
forex market let’s go from this to chart or fully expects expand this now
is I prefer range charts the full range now for my members that know the rule of
two you’ll see you’ve got a rule of two the air rule of two rule of two rule of
two it just works over here you’ve got rule of two rule of two here you’ve got
a t1 so it makes up for you don’t actually have a rule of two until two
there so if you’re a scalper it can work really well so the third time frames for
me I really like on the Eurodollar I really like the full range if I want to
slow it down I might jump up to a five six or a seven range never is one thing
I must mention with range bars and it’s this normally when I’m trading I always
use a an anchor chart of three times higher than the time frame I am trading
with the exception of range bars because the way they actually form they’re
formed on a range in price that means that my anchor chart must be 1.7 times
higher not three times higher so therefore if I’m trading a full range on
Forex my anchor chart will be seven range it’s very very important most of
you know the importance of having a time frame three times higher and the reasons
for it if you’re trading range it must be the 1.75 formula to actually make it
work the way I trade so back on the range so Ranger just is really on Forex I
really like it and by the way works equally as well on stocks works very
well on the futures markets as long as you have a trending market okay my
preferred I do prefer tick and the volume on the futures markets so traders
hopefully that’s just giving you a brief rundown on range now if you haven’t
already subscribed to my channel please do even best of all join the day traders
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go too much subscribe visit my channel and I look forward to having you as a
member and I certainly hope that you picked up a few ideas out of today’s
video thank you you

One Reply to “Day Trading with Range charts and the best Red Flag news sites

  1. "Get the Competitive Edge Now!
    https://www.iamadaytrader.com/2018-check-out-the-day-traders-fast-track-program"

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