Dear Aw10 no i have not done much work on it wanted to bring this concept to 60 min flow as RK knows 60 min flow very well he can share some of his thoughts ........
Whenever we try to look back the range in past 7 barsof 60 minutes each, we are sure to get a 5 minute and a 30 minute bar(9.55 to 10) and (3.00 to 3.30) The first 5 minute bar can be avoided by changing the startung time but cganging the closing time to omit the last 30 minutes bar shall leave out large chunk of price movement data .
I just eye balled the Nifty Futures 30 minutes chart from April 2008 and it seem to be reasonablly good to trade. We need to have some trading rules :
Just suggesting w/o looking back :
01. Use a 5 point filter rounded to nearest rupee +0.20 paise ,
02. Move SL to cost once the trade moves in our direction by X points.
03. Track also Range Expansion 7, i.e look out for a bar having highest range in last 7 bars, and if we are in trade, the Hi or Lo of this expansion bar can be used as Trailing SL
04. Book partial profits at certain levels.
05. Exit position at close.
06. Not sure what to do if we gat a NR7 on 3.30 bar?? Do we trade it the next day.??????
Shall try to post a chart soon!! Not very proficient in upload etc, and may take time.
Looking forward to inputs from all, not Satya alone to whom this mail is addressed.
All the best.
-R K Karnani