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  • #681
  • May 25, 2008 10:01am May 25, 2008 10:01am
Quoting aud
"Here you can see that my daily open is now the 7 o'clock bar."

That's what I figured, but got confused by those using the open of the 5 o'clock bar.

I agree there is more to learn here than trading an inside bar.
U must be in Australia right? same here, I use 4:00PM Sydney time opening. It looks the same to most recent charts.

Btw, I think we need an overall trend as a filter intstead of a opening mark...dont know yet, still on demo.
  • #682
  • May 25, 2008 2:44pm May 25, 2008 2:44pm
for posting big charts the IB method works and works very good i think you must add support and resistances weekly ad daily the indicator in the first post follow the IB bar ????
Attached File(s)
File Type: mq4 InsideBar.mq4   3 KB | 2,331 downloads
File Type: mq4 in&out.mq4   4 KB | 1,768 downloads
  • #683
  • Edited 6:31pm May 25, 2008 4:51pm | Edited 6:31pm
Quoting robincys
U must be in Australia right? same here, I use 4:00PM Sydney time opening. It looks the same to most recent charts.

Btw, I think we need an overall trend as a filter intstead of a opening mark...dont know yet, still on demo.
Hi robincys,

I am in Australia also and I use 4:00PM Sydney time as the open of the day, I believe that is 5:00GMT. I have reviewed months of charts and different pairs and by far the daily open seems to be a very good filter for determining the direction to trade. If you want to add a longer term filter you can use a moving average of your choice, 50 periods or more is a better long term filter. Above the MA is long below is short and only trade when the daily set ups agree with your long term filter. The only problem you may run into is when price meets the MA. Many times you will get some wipsaws when price and the moving average are in the same range. The other thing you can do is look at the opening price for the week and determine if price is above or below that level. This doesn't help you much on Monday but after that it can typically be used as a filter as Peter suggested. Look at any of last week's charts, place a horizontal line at the opening price for the week and where price ended up for the week. Look at each day and see if you can determine in which direction you would have traded based on the weekly filter. Is this useful information??? Take a look and determine that for yourself.
  • #684
  • May 25, 2008 9:01pm May 25, 2008 9:01pm
Hi robincys and ozziedave.

Ok, 4 pm Sydney time it is. All being on the same wave length is what's needed.

However I could mention that as we are 9 hours ahead of London (due to their daylight savings(BST)) this equates to 7 am in London, one hour before they open. If this is what works, that's fine, it probably just means we are starting the day with the Frankfurt open rather than London.
Good Trading
  • #685
  • May 25, 2008 10:17pm May 25, 2008 10:17pm
Quoting NowAndLater
Please do read all of Peter's posts (they are only 35 which is a shame) to understand more about his moneymanagement................. A lot of great info in his posts
I agree that 35 posts was not enough but............another nugget worth noticing in PeterCrown's posts was his mention of one of his mentors TheRealThing.

go read all of his posts especially the ones in the wealth builder system thread. You can get a ton of additional information and a lot of insight into where some of PeterCrown's methods come from by reading all of TheRealThing posts.

just thought that it might be useful.
trading naked.......
  • #686
  • Edited May 26, 2008 1:23am May 25, 2008 10:39pm | Edited May 26, 2008 1:23am
Quoting piphitman
I agree that 35 posts was not enough but............another nugget worth noticing in PeterCrown's posts was his mention of one of his mentors TheRealThing.

go read all of his posts especially the ones in the wealth builder system thread. You can get a ton of additional information and a lot of insight into where some of PeterCrown's methods come from by reading all of TheRealThing posts.

just thought that it might be useful.
Indeed, thanks for pointing that out...

TheRealThing @ Forex Factory Only 28 posts!
  • #687
  • May 25, 2008 11:55pm May 25, 2008 11:55pm
Quoting Aad
Indeed, thanks for pointing that out...

TheRealThing @ Forex Factory Only 28 posts!
That's what I'm sayin'. Follow TRT's profile to his blog for some more good reading.
  • #688
  • May 26, 2008 12:37am May 26, 2008 12:37am
Quoting billflet
That's what I'm sayin'. Follow TRT's profile to his blog for some more good reading.
I subscribed to his newsletter. Just got the rules and more interesting stuff for download this morning. Havenīt read through it, but what Iīve read so far is very valuable.
  • #689
  • May 26, 2008 1:19am May 26, 2008 1:19am
Good morning for all of us,

I think we are now at 06:00 GMT zone. Today, half of the markets will be closed, but I have never trade in such a condition, so I will stay to see what does it mean.
There is an USD/CHF IB at the end of the previous hour. I shell not take it, as my signs are in different directions. Also, it is on the DPP and 38% FIB. I think it worthwile waiting for the next IB.
At 05:00 there were two IB's on/in(?) EUR/USD and EUR/JPY, and I loot at them, as I think that hour is also valuable.

Wish us all a successful day and a wonderful week,

Shefa.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf 1h.gif Size: 36 KB
  • #690
  • May 26, 2008 2:05am May 26, 2008 2:05am
Quoting ozziedave
Hi robincys,

If you want to add a longer term filter you can use a moving average of your choice, 50 periods or more is a better long term filter. Above the MA is long below is short and only trade when the daily set ups agree with your long term filter. The only problem you may run into is when price meets the MA. Many times you will get some wipsaws when price and the moving average are in the same range. The other thing you can do is look at the opening price for the week and determine if price is above or below that level. This doesn't help you much on Monday but after that it can typically be used as a filter as Peter suggested.
Thanks for that, it does help

I am using the 50 SMA, but how u read the trend, by the direction of the MA line or the price close up or down the line?
  • #691
  • May 26, 2008 2:18am May 26, 2008 2:18am
Quoting DaBuschi
I subscribed to his newsletter. Just got the rules and more interesting stuff for download this morning. Havenīt read through it, but what Iīve read so far is very valuable.
I heard about this guy as well, but where can I subscribe to his newsletter?
Thanks
Rob
  • #692
  • May 26, 2008 2:45am May 26, 2008 2:45am
http://www.infiniteyield.com/

Scroll (and then some) but worth reading all the way down to "OneNightStand".
Good Trading
  • #693
  • May 26, 2008 3:24am May 26, 2008 3:24am
Quoting robincys
Thanks for that, it does help

I am using the 50 SMA, but how u read the trend, by the direction of the MA line or the price close up or down the line?
Hi robincys,

What I was offering was 2 different ways to determine the long term trend. You can choose either one. You need to look at some charts and decide which one works better for you.
  • #694
  • Edited 7:49am May 26, 2008 4:20am | Edited 7:49am
Hey gang.

I'm still in my trades from Friday : Usd/Chf and Eur/Jpy.

I didn't take this Gbp/Usd trade this morning (don't ask me why). It looked good for a low risk trade.

Although the IB was at 0300 GMT, I would have ( should have) played it off the 0500 GMT (0100 EST) Open. Peter has played these previous hour IB off the Open on his charts.

Even if you took the top break and then stopped out for a 10 pip loss and then re-entered at the bottom (stop and reverse), your still looking at very profitable trade.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #695
  • May 26, 2008 4:36am May 26, 2008 4:36am
Quoting robincys
I heard about this guy as well, but where can I subscribe to his newsletter?
Thanks
Rob
Quoting aud
http://www.infiniteyield.com/

Scroll (and then some) but worth reading all the way down to "OneNightStand".
and click on the link to his blog -

in the blurb about the Ultimate Forex Challenge!!!

  • #696
  • May 26, 2008 5:06am May 26, 2008 5:06am
Quoting jarroo
Hey gang.

Even if you took the top break and then stopped out for a 10 pip loss and then re-entered at the bottom (stop and reverse), your still looking at very profitable trade.

I think for a guy like me, If I was stopped out at the up break, I might stayaway from this trade as to me the trend wasnt that clear at that point.

Well, I had a look now, the only thing I can say is in 4 hr tf, sideway trading going and the entry price was at a strong resistence level. Correct me if im wrong.
  • #697
  • May 26, 2008 5:16am May 26, 2008 5:16am
Quoting robincys
I think for a guy like me, If I was stopped out at the up break, I might stayaway from this trade as to me the trend wasnt that clear at that point.

Well, I had a look now, the only thing I can say is in 4 hr tf, sideway trading going and the entry price was at a strong resistence level. Correct me if im wrong.
Your right, I should have only taken the bottom of the IB.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #698
  • Edited 6:04am May 26, 2008 5:22am | Edited 6:04am
Quoting jarroo
Your right, I should have only taken the bottom of the IB.
Ur chart is much better than what I saw...I only went up to 4hr tf..

Thanks
  • #699
  • May 26, 2008 6:45am May 26, 2008 6:45am
Hi, All,

Would like to have a discussion of the attached chart(USD/CHF), the red box contains the opening bar (yellow vertical line) and the green one is the IB setup. We might encouter this sort of IB setup everyday in different pair.

Assumption: the market condition is normal (not holiday)

So the setup could go both direction up and down.

At this case will u go long or short, and please provide the reasoning for that.

PS: My personal opinion is short, I wont touch the long. The blue line was drawn in the 4hr tf, shows a down trend, and the price is now touching the resistence.
Attached Image (click to enlarge)
Click to Enlarge Name: uchf.gif Size: 20 KB
  • #700
  • May 26, 2008 6:52am May 26, 2008 6:52am
Quoting robincys
Hi, All,

Would like to have a discussion of the attached chart(USD/CHF), the red box contains the opening bar (yellow vertical line) and the green one is the IB setup. We might encouter this sort of IB setup everyday in different pair.

Assumption: the market condition is normal (not holiday)

So the setup could go both direction up and down.

At this case will u go long or short, and please provide the reasoning for that.

PS: My personal opinion is short, I wont touch the long. The blue line was drawn in the 4hr tf, shows a down trend, and the price is now touching the resistence.
Nice analysis Robin.

Looks like that Usd/Chf trade some of us took on Friday shows more downward potential.

Good Job.
Indicators show the past. Price Action "Indicates" the future.
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