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
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