Simple Inside Bars

This is a discussion on Simple Inside Bars within the Trading Journals forums, part of the Reception category; We have our 1st trade..................and it could go either way! Our order was triggered at 1320 and we went long ...

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Old Nov 7, 2008, 3:07pm   #25
 
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foredog started this thread We have our 1st trade..................and it could go either way!


Our order was triggered at 1320 and we went long 2.85 gbpusd at 15819, the market then chopped about before the figures came upon which it gapped down, then up and now down again.

Since our opening candle made new highs i have moved the original stop to 50% of the difference between the original stop 15714 and the low of the 1300 candle 15762 (714 -762 = 48 /2 =24) so the new stop is 15738.

This is to reduce risk becasue the market may go back to near the low of this candle so we don't want to get stopped out by a quick flock down, but if it goes much beyond this low then the rally's probably over and we want to be out and wait for the next IB.

I will monitor the trade again at 1500 and 1600, if not stopped out then it's on it's own until Monday
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Old Nov 7, 2008, 4:48pm   #26
 
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foredog started this thread Stopped out at 15738 time 1445 for 81 pips loss or $230.85 so we've had a 2.3% loss and the account stands at $9769.15

If i had left the stop at the original point then we would still be in the trade but only time will tell if we'd have made a profit from it......

I believe the best profits will come from the trades that go on with little pull back, our job is to manage the ones where it chops around and try to minimise loss.

There's a lot of maybe's with stops, only time will tell if my 50% method is right so thankfully we're demoing this.

Have a good weekend and hopefully we'll all 'ave it off next week.
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Last edited by foredog; Nov 7, 2008 at 4:52pm. Reason: adding %
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Old Nov 7, 2008, 9:53pm   #27
 
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Interestsing stuff and thanks for the new (to me) approach. Just outchecked the link to Amazon and the cheapest book by Toby Crabel is $550! Must be dynamite. Any other significant details on inside bars worth sharing for those of us without $500+ to spare please?
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Old Nov 8, 2008, 11:12am   #28
 
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foredog started this thread There was a thread on a rival forum where a chap who's been trading this sytem for years posted it, read through that, i'm basically using his idea with a few tweaks (if it's wrong to mention the site mods please delete)

It's on Forexfactory, search for the thread no free lunch or the poster PeterCrowns.
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Old Nov 8, 2008, 2:18pm   #29
 
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Originally Posted by foredog View Post
There is a lot of talk of risk reward and different strategies so i am going to attempt to demo trade a simple system on the GBPUSD over the next few weeks.

I will trade the break of a 1hr Inside bar in the direction of the day (chosen by taking the open of the 6am Uk time candle) with an entry by stop loss 4pips outside the bar and my stop 4 points the other side of the bar.

I will then check every hour and if a bar makes a new high i will move my stop to 50% difference from this candle and my previous stop and my exit will either be stop hit or signal in other direction.

I will try and record it here and also on a blog A SIMPLE TRADING SYSTEM

I will start with a fictional $10000 and risk 3%

Foredog. I would like to suggest a very simple alteration to your system if I may be so bold. You are trading the uk open on the cable. So in theory you only have one of the active sides actually taking part. Why not use the USA open, you then have both ends playing. You could even run the two open times side by side so to speak. to find out which (if any) is better suited to this methodolgy. And (I personally would also use outside bars).

I had looked at Peter Crowns method over a few months and the times it did work it was very good, but there were lots of days where nothing happened, or gave a loss trade. This way you give yourself 4 chances over one, if you also took the 2 till 3pm bar gmt time. (I think also if memory serves that he traded ANY inside bar break out from the stated start time).

I haven't even looked back through any charts yet to even see if this works, so I do apologise in advance if it's a total screw up and also for 'chocking' the 'simple' plan.

Simple works... Though it may need a tweek here and there.
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Old Nov 8, 2008, 2:23pm   #30
 
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Originally Posted by options View Post
Foredog. I would like to suggest a very simple alteration to your system if I may be so bold. You are trading the uk open on the cable. So in theory you only have one of the active sides actually taking part. Why not use the USA open, you then have both ends playing. You could even run the two open times side by side so to speak. to find out which (if any) is better suited to this methodolgy. And (I personally would also use outside bars).

I had looked at Peter Crowns method over a few months and the times it did work it was very good, but there were lots of days where nothing happened, or gave a loss trade. This way you give yourself 4 chances over one, if you also took the 2 till 3pm bar gmt time.

I haven't even looked back through any charts yet to even see if this works, so I do apologise in advance if it's a total screw up and also for 'chocking' the 'simple' plan.

Simple works... Though it may need a tweek here and there.
Great idea, I'm going to run with just the Uk for a few weeks first and then maybe look to introduce this if there's very few signals.

Thanks
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Old Nov 8, 2008, 8:23pm   #31
 
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It’s a price (action) observation that is as old as the hills.
I’m not sure how you’ll go on with triggering it off that particular chart reference, but the concept of gunning inside & outside edge bars on positive (negative) flows is a simple, effective driver. Team them up with visible support-resistance (buy/sell pressure points) & you got quite a powerful template to play with.

I work alongside a fella who has operated one of his long-range engines via a weekly/daily combo for years, with excellent risk to profit tolerances.

Example below.

One of the positives of legging in via the higher timeframe templates is you get plenty of time to weigh up the each-way odds of compounding a strong momentum play, whilst minimizing costs. You also suffer less from (fake out) 2 way intraday vibrations, which will be one of your major annoyances on that small timeframe.
Anyhow, good luck with it.

grey lines are buy/sell pressure zones
red line is the trigger off a (typical) big figure launch

Click the image to open in full size.

Last edited by Hawkmoon; Nov 8, 2008 at 8:30pm.
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Old Nov 8, 2008, 10:54pm   #32
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Originally Posted by Hawkmoon View Post
Team them up with visible support-resistance (buy/sell pressure points) & you got quite a powerful template to play with.

You also suffer less from (fake out) 2 way intraday vibrations, which will be one of your major annoyances on that small timeframe.
Keying in off the key wkly-daily (s/r) zones via his hourly frame will reduce the false starts on these inside plays, especially if they’re managed via pullback entries.

There aren’t too many on here keen to play off the larger frames on the currencies Jimmy.
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