Simple Inside Bars

This is a discussion on Simple Inside Bars within the Trading Journals forums, part of the Reception category; Plenty of movement and a few setups but no trades today, with a method like this it's probably better if ...

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Old Nov 14, 2008, 9:47pm   #81
 
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foredog started this thread Plenty of movement and a few setups but no trades today, with a method like this it's probably better if we are out of the market when it's choppy as the best results come from a trend, as seen this week rather than a scalp.

I believe the someone who uses this on a consistent basis closes half the position at R:R 1:1, eg if your stops 55pips when you gets 55 pips profit then close half leave stop in place and you've got a free trade, i just wanted to try it differently, better to play around with a demo a/c

good weekend all
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Old Nov 17, 2008, 10:55am   #82
 
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foredog started this thread Lot on today so won't be able to trade cable today, hopefully back on it tomorrow
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Old Nov 18, 2008, 8:44am   #83
 
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foredog started this thread Todays 6am open is 14991 Short below it, long above

Looks like we may have the first trade of the week.

The 7am bar was 14990 - 15091

The 8am bar was 15021 - 15091

So we will place a buy stop at 15095

stoploss at 15017

We are willing to risk 3% of our account balance of $13542.15 which is $406.26 we will buy 5.2 contracts ( 406.26/78 = 5.2)

If the trade is not entered by 10am i will cancel the order.

I doubt whether this trade will turn out to be our most profitable as i can't see a massive break to the upside from 150 but you never know, that's why we'll put the trade on with our stops in place and see what happens.
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Last edited by foredog; Nov 18, 2008 at 10:04am.
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Old Nov 18, 2008, 11:02am   #84
 
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foredog started this thread Trade cancelled, cable has traded through the open and is now in negative territory....
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Old Nov 18, 2008, 4:56pm   #85
 
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foredog started this thread No trades to report today, which could be seen as no bad thing the way cable has behaved.

This method makes money when markets are trending, not chopping, i think any trades entered over the next few days will present little or no profit but we'lll still try, you never know if one of them might be the start of a new trend.
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Old Nov 19, 2008, 1:05pm   #86
 
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foredog started this thread There was an inside bar this morning, but i missed it, woke up late!

It would've been stopped out anyway so a blessing in disguise.

No others today so far, more chopping.

Although there has just been one on EURUSD at 12630, if you're trading full time it could be worth watching more than one pair, i can't at the moment, this is a side project.

Will look later and see if EURUSd Would've made money
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Last edited by foredog; Nov 19, 2008 at 1:17pm. Reason: add EUR
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Old Nov 19, 2008, 2:04pm   #87
 
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foredog started this thread 6 am open 14954

Inside bar at 1300

11am bar 15035 - 15094

12 bar 15055 - 15092

Buy stop placed at 15096

Stoploss at 15051

order is for 9 lots (406.26/45 = 9.02)

If not triggered by 1400 i will cancel
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Old Nov 19, 2008, 3:18pm   #88
 
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foredog started this thread Order cancelled, which is a shame as cable has now shot up..C'est la vie

incidentally following the 50% rule on Eurusd we would've missed being stopped by 2 pips and now be up over 100 pips!
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Old Nov 19, 2008, 3:19pm   #89
 
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Quote:
Originally Posted by foredog View Post
6 am open 14954

Inside bar at 1300

11am bar 15035 - 15094

12 bar 15055 - 15092

Buy stop placed at 15096

Stoploss at 15051

order is for 9 lots (406.26/45 = 9.02)

If not triggered by 1400 i will cancel
Hi foredog,
Great thread.
Tell me you didn't cancel...
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Old Nov 19, 2008, 3:25pm   #90
 
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foredog started this thread glad it's a demo, i'd have been kicking myself if it was real.

All the pin bar followers should've had it off thoughj!
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