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Inside Bar Trading

  • #781
  • Dec 16, 2008 12:43am Dec 16, 2008 12:43am
New Short IB formed on UJ at 6.00GMT

Entry 90.23
SL 90.50
TP 90.04 S1 OR 89.57 S2
RISK 27
REWARD 19 S1 OR 66 S2
RR .7/1 S1 OR 2.4/1 S2

The entry is right on previous support so if it breaks will be clear signal but S! is also previous support so could bounce here or next support is at 89.57 which is S2 also.
Attached Image (click to enlarge)
Click to Enlarge Name: uj_ib_161208.gif Size: 17 KB
  • #782
  • Dec 16, 2008 1:32am Dec 16, 2008 1:32am
Pairs are reversing, be careful
  • #783
  • Dec 16, 2008 1:34am Dec 16, 2008 1:34am
So it's a good possibility no IB trades will be taken today if pairs go into reversal (taking into account the 89 rule)?
  • #784
  • Dec 16, 2008 1:38am Dec 16, 2008 1:38am
Quoting Jimmy Jones
So it's a good possibility no IB trades will be taken today if pairs go into reversal (taking into account the 89 rule)?
I was going to ask the same thing. On my EUR/USD chart, the 89 is around 300 pips down, should that influence whether we take a short should it come up, or should we never take shorts above the 89.
  • #785
  • Dec 16, 2008 1:42am Dec 16, 2008 1:42am
If we get a trend of the moment short, we can. News coming out, lets see what happens.

Quoting lynnette
I was going to ask the same thing. On my EUR/USD chart, the 89 is around 300 pips down, should that influence whether we take a short should it come up, or should we never take shorts above the 89.
  • #786
  • Dec 16, 2008 1:43am Dec 16, 2008 1:43am
Quoting hard1head1
If we get a trend of the moment short, we can. News coming out, lets see what happens.
Thanks Jim.
  • #787
  • Dec 16, 2008 1:43am Dec 16, 2008 1:43am
I just said it wasn't a good idea to trade against the major trend, didn't say we couldn't.

Jim
  • #788
  • Dec 16, 2008 1:49am Dec 16, 2008 1:49am
We got one trendline broken and its gonna test the bottom now. All this news, we may be heading for a retrace back to the 89
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 25 KB
  • #789
  • Dec 16, 2008 1:50am Dec 16, 2008 1:50am
Quoting hard1head1
I just said it wasn't a good idea to trade against the major trend, didn't say we couldn't.

Jim
Thats what I thought, just wanted it confirmed, the one I took yesterday on the GBP/USD worked well, but I took into account how far down the 89 was and thought there was some room there for quite a few pips so took it, but from what I have seen they are a lot riskier, I'm pretty risk averse which is why I like this way of trading
  • #790
  • Dec 16, 2008 1:57am Dec 16, 2008 1:57am
I have a support line on EU at 1.3686, after that we got plenty of room to get some pips. I prefer pairs with small spreads when trading against the major trend.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 26 KB
  • #791
  • Dec 16, 2008 2:17am Dec 16, 2008 2:17am
Quoting hard1head1
I have a support line on EU at 1.3686, after that we got plenty of room to get some pips. I prefer pairs with small spreads when trading against the major trend.
May be an IB forming on GBP/USD with just over 10 minutes to go and I have to go on the school run I will be back.
  • #792
  • Dec 16, 2008 2:18am Dec 16, 2008 2:18am
We will be here

Quoting lynnette
May be an IB forming on GBP/USD with just over 10 minutes to go and I have to go on the school run I will be back.
  • #793
  • Dec 16, 2008 2:42am Dec 16, 2008 2:42am
We have a lower high and a lower low on EU and 1 wave started and a bounce off of a DTL. I would consider that a short trend of the moment.

Jim
  • #794
  • Dec 16, 2008 2:54am Dec 16, 2008 2:54am
Anyone catch Lyns GU trade?
  • #795
  • Dec 16, 2008 3:34am Dec 16, 2008 3:34am
Bad news for the dollar at 4:30
  • #796
  • Dec 16, 2008 3:45am Dec 16, 2008 3:45am
Gonna hit the bed, dont understand the movement. Time for a break.
  • #797
  • Dec 16, 2008 4:06am Dec 16, 2008 4:06am
Well I must admit that I'm totally bamboozled tonight.

Not sure what is going on, I'm lost - down 33 pips so far.

Think I'll just watch for a while and maybe some direction will develop.

PB
  • #798
  • Dec 16, 2008 4:10am Dec 16, 2008 4:10am
pending sell @ 90.08 just under S1
  • #799
  • Dec 16, 2008 4:21am Dec 16, 2008 4:21am
looks we may have a few IB`s coming up, eur/usd, usd/chf ,eur/jp, also gbp but there is news at 10;30
  • #800
  • Edited 6:19am Dec 16, 2008 6:05am | Edited 6:19am
IB formed. Below both the 89ma and the DPP however right on top of S1. The play would be to the short side and in this case the normal entry would take it past the S1 anyway. Anyone else looking at this?
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