Mr AW10 thanks for the excel sheet but pls would u explain by giving an example how can we trade through the NR7 setup pls give an example also today NR7 day range is 153 it means wat hope to hear from u soon
regards
thesaint, the range of last 7 days including today 18-Jun are (153, 185, 132, 131, 127, 93, 137). Narrowest range of last 7 days has been 93. Because today's range is not smallest of all, today is not at NR7 day. In simple terms, it was not a contraction day.
In price action terms, market has been expanding for last 5 days and it is time to take a breath anytime i.e. have a narrow range day. In my observation, if not tomorrow then in next 2 or 3 days, we might see NR7 /NR6 day. If we had today's range, less then 93 then we would have got NR7 setup today.
In that excel sheet, if you copy the formula given in column G and H and enter the OHLC data for other days, then NR7 = YES will be flagged in column H automatically.
One can very well copy OHLC data for any other scrip /timeframe and easily find out the days / bars when NR7 was flagged.
With the help of others, we are going to develop a trading system around this setup. Plz wait till such time.
Happy Trading