Inside Bar Trading

as per above posts, hope everything is ok and improves.

iffy

Since we are having a problem with narrow pivot points I have changed the rules on the profit targets to make it easier to hit because in backtesting I see that most failures happen within 2 or 3 pips. So to cover that I have changed the profit target to 1/2 the ATR and then TP2 would be twice that. It will be easier to achieve the 90 % success rate.

Jim

The Expert Advisor for this System is finished and is now in testing. First tests are showing a whopping 76% return. Testing is being done on my servers and a friend who wrote the E.A. is also running tests. Keep in mind, this is just in the beginning stages.

Jim

Hi,
these r the trades i took. i only looked at these 3 currencies. I use the pivot points indicator posted by head1head1 with default settings. im not sure if the setting is correct. if not can someone give me correct setting for the indicator as it produces so many lines and so tp is very small compared to sl. iam concerned about this. i use alpari uk which is one hour ahead of current london time. i only took trades between 7 am and 6pm london time. If im not doing something not according to the rules of the system please say.

eur/usd
no trade at 8am as break to close to purple line.
took the 1030 trade long to the red line 30pips
didnt take 1300 break as news came at at 1300 and 1330
took 1630 to blue line, 20 pips.
so +50 on eur/usd

gbp/usd
took 8am short to brown line for 33pips
1700 short for 41 pips to blue line
+74pips on gbp/usd

usd/jpy
1100 long to pink line 23 pips.
+23 pips on usd.jpy

In total for 13/01/09 is +147pips.

I'm having trouble understand how to read the ATR indicator. I keep reading about how the ATR is 20 pips or some other low number. A method used for TP as Jim was just talking about. But when I look at my ATR indicator, it always reads some number in the .00 range.

thx,
todd

Nice one Jim!!!

waiting for a trial version...

Did someone took IB's

gbp/usd
usd/chf
eur/jpy
aud/usd

good profit!!!

might be reversing!!!

keep eyes lads!!!

eur/usd
usd/cad

as well

we got IB's on gbp/usd and eur/jpy

ready for shorts?

do not panic if triggers and runs for long a bit

just look for the next IB

Here is what a textbook, Hardhead I fricking B trade looks like. I love it when they trip the trail and don't stop out the B/E.

Jim

Can you tell us why you no longer have Pivot Points or the 89 SMA on your chart. But have added what looks like a 21 and 13 EMA?

I was working with IBFX on my E.A. and posted this chart by mistake. I will fix it.

Jim

14/01/09

EURUSD
Short 1.3226, to the daily pivot +30 pips
Long 1.3138 to daily pivot +58pips
Total: +88pips

GBPUSD
short 1.4578 hit stop loss -50pips
short 1.4521 hit sl -65 pips
Total -115pips

There was only one trade on USDjpy but did not take as too near daily pivot and risk is too high.

Total for 14/01/09 is: -27 pips

H1H1

I'm new here - Thanks for this great thread

I've been reading for a few weeks and started trading last week. Made 150 pips to date adopting this approach - so far so good, a few losses but these have been managed ok.

Im in Australia so I trade from London open and don't often trade into US session (too late for me!)- last couple of Euro sessions have been quiet - but on the upside the rules of this approach kept me out of loses I often would have often incurred in the past!

I will post my experiences as we go.

Good stuff, thanks again

Just wanted to ask a couple of questions about interpreting the rules correctly on the attached chart.

Is the grayed out candle the trigger candle since it encompasses 2 other IBs.

Is a break to the downside (i.e. short) valid since price is going away from DPP? Or is it invalid since it is so close to M2?

Is a break to the upside (i.e. long) invalid since the ATR is ~30 and DPP is close to 30 pips away

I'm still in the process of reading this thread, but I wanted to say thanks to hard1head1 for starting this thread and running it with an iron fist! I've been interested in learning about IB trading and its great to see this system for the 30 min TF -- simple and easy to understand. I'll follow this closely, practice, and post trades soon.

Fox

Ok, in answer to your question, yes that is the trigger bar. The market is consolidated so a trade here would be risky. What I would do to increase my chances of a successful trade is wait until M2 is broken by around 5 pips, that will also get you out of that triangle you got there. You have plenty of pips to S1 so that is not a problem. Gotta use some common sense and you basic Forex 101 teachings and you will be fine. By the way, short is the only direction here.

Jim

So far the Expert Advisor has been, like the system, a no-brainer. Tweaked by price action, it is a sure winner so far and should be worth it's weight in gold. I have it running on a Micro account for 2 days starting at $200 and it's up to $222. Now that may not sound like much, but if anyone is familiar with a micro account they will know right away that this is a good profit. Churning trades with an 80% success rate so far, it is far better than any Expert I have ever seen, and I got a file with 10,000 of them. Stay tuned

Jim

I am waiting for the yellow support line to be broken to signal the break of this consolidation.

Jim