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Inside Bar Trading

  • #1,341
  • Jan 3, 2009 5:17am Jan 3, 2009 5:17am
Quoting hard1head1
The correct trade would have been the IB short for 48 pips to the Magenta line off the last low. I will show you how I knew what it was doing. Candle #1 a big solid bear with no shadows and the doji candle #2.

Jim
Just to point out that brokers data is different. On my chart, candle #1 has shadows and candle #2 is not a doji...
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  • #1,342
  • Jan 3, 2009 5:44am Jan 3, 2009 5:44am
Thanks for the thread everyone.

Just one question, how do you know when Candle #2 (doji) was forming not to enter the trade as it also broke the low of Candle #1?

Zef
  • #1,343
  • Jan 3, 2009 5:53am Jan 3, 2009 5:53am
Hi Oblo,
Check out post #62 Jim uses FXDD charts. Use the templates and indicators with FXDD charts and you will see exactly what Jim sees.

You will then be on the same page.
  • #1,344
  • Jan 3, 2009 6:22am Jan 3, 2009 6:22am
Thanks Joe,

I am using Alpari. I know Jim is using FXDD, but since I am using another broker I also have to check the data my broker provide because I will place the order with alpari and not with FXDD.

r.

Quoting joe77199
Hi Oblo,
Check out post #62 Jim uses FXDD charts. Use the templates and indicators with FXDD charts and you will see exactly what Jim sees.

You will then be on the same page.
  • #1,345
  • Jan 3, 2009 6:27am Jan 3, 2009 6:27am
To me it means the same thing, its still indecisive. The key is still the break of the support with the one 2 candles later. Trade what you see and see what you trade.

Jim

Quoting oblo
Just to point out that brokers data is different. On my chart, candle #1 has shadows and candle #2 is not a doji...
  • #1,346
  • Jan 3, 2009 6:31am Jan 3, 2009 6:31am
The safer bet is to wait for a close below it. You can take the break, but you may watch it draw down a bunch before it comes back around. Some I take on the break, some I don't and I can't explain it. I never was able to do it but now I can just tell by the way the price action is and I am usually right, however, if you take the break instead of the close you will have a lot more losers.

Jim

Quoting zeffer
Thanks for the thread everyone.

Just one question, how do you know when Candle #2 (doji) was forming not to enter the trade as it also broke the low of Candle #1?

Zef
  • #1,347
  • Jan 3, 2009 6:31am Jan 3, 2009 6:31am
Quoting joe77199
Hi Oblo,
Check out post #62 Jim uses FXDD charts. Use the templates and indicators with FXDD charts and you will see exactly what Jim sees.

You will then be on the same page.
One problem with that, I downloaded the FXDD charts a little while ago and have this.
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  • #1,348
  • Jan 3, 2009 6:34am Jan 3, 2009 6:34am
I believe I explained it pretty good. Take the break of the opening long, especially when it's aggressive.

Jim

Quoting oblo
Hi Jim,

can you say something more on how did you trade that gap? You mention in the thread that you trade gaps on sunday night...

Thanks,

Ramon
  • #1,349
  • Jan 3, 2009 6:42am Jan 3, 2009 6:42am
Just goes to show you that the broker can and will do anything to make it tough on you. I always suspected that it was easier for brokers to manpulate the market when volume is low. You have to get past the fact that they can do what they want. That is why I trade on price action only, and guess which way the brokers tell you you can't do...... Trade off of price action. You can, and I have proven it. If there is anyone in this room with under 70% positive results I want to see some of the trades. From what I have seen in here and I know hindsight is 20/20, is that if someone has a looser, it can usually be explained by doing something wrong or not following the rules correctly. This is why we all need to be on the same page here and it's why I stress to keep anyone who even talks about anything but what we are trying to do, out of here.

Jim


Quoting lynnette
One problem with that, I downloaded the FXDD charts a little while ago and have this.
  • #1,350
  • Jan 3, 2009 6:44am Jan 3, 2009 6:44am
By the way, I think we need to run some tests in the room tonight so all goes well tomorrow. I will be in this afternoon probably after supper.

Jim
  • #1,351
  • Jan 3, 2009 6:50am Jan 3, 2009 6:50am
To be able to do this right, everyone who is in this room must have good knowledge of Candlestick Patterns, Fib levels, but not so much extension levels, Knowledge of Moving Averages, Pivot Points and Trendlines. They must be disiplined enough to be able to settle for 30 to 40 pips a day.

Jim
  • #1,352
  • Jan 3, 2009 11:09am Jan 3, 2009 11:09am
Hi,
anybody tell me how can i enter the room and where can i get informaion about the room.
  • #1,353
  • Jan 3, 2009 11:27am Jan 3, 2009 11:27am
DramaKing,
If you read all the pages then you know that Jim does not want you to add to this method.

Zakariawaiz you have to contact Lynnette.
  • #1,354
  • Jan 3, 2009 11:36am Jan 3, 2009 11:36am
I´ve read them all.

This is not any indicators, it´s just information which helps answering question #3 (Am I trading during any news releases?) and #4 (Am I trading just before session opens?) in post #1.

But I can remove the post if Jim or Lynnette wants to...

Quoting joe77199
DramaKing,
If you read all the pages then you know that Jim does not want you to add to this method.
"White collar crime deserves a blue collar beating!" - 8fingers
  • #1,355
  • Jan 3, 2009 1:13pm Jan 3, 2009 1:13pm
I dont like to clutter up charts any more than we got. Thanks.

Jim

Quoting DramaKing
Just read all 91 pages in this thread...

... and thought I should share 2 great tools helping following the rules

  1. In10Tion NewsReader
    A real gem: News right inside your MT.
    http://www.forexfactory.com/showthread.php?t=92582
  2. I-Session (Attached)
    Nice squares showing you Asia/Lon/NY markets.

Please do not post any technical questions here in this thread. AFTER you have tried yourself, PM me instead.
It´s not often I´m waiting for the weekend to end!

  • #1,356
  • Jan 3, 2009 1:25pm Jan 3, 2009 1:25pm
Post is now deleted

Just tried to help out.... being quiet until London session on monday
"White collar crime deserves a blue collar beating!" - 8fingers
  • #1,357
  • Jan 3, 2009 1:37pm Jan 3, 2009 1:37pm
I will be in Lynettes place....LOL around 6 ish. We gonna make a lota money people. I appreciate you guys playing bouncer for me and it makes me feel good that this thread will stay pristene. If the thread looses its integrity, I will drop it like a hot potato and move directly into the room. As long as we all play by the rules this will remain free and without fee's of any kind. I will discuss the itinerary tonight.

Jim
  • #1,358
  • Jan 3, 2009 1:41pm Jan 3, 2009 1:41pm
No hard feelings, but I want the newer people to be able to get clear pictures of what I am talking about. It is up to the members of the thread, and I will stress this later, to post upcoming news releases. And since we are working on the 30 minute, 3 hours before ought to do it.

Jim

Quoting DramaKing
Post is now deleted

Just tried to help out.... being quiet until London session on monday
  • #1,359
  • Jan 3, 2009 1:44pm Jan 3, 2009 1:44pm
To stay in line with the rules and to only trade when there is volume in the market, I will say that from 10 P.M. EST thru 10 A.M. EST would be the best times to trade this idea.

Jim
  • #1,360
  • Jan 3, 2009 1:54pm Jan 3, 2009 1:54pm
I am not closing myself to ideas, however, if you have an idea we can discuss it thru P.M.'s.

Jim
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