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Inside Bar Trading

  • #801
  • Dec 16, 2008 6:13am Dec 16, 2008 6:13am
Quoting mackus
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?
Took the demo trade short @ 1.5769
Stop: 1.5794
Target: 1.5749
  • #802
  • Dec 16, 2008 6:30am Dec 16, 2008 6:30am
Please forgive my ignorance but having read this thread from the beginning I don't recall a conversation or directive about money management. I know the plan is to target 40 pips a day and grow the account. How much leverage is recommended? What percentage of the account should be risked on each trade? Should more than 1 trade be taken at once? If so up to how much total risk or total trades are recommended?
Thanks for your input.
  • #803
  • Dec 16, 2008 6:46am Dec 16, 2008 6:46am
Quoting mackus
Took the demo trade short @ 1.5769
Stop: 1.5794
Target: 1.5749
Just got stopped out. Was there something wrong with my setup or assumptions? Or did this just go the wrong way?
  • #804
  • Dec 16, 2008 6:49am Dec 16, 2008 6:49am
Quoting croesesFX
pending sell @ 90.08 just under S1
closed 2 lots @ 89.91
also eur/usd and usd/chf for 25 and 21
  • #805
  • Dec 16, 2008 6:59am Dec 16, 2008 6:59am
On a day lke today you really have to watch the market close. With news coming out every half hour from 3:30 thru 6 EST it's rough. I look for bounces and found one here. Cable bounced off the DPP and broke the IB long, which was the major overall trend, and I got in and out.

Jim

Quoting mackus
Just got stopped out. Was there something wrong with my setup or assumptions? Or did this just go the wrong way?
Attached Image (click to enlarge)
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  • #806
  • Dec 16, 2008 7:02am Dec 16, 2008 7:02am
Mak, what pair E/C?

Quoting mackus
Just got stopped out. Was there something wrong with my setup or assumptions? Or did this just go the wrong way?
  • #807
  • Dec 16, 2008 7:06am Dec 16, 2008 7:06am
If it was this pair, you went against the Major trend for one thing. And you traded into the 89 SMA for another thing, and the third thing I can see, you opened up a trade to close to the opening of the session. Pairs have been known to spike at or close to opening bells. You are also trying to go short right after a 100 pip move in the same direction.

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: ec.gif Size: 28 KB
  • #808
  • Dec 16, 2008 7:09am Dec 16, 2008 7:09am
Don't worry, Mackus. we will help you out.

Jim

Quoting mackus
Just got stopped out. Was there something wrong with my setup or assumptions? Or did this just go the wrong way?
  • #809
  • Dec 16, 2008 7:17am Dec 16, 2008 7:17am
Look how the EUR bounced off that key low support area in the grey rectangle complimented with that UTL. These trade usually go for some nice pips.

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 28 KB
  • #810
  • Dec 16, 2008 7:19am Dec 16, 2008 7:19am
I plan on having a tutorial conferance on Skype Saturday morning if I can get away from my Bakery. It's hard to teach while trading.

Jim
  • #811
  • Dec 16, 2008 7:20am Dec 16, 2008 7:20am
I have been waiting for this bounce all night long.

Jim

Quoting hard1head1
Look how the EUR bounced off that key low support area in the grey rectangle complimented with that UTL. These trade usually go for some nice pips.

Jim
  • #812
  • Dec 16, 2008 7:21am Dec 16, 2008 7:21am
And if this news release takes my Cable trade long, I will be done for the day.

Jim
  • #813
  • Dec 16, 2008 7:22am Dec 16, 2008 7:22am
Quoting croesesFX
closed 2 lots @ 89.91
also eur/usd and usd/chf for 25 and 21
Nice trading C
  • #814
  • Dec 16, 2008 7:22am Dec 16, 2008 7:22am
Quoting hard1head1
If it was this pair, you went against the Major trend for one thing. And you traded into the 89 SMA for another thing, and the third thing I can see, you opened up a trade to close to the opening of the session. Pairs have been known to spike at or close to opening bells. You are also trying to go short right after a 100 pip move in the same direction.

Jim
I appreciate the feedback. I thought I was following the trend of the moment which was down and on my chart I was under the 89sma (light blue line on the chart). As far as proximity to the open I wasn't even considering that. Also, my target was still above the Sunday night open. Live and learn.
Attached Image
  • #815
  • Dec 16, 2008 7:24am Dec 16, 2008 7:24am
I took this IB against the UTL for 15 pips profit.At this moment it ran for over 40 pips. My problem is having a defined exit strategy. I suppose closing half and moving stop to B/E on the other half would work.
H1H1, do you use the ATR to estimate your take profit level?
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 14 KB
  • #816
  • Dec 16, 2008 7:27am Dec 16, 2008 7:27am
Quoting hard1head1
I have been waiting for this bounce all night long.

Jim
Please show us your entries jim

was it 1.3670
  • #817
  • Dec 16, 2008 7:30am Dec 16, 2008 7:30am
Quoting FOURX
Nice trading C
cheers
thats my lot for today, with numbers out in a minute and tonights rate decision this will be all over the place
  • #818
  • Dec 16, 2008 7:31am Dec 16, 2008 7:31am
You were following the T.O.M but there is more to it than that. I will help you.

Jim

Quoting mackus
I appreciate the feedback. I thought I was following the trend of the moment which was down and on my chart I was under the 89sma (light blue line on the chart). As far as proximity to the open I wasn't even considering that. Also, my target was still above the Sunday night open. Live and learn.
Attachment
  • #819
  • Dec 16, 2008 7:34am Dec 16, 2008 7:34am
You take the ATR and use it for your TP, ONLY IF THERE IS ROOM, Then you take whatever number that is for your TP2, Or you can use that Pip for PIP trail I put in here and just let it roll after you take profit.

Jim

Quoting mcphrant
I took this IB against the UTL for 15 pips profit.At this moment it ran for over 40 pips. My problem is having a defined exit strategy. I suppose closing half and moving stop to B/E on the other half would work.
H1H1, do you use the ATR to estimate your take profit level?
  • #820
  • Dec 16, 2008 7:35am Dec 16, 2008 7:35am
Nice job, Hey guys and gals, here is what happens when you set them up right and catch the run, I have a garbage run going up and up on Cable right now.

Jim

Quoting croesesFX
cheers
thats my lot for today, with numbers out in a minute and tonights rate decision this will be all over the place
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