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Inside Bar Trading Revisited

  • #621
  • Feb 25, 2009 9:52am Feb 25, 2009 9:52am
These are the rules I've been folowing:
and the script I use does it.

Once the Inside Bar is formed, you take the High and the low of the previous candle. When the price breaks to the low side 3 pips below the trigger candle low a stop is placed 5 pips above the high of the same candle and the opposite is the same for longs. Entry will vary, you can put a T/P at the nearest Pivot point or you can watch the trade and try to ride it out. You can pull your stop to B/E and just wait for the big ones or you can just settle with 10 or 15 Pips. There are many ways to make it work so lets give it a try.

Profit Targets: If you are trading 1 mini then you have no choice but to target 1/2 the ATR value at the time of the IB as shown in the 2nd chart below, or the first line of support or resistance, such as a Pivot Point or a distict low or high.. If you can pull profit, then you would pull 1/2 of your profit off at the ATR or first line of support or resistance and move stop to B/E and let the other 1/2 run to Support or resistance or double the first value.



What I feel happen was the spread got me I don't account for the spread
  • #622
  • Feb 25, 2009 10:08am Feb 25, 2009 10:08am
Quoting dryclean

Profit Targets: If you are trading 1 mini then you have no choice but to target 1/2 the ATR value at the time of the IB as shown in the 2nd chart below, or the first line of support or resistance, such as a Pivot Point or a
Whoops!!
TRO
  • #623
  • Feb 25, 2009 10:18am Feb 25, 2009 10:18am
http://www.forexfactory.com/showthread.php?t=133929
here is the link
  • #624
  • Feb 25, 2009 11:11am Feb 25, 2009 11:11am
I am using my own bastardized strategy: enter a buy or sell stop 2 pips away from the H or L of the IB itself and then shoot for 10p profit. I only trade in the direction of the 1H trend. I trade the 15M TF, SL is the opposite end of the IB unless the IB was a big mover, then I use some percentage of the overall move that the IB made (50% neigborhood). I trade the Big 4 plus EUR/GBP during the NY session as I can't get interested in getting up at 1 a.m. for London. Tried it but not sharp or quick at that hour.

Good luck all. p.
  • #625
  • Feb 25, 2009 11:30am Feb 25, 2009 11:30am
I just trade the setup. Either I win or lose. No biggie...

http://i43.tinypic.com/5efztf.gif
TRO
  • #626
  • Feb 25, 2009 3:27pm Feb 25, 2009 3:27pm
Almost broke even
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  • #627
  • Feb 25, 2009 5:28pm Feb 25, 2009 5:28pm
SETUP...

http://i40.tinypic.com/rc3e5y.gif
TRO
  • #628
  • Feb 26, 2009 2:09am Feb 26, 2009 2:09am
Quoting 1ka
Almost broke even

hi 1ka,

was this a more lucky day or did you do some changes?
__Thanks__ MJ
  • #629
  • Feb 26, 2009 3:08am Feb 26, 2009 3:08am
Quoting M_j
hi 1ka,

was this a more lucky day or did you do some changes?
Just a lucky day
  • #630
  • Feb 26, 2009 9:05am Feb 26, 2009 9:05am
Quoting Money4Nothing
SETUP...

http://i40.tinypic.com/rc3e5y.gif

Money4nothing. I understand how/why you enter a trade, but would you mind explaining what your thoughts are concerning Stoplosses and Takeprofits?

From what i gather from your posts you do not use a predefined SL level or TP? Am I correct in this assumption? In that case, how to you decide when to exit a trade?
Liberate me ex inferis
  • #631
  • Feb 26, 2009 11:34am Feb 26, 2009 11:34am
Quoting Ronyn76
Money4nothing. I understand how/why you enter a trade, but would you mind explaining what your thoughts are concerning Stoplosses and Takeprofits?

From what i gather from your posts you do not use a predefined SL level or TP? Am I correct in this assumption? In that case, how to you decide when to exit a trade?
When the trade is against me.
TRO
  • #632
  • Feb 26, 2009 4:01pm Feb 26, 2009 4:01pm
Bombed later in the day...
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  • #633
  • Feb 26, 2009 4:07pm Feb 26, 2009 4:07pm
Which version of the EA are you using? The one in the first post?

Regards

Archie


Quoting 1ka
Bombed later in the day...
  • #634
  • Feb 26, 2009 4:09pm Feb 26, 2009 4:09pm
Yes, it's the same as the first post, default settings on multiple currencies 30M charts mainly but some 4H charts using stochastic setting.
  • #635
  • Feb 27, 2009 12:24am Feb 27, 2009 12:24am
Quoting 1ka
Bombed later in the day...
As good as everyday negative.

From all these results it seems that it would definitely need some changes to make it worthwhile to follow on.
__Thanks__ MJ
  • #636
  • Feb 27, 2009 12:36am Feb 27, 2009 12:36am
Quoting M_j
As good as everyday negative.

From all these results it seems that it would definitely need some changes to make it worthwhile to follow on.
It surely does, but until I have a good base line of 'bad' trading times and currencies, then I'll continue to trade with the defaults.
  • #637
  • Feb 27, 2009 2:03am Feb 27, 2009 2:03am
Quoting Money4Nothing
When the trade is against me.
Ok, fair enough but how do you decide when a trade is against you?

Lets say you enter a trade buying GPGUSD on a breakout of an inside bar. Will you exit a trade immediately if the trade goes against
you by say 10 pips? Or will you leave room for the trade to "breathe"? This also leads me to the opposite scenario, when to take profits.
How do you decide this? Is it when you feel that a positive breakout trade loses momentum?

Sorry if my questions might seem dumb to you, im just trying to pick your brain here...

regards
Ronny
Liberate me ex inferis
  • #638
  • Feb 27, 2009 9:20am Feb 27, 2009 9:20am
Quoting Ronyn76
Ok, fair enough but how do you decide when a trade is against you?

Lets say you enter a trade buying GPGUSD on a breakout of an inside bar. Will you exit a trade immediately if the trade goes against
you by say 10 pips? Or will you leave room for the trade to "breathe"?...
When price is moving against me.

I might be out at 3, 4, 5, 6, 7....

When I can.

You're questions are not dumb...

By asking questions, you reveal your fears. There is no trick. There is no secret. Either you decide to trade or you decide to watch. "You Have to Be In the Trade to Win the Trade." All the charts, indicators and systems will be of no use to you unless you enter the trade. Most indicators are of no use anyway and most systems lose. Your only hope of winning is to master your fears. You see my charts and think, "That's the secret. If I had those charts, I could make money." There is nothing on my chart that can help you at all... nothing! If you can't see an inside bar without an indicator, then you don't understand inside bars. If you can't place a couple of lines where they need to be, then you don't understand the setup. If you can't tell which way price is moving by looking at the chart, then you probably shouldn't be trading. Price either moved up or moved down. Those are the only two options. The only bar on the chart that means anything at all is the current bar.

I am no "guru". I am just another trader. That's all. I don't have all the answers. I don't have anything that you need. When you ask me questions, you are looking for an answer that will give you confidence to pull the trigger. You must find that confidence within.
TRO
  • #639
  • Feb 27, 2009 9:22pm Feb 27, 2009 9:22pm
I try a new way to trade the IB I put the stop on the other side of the IB bar and double my lots if I get stop out on either end. Some time you will get stop out again but I double again. so far I went to doubling it once.
1 2 4 8 . I dont think you will get to 4 level
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PROFITABLE TRADERS ARE NOT LUCKY BUT ARE WELL PREPARED
  • #640
  • Feb 28, 2009 6:48am Feb 28, 2009 6:48am
Daily and weekly trade graphs
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