ELITECURRENSEA FREE RANGE BAR STRATEGY. Forex Range Bars Pro Scalping system. How to use it: ( MT4 build 600+)

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1 ELITECURRENSEA FREE RANGE BAR STRATEGY Forex Range Bars Pro Scalping system How to use it: ( MT4 build 600+) 1.Put indicators in MQL4/indicators folder of your Mt4 2.Put the script into MQL4/scripts folder 3.Put the template folder into templates folder He process which shows range bars on chart is pretty simple. Lets say you will trade EURUSD.First drag Range bars.ex4 or s-constant range bars.ex4 from scripts folder to EURUSD 1min chart. Then in settings put BarsRange 4 and Timeframe 4. Go to OFFLINE in your MT4 and open EURUSD M4. Apply the template to that chart and you have it running. Mind you however that Range bars script MUST run on 1min chart only. FRB pro is a very effective method of trading. Range bars contrary to traditional charting tools like Japanese candlesticks and Bars completely eliminate noise from the charts. That means that main trend is never affected so we will use it for TREND with Breakout add on trading, and BREAKOUT TRADING. First you need to understand how it can be traded.

2 2 EMAs ( 40 and 120) applied on 4pip Bars determine the main trend. While Blue EMA is above RED EMA, it means that We can enter TREND based setups. 1.TREND BASED SETUPS As we can see on the picture, frb has established long accumulation where we expect a signal to go long. For consolidation/accumulation phase we have a specific candle configuration which depicts the condition.

3 This is the specific pattern which marks accumulation cycle of the market. The range can be anywhere from 4-8 candles. If both EMAs are aligned we wait for MACD signal to go long. The specific MACD signal line comes when MACD goes BELOW the 0 line then crosses as GREEN line from below. The important thing is that MACD needs to go BELOW 0 line and then cross as GREEN signal ( macd2line cross) from BELOW. You enter on the first cross when range bar has closed. So when you see that the RED line is below the 0 MACD line then it crosses the thin blue line as a GREEN line its your entry point. TREND BASED SHORT setup is vice versa of long setup. MACD needs to go ABOVE 0 line and then cross as RED signal (macd2line cross) from BELOW. You enter on the first cross when range bar has closed.

4 So when you see that the GREEN line is above the 0 MACD line then it crosses the thin blue line as a RED line its your entry point. FOR TREND trades we have 3 basic setup patterns. First pay attention to classic candlestick setups as they also apply to range bars although with much less noise.

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6 For Range Bars we use these setup patterns 1.Consolidation pattern Its 4-8 configuration pattern that is usually the signal for next wave. It usually happens around EMAs and we expect a thrust in trend direction. 2.UPWARD/DOWNWARD impulse wave

7 Impulse waves show in stronger trending markets. Price makes a thrust in one direction then pullbacks but not above previous high in downtrend or if it s an uptrend then it pullbacks not breaking previous low. ON FRB Pro system price pullbacks usually to blue EMA or slightly above but not breaking previous high. 3.BREAKOUT PATTERNS: We need to identify at least double bottoms for short breakout and/or double tops for long breakouts. We trade in the trend direction. Identify congestion areas ( at least double tops/bottoms) and last low(short trades)or high(long trades). Wait for the candle to break out then close below the marked bottom. Sell it at the candle close. We can also make add-on trades after trend trades

8 These are TREND setups. With Range Bars we can also exploit Breakout trades of Daily Lows and Highs. To avoid a manual search for Asian, London and New York lows/highs we will put an indicator called Session Hi/Low and it will automatically mark those levels for us. Check the indicator for Session Colors:

9 We take trades based on breakout of session HI/LO. Target Price or Take Profit is usually anywhere between pips.(3-8 range bars). For additional confirmation use Gann S/R lines but its optional. Stop loss is few pips above/below previous low/high depending on trade direction. MACD indicator used in this system is coded by Silvio Invernici and its useful in showing us the cross on white background.

10 Prior to LIVE trading please practise it on DEMO platform. Happy Trading!