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Inside Bar Trading

  • #621
  • Dec 15, 2008 2:39am Dec 15, 2008 2:39am
Quoting pipaholic67
you are right croeses price is below the 89 smoothed moving average which signals shorts, sometimes i trade pull backs thats why i said its counter trend.
Just bagged 35 pips from the USD/CAD counter trend trade
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 12 KB
He that is from above is above all.
  • #622
  • Dec 15, 2008 2:40am Dec 15, 2008 2:40am
Quoting pipaholic67
Just bagged 35 pips from the USD/CAD counter trend trade
nice
  • #623
  • Dec 15, 2008 2:42am Dec 15, 2008 2:42am
Quoting croesesFX
gbp/usd IB within an IB taking the first IB with a pending long at 5064, just above 30min trendline
may also set a counter trade sell at 5005
  • #624
  • Dec 15, 2008 2:59am Dec 15, 2008 2:59am
Nice job, I don't really trade the counters, however, since you are versed on pullbacks, and Mike W. is an expert on them, how about giving us some input down the road. I only take them when I know for sure they will come thru, and that is not very often.

Jim.

Quoting pipaholic67
Just bagged 35 pips from the USD/CAD counter trend trade
  • #625
  • Dec 15, 2008 3:01am Dec 15, 2008 3:01am
One thing to keep in mind, the 1.5000 is a psyc. level and I would never trade into them. Just a word to the wise.

Jim

Quoting croesesFX
may also set a counter trade sell at 5005
  • #626
  • Edited 3:06am Dec 15, 2008 3:01am | Edited 3:06am
Quoting pipaholic67
Just bagged 35 pips from the USD/CAD counter trend trade
I had a few of those. I chickened out and took the money early, actually before I gave it back.
  • #627
  • Dec 15, 2008 3:02am Dec 15, 2008 3:02am
Quoting croesesFX
may also set a counter trade sell at 5005
sounds logical any break of that trend line might send it down your target should be close to the 89. I would be watching it.
He that is from above is above all.
  • #628
  • Dec 15, 2008 3:02am Dec 15, 2008 3:02am
Quoting hard1head1
One thing to keep in mind, the 1.5000 is a psyc. level and I would never trade into them. Just a word to the wise.

Jim
ok cheers for that
  • #629
  • Dec 15, 2008 3:04am Dec 15, 2008 3:04am
IB on eur/jpy and usd/chf
  • #630
  • Dec 15, 2008 3:06am Dec 15, 2008 3:06am
Aussie has an IB setup off the UTL with the trend of the moment and the overall trend is up. This may be a nice trade if we get a break of the .6702 level. The high is only 10 pips above the entry point so trade at your own risk.

Jim
Attached Image (click to enlarge)
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  • #631
  • Dec 15, 2008 3:08am Dec 15, 2008 3:08am
Quoting hard1head1
Nice job, I don't really trade the counters, however, since you are versed on pullbacks, and Mike W. is an expert on them, how about giving us some input down the road. I only take them when I know for sure they will come thru, and that is not very often.

Jim.
Good morning Jim, glad to have u back hope u rested well. I rarely take counters myself but sometimes the signs are just there, like the usd/cad trade i took the IB formed on S1 and I just had a feeling that the previous high would be tested also stochs was overbought and pointing upwards I just set a buy limit.
He that is from above is above all.
  • #632
  • Dec 15, 2008 3:09am Dec 15, 2008 3:09am
so to stick to the system, it would be only long on e/y ,and short u/c?

CFX
  • #633
  • Dec 15, 2008 3:10am Dec 15, 2008 3:10am
although there is loads of room the the 89 on both counter trend?
  • #634
  • Dec 15, 2008 3:11am Dec 15, 2008 3:11am
Quoting FOURX
so to stick to the system, it would be only long on e/y ,and short u/c?

CFX
yeah
  • #635
  • Dec 15, 2008 3:12am Dec 15, 2008 3:12am
Thats correct,4x... but you have to read into the trade a bit and know what the price is doing also. There are going to be times when it don't feel right. You will get that in time.

Jim

Quoting FOURX
so to stick to the system, it would be only long on e/y ,and short u/c?

CFX
  • #636
  • Dec 15, 2008 3:13am Dec 15, 2008 3:13am
If your not clear about this type of trading, you should only be trading a demo account.

Jim
  • #637
  • Dec 15, 2008 3:20am Dec 15, 2008 3:20am
Quoting hard1head1
Thats correct,4x... but you have to read into the trade a bit and know what the price is doing also. There are going to be times when it don't feel right. You will get that in time.

Jim

  • #638
  • Dec 15, 2008 3:23am Dec 15, 2008 3:23am
The pairs look like they are flowing back into the trend they were in earlier. Nice Morning Star on the E/U.

Jim
  • #639
  • Dec 15, 2008 3:24am Dec 15, 2008 3:24am
Here she is. By the way, the dark DTL is a Daily trendline. Nice inverted hammer in the middle also.

Jim
Attached Image (click to enlarge)
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  • #640
  • Dec 15, 2008 3:25am Dec 15, 2008 3:25am
Hi all!

I have a question about valid IBs. If the previous bar before IB (the long one) is made by news spike, is it still valid for IB pattern? It is just when I go through the back test I see that it is one of the reason to be a possibility that it not work out. I just wanted to be sure of that.

Thnx!
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