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Author Message  hershy Member Username: hershy Post Number: 1238 Registered: 10-2002 Rating: N/A Votes: 0 Sunday, February 19, 2006 - 08:53 pm:     NR4 is a grat pattern to look for but there sure are a lot of them every day. So I started looking for a contrarian view and have come up with an interesting alternative (sort of). I don't have a trade tester so cannot put it to any other than an eye ball test so would welcome the involvement of someone who can help me. Rather than looking for the narrowest range, i am looking for the widest range, no time limit. In fact I am looking for an outside day with a difference. I need an open that is below the previous day's low and a CLOSE above the previous days's high. this also works just as well on a weekly chart. The criteria are as follows: If after this outside day the price trades one tick above the new higher close, an entry is suggested with a mandatory stop loss. Contrary to the NR4 pattern which with it's low range allows a greater position, this NR4 Not formation has a large range and positions should be smaller. A stop loss can be set at the 1/2 way mark of the outside bar to allow for a greater parcel. If the market trades below the high of this bar, forget it for now but put it on your watch list as I find that the next time the price action moves one tick above this outside bar's close, the entry is just as successful. I repeat, this was just an eyeball and I have not put this to a real test. A trailing stop loss would ensure this system can be cost neutral for short lived breakouts. Two examples above. Unlike NR4, the NOT pattern only does between 3 to 7 hits a day so it's a lot easier to follow up. Friday's daily hits: Weekly : The road to success is usually under construction. http://members.optusnet.com.au/~hershy/  justice Member Username: justice Post Number: 473 Registered: 01-2003 Rating: N/A Votes: 0 Sunday, February 19, 2006 - 10:23 pm:     OCL (long) on the weekly Short propositions on the daily. SEV IOF ... d'ICE ... :-)  endorphin Member Username: endorphin Post Number: 24 Registered: 09-2005 Rating: N/A Votes: 0 Sunday, February 19, 2006 - 09:59 pm:     Hershy what about shorts, have you found if this can work on short trades as well ?  hershy Member Username: hershy Post Number: 1239 Registered: 10-2002 Rating: N/A Votes: 0 Monday, February 20, 2006 - 06:17 am:     Hello Endorphin, Have not really looked at shorts. Anyone out there witha trade tester ? The road to success is usually under construction. http://members.optusnet.com.au/~hershy/  perler59 Member Username: perler59 Post Number: 807 Registered: 09-2003 Rating: N/A Votes: 0 Monday, February 20, 2006 - 10:06 am:     Hershy, do I understand your scan correctly. You are looking for the widest range of the last four days and it must be an outside day? A more powerful signal if there is a gap and an immediate filling of it plus more? http://sttc.net.au/~stever  hershy Member Username: hershy Post Number: 1241 Registered: 10-2002 Rating: N/A Votes: 0 Tuesday, February 21, 2006 - 06:22 am:     Hi Perler, No, there is no time or number limit on the pattern. It does not occur all that often. Scan results for Monday : Of these, I would be interested in HDN, MLB, AIA, AIX & ETR. Interesting that BSL came up with an outside day on a day of dismal news. The road to success is usually under construction. http://members.optusnet.com.au/~hershy/  david_louisson Member Username: david_louisson Post Number: 218 Registered: 02-2004 Rating: N/A Votes: 0 Thursday, March 02, 2006 - 12:50 pm:     Hi Hershy Your engulfing candle pattern is similar to a "Key Reversal" - see http://www.incrediblecharts.com/technical/key_reversal.htm David  hershy Member Username: hershy Post Number: 1268 Registered: 10-2002 Rating: N/A Votes: 0 Thursday, March 02, 2006 - 07:47 pm:     Gosh but it's damn hard to get away with plagiarism these days !!! Except I don't necessarily expect a reversal. But yes you are right ! Please give yourself a cigar. The secret to good trading: If you do something well - do it often. If you do something badly, don't do it too much. Know the difference ! http://members.optusnet.com.au/~hershy/

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