Simple Inside Bars

Orders placed, lets wait and see, i will cancel them in an hour if not triggered and we'll look again.

I have placed the order to buy 2.75 mini contracts at 160.49, stop at 159.41 (not sure if ig will let me trade odd sizes, time will tell, if not i would be inclined to adjust the siz to 3)

A/c $10000

Risk 3% $300

300 / 108 = 2.777777777777

Now it's just waiting

order cancelled, cable has traded below our stop so we'll wait for a better opportunity

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

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

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...

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......