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  • #61
  • Edited 10:34am May 16, 2008 10:19am | Edited 10:34am
Did anyone take the Eur/USD Inside Bar trade at 9 EST today?

I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.

PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.

I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd.jpg Size: 184 KB
  • #62
  • May 16, 2008 10:22am May 16, 2008 10:22am
Quoting edwinnk
Did anyone take the Eur/USD Inside Bar trade at 9 EST today?

I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.

PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.

I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.
...could you reload your chart...can't see it.
  • #63
  • May 16, 2008 10:31am May 16, 2008 10:31am
Jarroo, many thanks for giving PC's method a thread of its own, I think it is well warranted and a big thanks to Bemac for starting his thread which somehow sparked PC's interest and subsequent generous contribution.

After reading Bemac's thread decided to take the plunge. EU at 3.06pm entered @ 5512 (SL @ 5455): already closed half and now in a 'free trade'. Oddly enough my normal method gave me a signal at the same time but I'll run this trade to a conclusion on DIBB (this will very soon present me with a dilemma though, I've never left a position open over the week-end in my life and I'm not too keen about starting).

why does this thread remind me of the boy scouts???

Have taken the liberty of copying over some nuggets from PC which might answer some of the Q's being asked earlier, hope it helps.

RULE:
For the "Daily IBar Setup" or DIBS Method--- only take an upside breakout of an hourly inside bar if the breakout price is higher than the day's open and downside breakouts of an hourly inside bar only if the breakout price is lower than the day's open.

----------
And as mentioned a number of times before, the resulting trades have a higher potential if they take place in the first 6 - 9 hours of the day.

No, I don't take trades before the session opening bar. I will take trades within the opening session bar, if the previous hourly bar is an inside bar.

Think I'm being arbitrary about being willing to trade just the first 9-10 hours? Check out the last 20 years of intraday market action. The first 10 are the hours when 90% of the trends that actually develop WILL develop.
  • #64
  • May 16, 2008 10:34am May 16, 2008 10:34am
Glancing through my broker's charts, I saw IBs formed at 1300 GMT on following major pairs: AJ, EU, GC, GJ, GU, UJ & CJ.

Perhaps big players were waiting for report on Michigan Consumer Sentiment Index before reacting accordingly.

People who then traded on the above IBs would have got very good returns, in a very short time!

The only exception would be CJ pair
  • #65
  • May 16, 2008 10:35am May 16, 2008 10:35am
edwinnk, as you'll see from the post above I took this trade and yes the SL was a bit on the high side but because I'd had a signal on my normal method and price had gone through a number decided to use the signal.

rgds, strada.


Quoting edwinnk
Did anyone take the Eur/USD Inside Bar trade at 9 EST today?

I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.

PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.

I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.
  • #66
  • May 16, 2008 10:36am May 16, 2008 10:36am
Quoting ChowClown
...could you reload your chart...can't see it.
ok, i reloaded picture
  • #67
  • May 16, 2008 10:39am May 16, 2008 10:39am
Quoting edwinnk
ok, i reloaded picture
hmm, still not loading....can everybody else see it?
  • #68
  • May 16, 2008 10:45am May 16, 2008 10:45am
Quoting ChowClown
hmm, still not loading....can everybody else see it?
..excellent, see it now. Thanks.
  • #69
  • May 16, 2008 2:45pm May 16, 2008 2:45pm
Quoting SeekingLight
Secret supergrail 1h methods unearthed and discussed without me. For shame!
And to think I was so trusting as to think I'd be alerted if something interesting crops up by fellow Pricekateers
(this is just a nonsense post so I can add a subscription without clicking so much)

Wait, let me ask something sensible. Is the order cancelled the second the IB triggers on the wrong side? Yes.

Or only after the following bar closes? Not at the close. Stop loss is set at the other end of the IB. In the case the usd/jpy today, at the top.

And what about situations like on USDJPY where the initial move was down from open, yet we now move back above the open? Then we look for longs
initiated by the top of a formed IB.

When is the daily directional movement direction considered changed?
By the Open of the day.
Hope this helps.
Indicators show the past. Price Action "Indicates" the future.
  • #70
  • May 16, 2008 2:49pm May 16, 2008 2:49pm
Quoting edwinnk
Did anyone take the Eur/USD Inside Bar trade at 9 EST today?

I saw it and was skeptical because of its 47 pip body, but I took it anyway because I determined that the Euro was headed higher, the probability was on our side.

PeterCrowns mentioned using pennants, well we have a huge one that was broken on the Eur/Usd, and this helped me decide to take the trade.
1. I saw that price had hit the bottom of the pennant and stalled
2. Then an inside bar formed
3. Even though the IB was large, I entered b/c I had conformation that the pennant floor was providing support.
4. Euro then broke top side and reached 1:1, now free trade.

I expect this one to continue higher through early next week, and if it doesn’t, Who Cares.
Adding confluence to the DIBS. Nice ed.
Indicators show the past. Price Action "Indicates" the future.
  • #71
  • May 16, 2008 3:27pm May 16, 2008 3:27pm
Quoting strada
Jarroo, many thanks for giving PC's method a thread of its own, I think it is well warranted and a big thanks to Bemac for starting his thread which somehow sparked PC's interest and subsequent generous contribution.

After reading Bemac's thread decided to take the plunge. EU at 3.06pm entered @ 5512 (SL @ 5455): already closed half and now in a 'free trade'. Oddly enough my normal method gave me a signal at the same time but I'll run this trade to a conclusion on DIBB (this will very soon present me with a dilemma though, I've never left a position open over the week-end in my life and I'm not too keen about starting).

why does this thread remind me of the boy scouts???

Have taken the liberty of copying over some nuggets from PC which might answer some of the Q's being asked earlier, hope it helps.

RULE:
For the "Daily IBar Setup" or DIBS Method--- only take an upside breakout of an hourly inside bar if the breakout price is higher than the day's open and downside breakouts of an hourly inside bar only if the breakout price is lower than the day's open.

----------
And as mentioned a number of times before, the resulting trades have a higher potential if they take place in the first 6 - 9 hours of the day.

No, I don't take trades before the session opening bar. I will take trades within the opening session bar, if the previous hourly bar is an inside bar.

Think I'm being arbitrary about being willing to trade just the first 9-10 hours? Check out the last 20 years of intraday market action. The first 10 are the hours when 90% of the trends that actually develop WILL develop.
Good post. strada. Just remember the time of day especially on a Friday.
Indicators show the past. Price Action "Indicates" the future.
  • #72
  • May 16, 2008 5:16pm May 16, 2008 5:16pm
Quoting luxinterior
I noticed a bug whereby the last trigger wasn't being drawn correctly and was being drawn multiple times.

I've updated it in the original post I made here...

http://www.forexfactory.com/showpost...17&postcount=5

May still have issues with last trigger so if you notice any just let me know.

Lux
Good looking out Lux, thanks...
  • #73
  • May 16, 2008 5:25pm May 16, 2008 5:25pm
When you father a child, you have dreams and aspirations of Greatness but sometimes, reality deals you cr#p but other times, you get exactly what you wished for.

Without doing the math, it seems, my little thread has made an aggregate {for all posting members} of > 1,000 Pips profit. Boy! Does that make me feel good.

Keep up the "Great Work" folks.
  • #74
  • May 16, 2008 5:38pm May 16, 2008 5:38pm
So 6:00 GMT for EURUSD, GPBUSD, and USDCHF

And then 0:00 GMT for USDJPY.

I will no be able to work this with the European pairs, as I live +6 GMT, so the markets are just opening at midnight (bed time, still have to work for a living).

But I can work this with the USDJPY pair starting 6:00 PM time, my time.

Very cool, thank you all for this thread, WOW!

  • #75
  • May 16, 2008 6:03pm May 16, 2008 6:03pm
I live GMT+8 and European session starts around 2-3pm so it's fine to trade.

Take a look here to verify the openings in you timezone.

http://fxtrade.oanda.com/resources/fxmarkethours/

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • #76
  • May 16, 2008 6:14pm May 16, 2008 6:14pm
I find it handy to have this up on a separate Tab in Firefox.

http://www.2008.worldmarkethours.com/Forex/index.htm
  • #77
  • May 16, 2008 6:21pm May 16, 2008 6:21pm
Quoting Bemac
When you father a child, you have dreams and aspirations of Greatness but sometimes, reality deals you cr#p but other times, you get exactly what you wished for.

Without doing the math, it seems, my little thread has made an aggregate {for all posting members} of > 1,000 Pips profit. Boy! Does that make me feel good.

Keep up the "Great Work" folks.
Add my + 150 or so including a couple of losses, trading the opening of the Asian Session for about 5 hours and using fib projections a la Bobokus as targets. Then going to bed. Nice return in the morning most of the time ... so far.

Lou
  • #78
  • May 16, 2008 6:34pm May 16, 2008 6:34pm
Quoting Bemac
When you father a child, you have dreams and aspirations of Greatness but sometimes, reality deals you cr#p but other times, you get exactly what you wished for.

Without doing the math, it seems, my little thread has made an aggregate {for all posting members} of > 1,000 Pips profit. Boy! Does that make me feel good.

Keep up the "Great Work" folks.
I've done exceptionally well with it. Plus applying the "Up Or Down On The Day", rule has improved the rest of my trades.
  • #79
  • May 16, 2008 6:48pm May 16, 2008 6:48pm
Quoting jarroo
;;;
Re your Siggy.
I Believe...
Most Indicators show The Past.
Price Action Shows the Current.
Knowledge of Both is essential.
AND:
Patience is a virtue.
PTA {pips to all}
  • #80
  • May 16, 2008 7:24pm May 16, 2008 7:24pm
Quoting Bemac
Re your Siggy.
I Believe...
Most Indicators show The Past.
Price Action Shows the Current.
Knowledge of Both is essential.
AND:
Patience is a virtue.
PTA {pips to all}
I like that Bemac.

Maybe I'll change it . . thought about it . . dope, I'll keep it.
Indicators show the past. Price Action "Indicates" the future.
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