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Attachments: X-Rated IBs & OBs
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X-Rated IBs & OBs

  • #41
  • Dec 11, 2007 10:17am Dec 11, 2007 10:17am
Quoting billbss
The "IB" formed at the end of the 1300 GMT bar.
Mine didn't qualify because the high was one tick higher than the previous bar.
No its an OB. Because it had a higher high and same low.

EDIT: Both the candles have a low of 2.0480. Whilst, the high for the outside bar is 2.0505, which is 1 tick higher than the previous. Darn, I need an indicator to show IBs and OBs, because I have to always hover over the candles for candle details. LOL
  • #42
  • Dec 11, 2007 10:28am Dec 11, 2007 10:28am
Quoting mazdaz
No its an OB. Because it had a higher high and same low.

EDIT: Both the candles have a low of 2.0480. Whilst, the high for the outside bar is 2.0505, which is 1 tick higher than the previous. Darn, I need an indicator to show IBs and OBs, because I have to always hover over the candles for candle details. LOL
According to your post#1, it was neither an IB or a OB.

Quote
What are IBs and OBs??
-IB or Inside Bar, is a bar which is completely within the range of the preceding bar, i.e. it has a higher low and lower high than the bar immediately before it.
-OB or Outside Bar, is a bar which has a higher high and a lower low than the bar immediately before it.
Also how did you take 59 pips when your rules call for a 40 pip (+spread) TP?
  • #43
  • Dec 11, 2007 10:43am Dec 11, 2007 10:43am
Quoting billbss
According to your post#1, it was neither an IB or a OB.
Sorry, that was my mistake. When I first wrote the post I did not think of every possible scenario. I will update the post again.

Quote
Also how did you take 59 pips when your rules call for a 40 pip (+spread) TP?

Yes. But, I posted above that I will ride it out myself as I was in front of the PC and I saw some potential in the trade. My system calls for 40 + spread T/P and that is what I would recommend to everyone that trades this system.
  • #44
  • Dec 11, 2007 10:51am Dec 11, 2007 10:51am
Quoting mazdaz
Sorry, that was my mistake. When I first wrote the post I did not think of every possible scenario. I will update the post again.



Yes. But, I posted above that I will ride it out myself as I was in front of the PC and I saw some potential in the trade. My system calls for 40 + spread T/P and that is what I would recommend to everyone that trades this system.
Yes you did say that. I overlooked it. My mistake.
  • #45
  • Dec 11, 2007 10:56am Dec 11, 2007 10:56am
1st Post Updated Again!!
  • #46
  • Dec 11, 2007 11:00am Dec 11, 2007 11:00am
Quoting mazdaz
1st Post Updated Again!!
Does your definition of an IB stand as is? Do you need to look at it and see if it needs changing?
  • #47
  • Dec 11, 2007 11:08am Dec 11, 2007 11:08am
Quoting billbss
Does your definition of an IB stand as is? Do you need to look at it and see if it needs changing?
Definition
IB or Inside Bar, is a bar which is completely within the range of the preceding bar, i.e. it has a higher low and lower high than the bar immediately before it.


Well, if a bar is exactly equal to the previous bar, then it is technically within the range. I might include another example just so that I don't cause any confusion.
  • #48
  • Dec 11, 2007 12:29pm Dec 11, 2007 12:29pm
with Tradestation I can test this if you would like...over several years of data...Tradestation has a built in IB and OB function and all we will have to do is add your additional criteria
Plan, Prepare, Execute, Repeat
  • #49
  • Dec 11, 2007 4:23pm Dec 11, 2007 4:23pm
Quoting swingtrade65
with Tradestation I can test this if you would like...over several years of data...Tradestation has a built in IB and OB function and all we will have to do is add your additional criteria
Yes that would be great!!

I am not a huge fan of backtesting, but I am curious as to how well this system has worked in the past.

Are you going to test this system for the Cable only? If yes, then can you please start looking for IB/OB from 3hours before the London session to the end of the London session.

Thanks.

I am looking forward to the results.
  • #50
  • Dec 12, 2007 6:28am Dec 12, 2007 6:28am
GBP/USD

IB formed on the last hour candle. Waiting for completion of the confirmation candle and we will take it from there.
  • #51
  • Dec 12, 2007 6:47am Dec 12, 2007 6:47am
Had a nice move after an IB in the morning. But the indicator did not validate this. So I stayed out.

http://img502.imageshack.us/img502/7...een1wq5.th.jpg
  • #52
  • Dec 12, 2007 7:14am Dec 12, 2007 7:14am
entry @ 2.0408!!!!!!!!!
  • #53
  • Dec 12, 2007 7:27am Dec 12, 2007 7:27am
S/L hit after a long time. Price was 4 pips short of the T/P mark (2.0364), then retraced to (2.0434). Was a risky trade as price was hovering around the daily pivot.
  • #54
  • Dec 12, 2007 8:33am Dec 12, 2007 8:33am
Quoting mazdaz
Had a nice move after an IB in the morning. But the indicator did not validate this. So I stayed out.

http://img502.imageshack.us/img502/7...een1wq5.th.jpg
It also happened before the trade time of 0600 GMT.
Correct?
  • #55
  • Dec 12, 2007 9:14am Dec 12, 2007 9:14am
Yes. The earliest entry should be about 1 hour before the open of the London session.
  • #56
  • Dec 12, 2007 9:20am Dec 12, 2007 9:20am
Quoting mazdaz
Yes, but the earliest entry should be about 1 hour before the open of the London session.
I think you need to make another clarification.

This is what you wrote in post #1

Quote
Ideal time for trades: 6:00am - 5:00pm GMT
The London session begins at 0800 GMT.

One hour before this is 0700 GMT.


Should we begin at 0600 (per post#1) or 0700 (per your last post)?
  • #57
  • Dec 12, 2007 10:07am Dec 12, 2007 10:07am
Quoting billbss
I think you need to make another clarification.

This is what you wrote in post #1

The London session begins at 0800 GMT.

One hour before this is 0700 GMT.


Should we begin at 0600 (per post#1) or 0700 (per your last post)?

Stick to my first post of 6:00am.

On my last post I said about 1 hour before. I have made trade entries around 6am before and they do turn out valid.
  • #58
  • Dec 13, 2007 7:02am Dec 13, 2007 7:02am
Today's trade. Another quick entry and exit on the one hour TF.
Attached Image (click to enlarge)
Click to Enlarge Name: price4.JPG Size: 150 KB
  • #59
  • Dec 14, 2007 8:41am Dec 14, 2007 8:41am
Finally, OB formed on the last hour candle. There was an IB before this, but that is now ignored. So waiting for the confirmation candle to go in my favour.
  • #60
  • Dec 14, 2007 8:46am Dec 14, 2007 8:46am
Look To Go Short On The Gbp/usd Pair!!
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