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Daily Inside Bar Breakout

  • #41
  • Feb 27, 2009 10:41am Feb 27, 2009 10:41am
Yes, it can be profitable...

http://i40.tinypic.com/2ii90up.gif
TRO
  • #42
  • Feb 27, 2009 10:46am Feb 27, 2009 10:46am
These are the rules:

Current candle Green at the line, go long.

Current candle Red at the line, go short.

There are no other rules.

http://i41.tinypic.com/2ngeoly.gif
TRO
  • #43
  • Feb 27, 2009 11:01am Feb 27, 2009 11:01am
hmmm..
you seems to be experienced..

..I love Dire Straits..
  • #44
  • Feb 27, 2009 11:24am Feb 27, 2009 11:24am
Well where do you take profit and what stop loss do you use? Surely you have rules for those, or do you just wing it?

Quoting Money4Nothing
These are the rules:

Current candle Green at the line, go long.

Current candle Red at the line, go short.

There are no other rules.

http://i41.tinypic.com/2ngeoly.gif
  • #45
  • Feb 27, 2009 11:30am Feb 27, 2009 11:30am
Quoting Dreamliner
Well where do you take profit and what stop loss do you use? Surely you have rules for those, or do you just wing it?
No rules for TP and SL.

Yes, I "wing it". The market is fluid. Rules are rigid.

In the struggle between the stone and the water, in time, the water wins.
Chinese Proverb



I don't place a stop. I am trading live. Either price is making me money or taking my money. You don't have to "guess". If price moves against me more than 5 pips and doesn't act like it wants to come back, I exit.

Think of it this way... If you get on a subway car and realize it's heading the opposite direction, what do you do? The longer you stay on, the more it will cost you when you finally get off.


Rules?

Use D1 chart.

  1. Go long at the high of the most recent inside bar when price moves up to it.
  2. Go short at the low of the most recent inside bar when price moves down to it.
  3. Use money management and risk management to determine your position size and stop.
  4. The main thing is do not think. In other words, take the trade when price hits the line. You will either win or lose. You don't need indicators to filter out trades.
  5. Only trade one pair until you get the hang of it. I usually only trade 2 pairs: EURUSD and GBPUSD.

from THE TRADING ZONE, Mark Douglas

page 121

1) Anything can happen

2) You don't need to know what is going to happen next in order to make money.

3) There is a random distribution between the wins and losses for any given set of variables that define an edge.

4) An edge is nothing more than an indication of a higher probability of one thing happening over another.

5) Every moment in the market is unique.

TRO
  • #46
  • Feb 27, 2009 2:19pm Feb 27, 2009 2:19pm
If you are trading the daily candle, do you sit in front of your computer waiting for the market to come up, or go down to the line?

Do you have an indicator that you use? It looks like it from the chart you posted. If so, can you post the indicator?

Quoting Money4Nothing
No rules for TP and SL.

Yes, I "wing it"....
  • #47
  • Feb 27, 2009 2:50pm Feb 27, 2009 2:50pm
Quoting Dreamliner
If you are trading the daily candle, do you sit in front of your computer waiting for the market to come up, or go down to the line?
I trade inside bar breakouts on the H1 chart. D1 is just another bonus trade.
TRO
  • #48
  • Feb 28, 2009 1:15pm Feb 28, 2009 1:15pm
I haven't posted in a while but I thought I might post this simple indicator (free) for inside bars. It basically finds inside bars and draws lines at the high and low of the inside bar for a certain (configuable) number of bars forward.

I have kept it simple so that the trader can make whatever decision he/she needs to make on his own. it is pretty well documented so that anyone can make changes and /or additions.

Good Luck
Attached File(s)
File Type: mq4 Inside Bar Historic.mq4   4 KB | 1,749 downloads
EllisEdi Moving on to my next trade ...
  • #49
  • Feb 28, 2009 1:53pm Feb 28, 2009 1:53pm
Thank you very much!

Quoting EllisEdi
I haven't posted in a while but I thought I might post this simple indicator (free) for inside bars. It basically finds inside bars and draws lines at the high and low of the inside bar for a certain (configuable) number of bars forward.

I have kept it simple so that the trader can make whatever decision he/she needs to make on his own. it is pretty well documented so that anyone can make changes and /or additions.

Good Luck
  • #50
  • Feb 28, 2009 2:15pm Feb 28, 2009 2:15pm
Here is one with alerts ....

The Inside Bar Formation alert will occur once per new bar (candle)

The Break alert will occur once per direction (once up and once down) in each new candle that is within the SignalLength number of bars from the Inside bar itself.

I have not tested the Break alert in a live market yet but will do so when the markets open again.


Hope this helps ...
Attached File(s)
File Type: mq4 Inside Bar Alerts.mq4   6 KB | 1,784 downloads
EllisEdi Moving on to my next trade ...
  • #51
  • Feb 28, 2009 3:03pm Feb 28, 2009 3:03pm
Ah this is even better, thank you again. I wonder if there is any way to have the slanted bars removed when there is a new Inside Bar?

Quoting EllisEdi
Here is one with alerts ....

The Inside Bar Formation alert will occur once per new bar (candle)

The Break alert will occur once per direction (once up and once down) in each new candle that is within the SignalLength number of bars from the Inside bar itself.

I have not tested the Break alert in a live market yet but will do so when the markets open again.


Hope this helps ...
  • #52
  • Feb 28, 2009 4:36pm Feb 28, 2009 4:36pm
the quick answer is yes the slanted lines could be removed by setting the indicators last values to blank. The problem with doing this is in the nature of the slanted lines themselves. They only show up when the last Inside Bar is closer than the the SignnalLength.

By doing this some Inner Bars would then not show up.

I suggest changing the width of the bars (using the colors tab in the properties of the indicator), then the slanted lines would be less visble

you could also lower the SignalLength, this would reduce the signals running over each other (Signals overlapping causes the slanted lines)

Another option - if you just want to id Inside bars is the indicator from hanover found at http://www.forexfactory.com/showthread.php?t=155529
EllisEdi Moving on to my next trade ...
  • #53
  • Dec 17, 2009 6:55pm Dec 17, 2009 6:55pm
Quoting EllisEdi
Here is one with alerts ....

The Inside Bar Formation alert will occur once per new bar (candle)

The Break alert will occur once per direction (once up and once down) in each new candle that is within the SignalLength number of bars from the Inside bar itself.

I have not tested the Break alert in a live market yet but will do so when the markets open again.


Hope this helps ...
Thanks for the indicator for metatrader.
  • #54
  • Last Post: Sep 18, 2017 8:17am Sep 18, 2017 8:17am
Quoting Clode
hmmm.. you seems to be experienced.. ..I love Dire Straits..

Hello,
I'm trying to get an indicator that shows
Time frame: Daily only
Buy @ Previous bar high
Sell @ Previous bar low
could someone make this for mt4
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