Simple Inside Bars

This is a discussion on Simple Inside Bars within the Trading Journals forums, part of the Reception category; Potential Setup (at last) 11am range 15702 -15815 12 range 15718 - 15815 (97 pips) We have taken 15647 as ...

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Old Nov 7, 2008, 2:04pm   #22
 
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foredog started this thread Potential Setup (at last)

11am range 15702 -15815

12 range 15718 - 15815 (97 pips)

We have taken 15647 as the open so we will only look to go long.

buy stop placed at 15819 , stop at 15714 for 2.85 contracts ( $300 / 105)

will cancel order at 1400 if not filled
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Old Nov 7, 2008, 2:07pm   #23
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If one only looks at the candlestick pattern of simple inside bars, to make money and base entries off, they are passing up many other good opportunities to make $.
Look at a chart - be it a 5min 15min etc, and see what the high low oopen close are doing in comparison to the last candle, on the candle which marked the change in direction, and which "pattern"/trend consistently leads to profit potential.
Add a bit of S/R - Happy Days!
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Old Nov 7, 2008, 2:18pm   #24
 
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Quote:
Originally Posted by JTrader View Post
If one only looks at the candlestick pattern of simple inside bars, to make money and base entries off, they are passing up many other good opportunities to make $.
Look at a chart - be it a 5min 15min etc, and see what the high low oopen close are doing in comparison to the last candle, on the candle which marked the change in direction, and which "pattern"/trend consistently leads to profit potential.
Add a bit of S/R - Happy Days!

All true but this is just to show one simple method that is fairly easy to recognise and use.

I'm sure that if you just used this method over a few pairs then it would throw up enough signals to produce a healthy income.

Not tested that yet though!
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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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