Simple Inside Bars

This is a discussion on Simple Inside Bars within the Trading Journals forums, part of the Reception category; Obviously the price went through our limit and powered on up after we cancelled the order but the idea of ...

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Old Nov 5, 2008, 6:04pm   #11
 
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foredog started this thread Obviously the price went through our limit and powered on up after we cancelled the order but the idea of this is low risk entries and after trading below our stop and failing to break the high in the hour i felt the IB was invalidated.

some may disagree but we haven't lost anything, just failed to gain, tomorrow is another day.
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Old Nov 5, 2008, 8:18pm   #12
 
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Originally Posted by foredog View Post
Obviously the price went through our limit and powered on up after we cancelled the order but the idea of this is low risk entries and after trading below our stop and failing to break the high in the hour i felt the IB was invalidated.

some may disagree but we haven't lost anything, just failed to gain, tomorrow is another day.
Some sites \i posted on an earlier thread re - inside bars etc.


Below is a selection of PIN BAR, Inside Bar and other Price Action trading styles.
Enjoy:

The DIBS Method . . . No Free Lunch continues

Neil
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....Indicators show the past. Price Action "Indicates" the future.
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Old Nov 5, 2008, 8:27pm   #13
 
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foredog started this thread Cheers Neil

If it was about 6 months ago then this was where the idea came from, i was already using inside bars but that thread gave me a push in the right direction, although this is still my first real foray into Forex, too busy until now!
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Old Nov 5, 2008, 9:23pm   #14
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Cheers Neil

If it was about 6 months ago then this was where the idea came from, i was already using inside bars but that thread gave me a push in the right direction, although this is still my first real foray into Forex, too busy until now!
Hey Foredog

Nice to see an inside bar thread. Are you going to trade Cable only or will you add a few more of the major pairs? I try to watch about 6 or 7 of the bigger pairs.That said the only IB i took today was on EURCHF, first i went short, then long on the failed breakout. That has since retraced so out at be. Have you set yourself a limit on the size of the inside bar? I know soon prefer only the smaller ones as the breakout seems to be a bit more vigorous so that maybe worth considering.
Shane
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Old Nov 5, 2008, 9:25pm   #15
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Originally Posted by BSD View Post
Sounds good and robust mate.

Toby Crabel wrote a book about such patterns - Day Trading With Short Term Price Patterns and Opening Range Breakout -, then regretted that he ever did it - which explains the current prices of out-of-print examples lol - as he is now running his own billion dollar hedge fund :-)

Best of luck !!!

someone said something about looking at the second zip file on this link ...

http://forex-knowledge-strategy.blog...ackage-12.html

....i wouldnt know though...
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Old Nov 6, 2008, 8:17am   #16
 
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Inside Out

foredog started this thread I am taing the 6am open as my starting point for the day, which today was 15866

On my Ig charts the 6am bar only traded 2 pips more than the 5am bar, it certainly looked like one.

If i was trading this discretionary then i would probably have placed orders around this bar as the start of the London session will usually move cable one way or another, but as i am trying to follow a simple system and this wasn't an INSIDE Bar then i've let it go......
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Old Nov 6, 2008, 8:19am   #17
 
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foredog started this thread
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Originally Posted by skelly22 View Post
Hey Foredog

Nice to see an inside bar thread. Are you going to trade Cable only or will you add a few more of the major pairs? I try to watch about 6 or 7 of the bigger pairs.That said the only IB i took today was on EURCHF, first i went short, then long on the failed breakout. That has since retraced so out at be. Have you set yourself a limit on the size of the inside bar? I know soon prefer only the smaller ones as the breakout seems to be a bit more vigorous so that maybe worth considering.
Shane
Hi Shane

At the moment i'm just doing GBPUSD, so as there's not too much to look at.

I know what you mean about the size of the Bars, i hadn't really considered that, maybe i'll have to add a rule of the bar being max x pips?

Thats the benfit of demo though, we can discover things without getting hit in the wallet!
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Old Nov 6, 2008, 4:44pm   #18
 
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foredog started this thread No trades today, there have been no inside bars so far on my charts, although some were close, maybe this is a good thing with the BOE etc today.

The bars that wasn' this morning would've produced a small profit but not as much as we'd like and maybe not worth the risk........

Not quite the start i hoped for but the markets will still be here tomorrow (although another few months like October and some may not!!!!)
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Last edited by foredog; Nov 6, 2008 at 4:49pm. Reason: adding
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Old Nov 7, 2008, 12:13pm   #19
 
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foredog started this thread Thanks you all, i'd love to receive the award for dullest diary on T2W!!!

3 days in and no trades....

But i've chosen a setup that should over time produce good Risk:Reward when the correct trades are taken, this means only the right trades, not ones that are sort of Ib's but i've got a hunch etc

so at the moment the lessons are discipline and patience.

Cheers
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Old Nov 7, 2008, 12:57pm   #20
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. . .so at the moment the lessons are discipline and patience.
These are always the lessons - each day - and not to trade when there are distractions around. Yesterday, I had builders in the house and I briefed them before the market opened. An hour and a half in, I take my first (long) trade. A minute later, there's a knock at the door, the builder has a question. I quickly put on a stop order and go and sort the builder out. I return 2 minutes later to find my stop has been hit. Only problem is I placed a stop buy order instead of a stop sell order, so I'm still in the trade but at twice the correct size and price is going against me. I close immediately for a loss 4 times greater than it should have been. All because a builder wanted to know where I wanted a towel rail in the bathroom! I'm not blaming the builder (who's a very nice chap) - it's my own stupid fault. Very embarrassing too, so I don't really know why I'm posting for all to read here. I guess I hope that someone might learn from my expensive and incredibly stupid, kindergarten mistake!

Tim.
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