Simple Inside Bars

[foredog]

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

 

[foredog]

Lot on today so won't be able to trade cable today, hopefully back on it tomorrow

 

[foredog]

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.

 

[foredog]

Trade cancelled, cable has traded through the open and is now in negative territory....

 

[foredog]

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.

 

[foredog]

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

 

[foredog]

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

 

[foredog]

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!

 

[bansir]

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...

 

[foredog]

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!

 

[foredog]

If i had been long cable following the rules i would've moved my stop to 15080 and still locked in a 16 pip loss, makes me think it could be worth following the original method of taking off half the position at 1:1.

 

[bansir]

If i had been long cable following the rules i would've moved my stop to 15080 and still locked in a 16 pip loss, makes me think it could be worth following the original method of taking off half the position at 1:1.

You never know though foredog; The risk/reward would have been pretty cool if the move had followed through strongly.
All we can do is try and accept these uncertainties.

Best Regards,
Neil

 

[foredog]

You never know though foredog; The risk/reward would have been pretty cool if the move had followed through strongly.
All we can do is try and accept these uncertainties.

Best Regards,
Neil

I agree, all you can do is follow your rules, put the trades on and try and keep the losses small and some of the should reward us.

 

[foredog]

6am open 14960

Inside bar at 1400

12pm bar 14830 - 14927

1300 bar 14834 - 14900

Sell stop place at 14830

Stoploss at 14904

Order is for 5.5 lots (406.26/74 = 5.49)

If not triggered will cancel at 1500

 

[foredog]

We are in a trade at last and it's made a new low so we can move our stop, though only by a little.

1400 high 14888

current stop 14904 ( 14904 - 14888 = 16/ 2 = 8)

New stop 14896

This won't make much of a difference to our bottom line, but every little helps and it's in the rules and RULES ARE RULES....

 

[foredog]

Another new low and the high of that candle was 14802 so we can move our stop to 14849 so now only 19 away from our entry
stop will remain there now until either tomorrow mornig or it's hit

 

[montmorencyt2w]

Good luck with the trade Foredog.

In case you plan on posting any more charts, in case you are not aware of it, there is a free and very nifty picture picture file viewer called irfanview (IrfanView - Official Homepage - one of the most popular viewers worldwide ). Very popular among digital photographers. Anyway, among other things, it's dead easy with this to resave a .bmp file (or any other graphics file) as a JPEG, which will make it a lot smaller, so you could post it direct, without having to wrap it up in a ZIP file.

Just a thought. irfanview is dead easy to install; for complete functionality, make sure you have the plugins (all explained on the site, and this is also dead easy). It's also pretty small.


Regards,
M.

 

[BSD]

Hi mate hows it going, seemed like you were of to a good start, would be nice to see this continue.

 

[foredog]

Sorry to anyone following this but i had to put it on the back burner for a few weeks.

I wasn't making much headway on my real account, which pays the bills, so i had to concentrate on that. Hopefully get back to the IB's when my P&L's back on track.

Cheers

 

[Clarkie73]

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%

Thank you