NR7 - ID Breakout
I have wrote some articles about NR7 in another thread and this seems to be new for many traders (mostly newbies).
So here is new thread only for this things.
I shall post here some realtime trades within the upcoming few weeks.
NR stands for Narrow Range.
A narrow range candle is simply a candle which has a range from high to low that's much less than the average past candles. Many traders are monitoring NR7 (daily !!!) candles. NR7 means the narrowest range of the previous seven candels.
With NR we could observe for the Range Contraction.
So if we have NR7 in conjunction with ID (inside day), it is a really good setup.
The principal thing on this setup is that the very superior chance/risk-ratio.
(also Google: NR7, ID)
Example:
http://img517.imageshack.us/img517/2909/idnr7fg7.gif
http://img517.imageshack.us/img517/2909/idnr7fg7.gif