Simple Inside Bars

[JDTRADER]

Tenbob,

Thought this was brilliant. Thanks for posting.

Ged

I agree top post

 

[elitejets]

Great thread Foredog! I will come back next week.

Top post Andy (and Joe Ross).
#3 really hit home for me. I often use IB's to add to a position and its really true that already having a positions skews your view of the market, hence I tend to have more losers with additions.

 

[Splitlink]

Hi foredog,

Thanks for that smashing blog you do. Wish I had the patience for that, but I don't, so there! I would like to bring up this point, though, if I may.

Your entries, on the hourly bar, are great and they get you off to a good start. What I think, is that you should not try to exit on them. They eat up your profit before you get the signal.

If you look at my chart, TF15, you will see that there was an IB that could have been used as an exit on your trade. There was, also, an SR line just below it. It may be hindsight, on my part, it's true, but I would have taken it, in my case, because I have limited hours in which to trade. That is why I do not do hourlys unless they are very early on----there are only three, or four, in a morning.

I'd like to add that I have come to the conclusion that I will never become rich! I am a bit grabby in my profit taking, I know, and some of my trades are closed far too early.

Keep going and Good Trading-

 

[tenbobtrader]

Hi foredog,

Thanks for that smashing blog you do. Wish I had the patience for that, but I don't, so there! I would like to bring up this point, though, if I may.

Your entries, on the hourly bar, are great and they get you off to a good start. What I think, is that you should not try to exit on them. They eat up your profit before you get the signal.

If you look at my chart, TF15, you will see that there was an IB that could have been used as an exit on your trade. There was, also, an SR line just below it. It may be hindsight, on my part, it's true, but I would have taken it, in my case, because I have limited hours in which to trade. That is why I do not do hourlys unless they are very early on----there are only three, or four, in a morning.

I'd like to add that I have come to the conclusion that I will never become rich! I am a bit grabby in my profit taking, I know, and some of my trades are closed far too early.

Keep going and Good Trading-

Hi Split

"I'd like to add that I have come to the conclusion that I will never become rich! I am a bit grabby in my profit taking, I know, and some of my trades are closed far too early"

sometimes in a women - NEVER in a man

good point raised regards exits split via lower timeframe Split

you could just use a wide range bar into potential R or S area - trail stop in close - a pre-selected % of bar and let market take you out with most intact

or keep you in for a bit more

anyway some longer timeframe charts from

Investors Intelligence

thoughts for the day ~

"It takes Long Term tf / professional money to alter the trend of the market.

Local Professional traders will not fight the market.

To fight the market means you are ~

• buying on up-moves when there is supply coming onto the market.

• selling on down-moves when there is no supply."

from master of the markets


from mr Ross ~

"10. A buy signal that fails is a sell signal. A sell signal that fails is a buy signal.

11. It's always easier to enter a losing trade."

have a good one

off to the beach

Andy

 

[foredog]

Just posted this on the blog, no point typing the same sentiment twice!!!

A game of two halves

Well glad this week is over, although i started my weekend a bit too early (bank holiday on Friday here).

Wednesdays trade was a short in the afternoon, a gap down and then a double low/ Inside bar, with lows at 15875, went short at 15872 and it chopped about before moving a little lower, but not enough to warrant moving up the stop, before rallying through the stop at 15992.

Thursday carried on where Wednesday left off. Long of the 5am IB at 16003, stop at 83. It rallied bya bout 20 point sbu not the 30 in the rules before coming back to hit the sop which had been moved up as the bar low was slightly higher. stopped at 15987 for a 16pip loss.

It was BOE rate day so cable could be very volatile but there was a large IB at 9am so i took the break of this, as the last time i missed a trade it would have profited. Long at 16067, stop at 16047 Cable kep bouncing before pulling back and then as the BOE was announced it rallied to 16090 but not the 30 to move the stop up, before the imevitable pullback to stop for another -20.

Not really the week i was hoping for and with Friday being a Bank Holiday where i live i was almost in weekend mode. There was an Ib early of Friday but was above the 50ma so i could not short it. After this I decided to call it a week........and so as you'd expect there was a pin bar then a few hours later and IB, which would at present be yeilding 100+ and 25+ pips each. Just shoes you've got to "be in it to win it" etc.

As usual , human psychology at it's best, the light was at the end of the tunnel, and if i'd tken those Friday trades and that trade on Tuesday the account would have been at new equity highs of around £180 rather than £117.50.

On to next week, with the account at least still in profit if only a little. Maybe it would be better to move the stop to Breakeven quicker as here were a few trades that went 20+ before stopping out, or maybe not use the filter of the 50ma as that meant i missed an IB on Friday morning? Who knows, but one bad week is not the time to start changing the system, especially when most of the problems were me missing the rofitable trades rather than the losses. Food for thought.

Open Bal £145.5

P&L -£28

Close Bal £117.50

Weekly performance -£42.50 -26.5%

 

[foredog]

Chart of the last few days.

 

[foredog]

Hi foredog,

Thanks for that smashing blog you do. Wish I had the patience for that, but I don't, so there! I would like to bring up this point, though, if I may.

Your entries, on the hourly bar, are great and they get you off to a good start. What I think, is that you should not try to exit on them. They eat up your profit before you get the signal.

If you look at my chart, TF15, you will see that there was an IB that could have been used as an exit on your trade. There was, also, an SR line just below it. It may be hindsight, on my part, it's true, but I would have taken it, in my case, because I have limited hours in which to trade. That is why I do not do hourlys unless they are very early on----there are only three, or four, in a morning.

I'd like to add that I have come to the conclusion that I will never become rich! I am a bit grabby in my profit taking, I know, and some of my trades are closed far too early.

Keep going and Good Trading-

Beunos tardes Split

Just my take on the exits thing so I could be right or wrong.....

Not had a proper look a this but i'd guess that for every time that the smaler TF will get you out early for a better profi there will be another time when it gets you out far too soon and you miss the continuation of a monster move. Swings and roundabouts I'd guess. Best idea would be for me to carry on as i am but compare what exit there would have been on the smaller TF's and see over a period what would be better.

Thanks for all your ieas and pointers though, sometimes other people can see what we can't when it's right in front of us.

 

[Splitlink]

Hi foredog,

Last week I did my trading, using an IB as a trigger, and posted what I was doing on this thread, as asked.

I won't go any further because it is your journal and I feel that I might be intruding, a bit, although I shall continue to read your posts, if I feel that I have anything useful to say.

My score, last week, consisted of 7 trades. 6 were closed out before 1330, except 1.

2 trades lost 19 points. 5 trades made 128 points. Net gain 109 points

1 was EURO/GBP. The rest were Footsie.

I believe that Ibs have a lot of usefullness, in conjunction with other signals, and intend to keep using them.

Good Luck for next week

Split.

 

[foredog]

Hi foredog,

Last week I did my trading, using an IB as a trigger, and posted what I was doing on this thread, as asked.

I won't go any further because it is your journal and I feel that I might be intruding, a bit, although I shall continue to read your posts, if I feel that I have anything useful to say.

My score, last week, consisted of 7 trades. 6 were closed out before 1330, except 1.

2 trades lost 19 points. 5 trades made 128 points. Net gain 109 points

1 was EURO/GBP. The rest were Footsie.


I believe that Ibs have a lot of usefullness, in conjunction with other signals, and intend to keep using them.

Good Luck for next week

Split.

Split, feel free to post anytime. Good to get another perspecive on things.

 

[foredog]

Short cable on break of pin bar, 15844 stop at 15864

 

[foredog]

At last a trade has run far enough for me to move stop to breakeven!!!!!

Was tempted to move when 25pips up as price seemed to stall there.....stuck to the rules but something to ponder.

(Moved it up on my main account a bit sooner)

 

[foredog]

Moved stop down to 15812. Yes this is quite a way from the current price and i it gets hit will have given back a lot of profit, but thats the rules. The problem with exits is if i take profit at +100 for example then sometimes it may retrace and it will look like a great exit but at other times it may run on for anothe 150 points and then it would look silly.

I'd rather try and stay in the trades and have unlimited profit potential than limit myself to a fixed target each time.

 

[foredog]

High of last bar was 15780 so stop to 15783 and was hit for a profit of 61 pips.

This was also an IB so i have a pending sell at 15743.

 

[foredog]

Cancelled the order at 43 as cable has now rallied way above the IB.

 

[neil]

Pound YEN IB....1 hour

Foredog heres an IB I came across at random whilst scrolling fx pairs

 

[foredog]

Cheers Neil, these b*ggers are everywhere!!!!

I've decided to take the money and run today, bank holiday here and the sun is shining so no point sitting inside all day.

Back tomorrow for more trading

 

[neil]

Cheers Neil, these b*ggers are everywhere!!!!

I've decided to take the money and run today, bank holiday here and the sun is shining so no point sitting inside all day.

Back tomorrow for more trading

Lucky begger. Sunny in Norfolk but not as warm as Spain

 

[foredog]

Didn't take the 8am IB as it was over 40 points and although have no hard and fast rules regarding size of IB's they are meant to be a breakout signal from a tight range and 40pts isn't that tight.

 

[foredog]

and with figs out now could be anywhere.

 

[foredog]

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