The NR7/ID stands for Narrow Range 7 / Inside Bar. It uses end of day closing prices. A stock whose range for today is the narrowest range of the last 7 days, including today, and whose high today is lower thanyesterday's high, and whose low today is higher than yesterday's low, is an NR7/ID. The symbol FCS is a good example. On Friday, FCS qualified as an NR7/ID. I like the charts that look like this because they are in congestion pattrns already, and then the NR/ID day occurs. As you can see, the stock broke out. Btw, as an added thought, when looking at these, I am going to begin paying more attention to the volume, ie., DU and FRV type, as mentioned in the Short Term Trading thread. I didn't check the intraday volume for FRV as required, but just as a rough example of what the DU volume looks like, check out the volume on Friday for FCS relative to previous days, and then the breakout days.
The chart for FCS. This in no way is the complete guide to the Short Term trading method, but as I said in that thread, I truly believe that Jack Hershey's concept of DU and FRV can improve timing dramatically.
Inandlong, An "expansion breakout" (both volume and price) from a solid base (be it 1week or 3 months) to fresh highs that is proceeded by a NR/ID bar is a very strong set-up when taken in the direction of the initial breakout... PEACE and good-specul8ting...
Yes it is and thanks for pointing that out, Spec'. I was just reviewing a site for TC2000 that offered a number of codes that would help one scan for bases of any length. Why Tony Crabel chose the NR7 I don't know. I think he or Connors and Raschke also popularized the NR4 also. Perhaps they chose those because they occur frequently enough to offer many trading opportunities. Thanks again!
This is the NYSE symbol list for NR7/ID candaidates from Monday. Only stocks between 10-70 and avg vol > 400,000 are included.
long, dude follow some trade from beginning to end. will be much more valuable. you keep jumping from chart to chart.
At some point it is important to look at the chart on your own, and follow it. Geometric patterns are very basic TA that everyone should know before they place their first trade. I have posted the criteria for pattern breaks already....dude. The Fairchild chart represents a NR7/ID break. Please note the title of this thread encompasses two different, although sometimes coinciding setups. Now.... the Yankees have tied this up, and Soriano just grounded out with the bases loaded. My Marlins have already made it... now it's time for some Sox karma.