Between 40-100 pips per Day

[pipmytrade]

Just a quick question - (I know you get a million of these)

When you scan to check for potential setups. do you look at a possible IBand then check the direction of trend and only take trades in direction of trend?

For instance long term 1 Hour trend is up. do you then only take long trades from a IB setup and when Stochs are low? Or do you take both ways?

thanks in advance for any advise.

Cheers,

PipmyTrade

[james]

Originally Posted by pipmytrade

Just a quick question - (I know you get a million of these)

When you scan to check for potential setups. do you look at a possible IBand then check the direction of trend and only take trades in direction of trend?

For instance long term 1 Hour trend is up. do you then only take long trades from a IB setup and when Stochs are low? Or do you take both ways?

thanks in advance for any advise.

Cheers,

PipmyTrade

Hi There
If i were you i would stick to the trend until you get good with the system.
And work off a 15 min chart if time permits.

James

[james]

Hi

Good day nice 100 pip trade so far

[daudi81]

James -

What charting program are you using? My charts definately aren't picking up the OB like yours did on that chart. Else, I would have gotten in on that trade =/

I use the default one that comes with forex.com.

What do you use?

[gnspdr33]

Originally Posted by daudi81

James -

What charting program are you using? My charts definately aren't picking up the OB like yours did on that chart. Else, I would have gotten in on that trade =/

I use the default one that comes with forex.com.

What do you use?

try a 1 hour chart

[guyver_news]

Originally Posted by james

Hi

Good day nice 100 pip trade so far

Hi James,

Thank you for your trade today, however, i missed this one due to the fact i was looking at the 15 minute chart only.

Did you noticed this entry using the scanner method? or you simply have multiple windows open to try and spot these IB and OB...

Shame i didn't check all timeframes..

I did however use your previous system to gain a nice set of pips today from the Parabolic and MACD...

[tazmet]

Wow, wish I'd been awake for that one.

Originally Posted by james

Hi

Good day nice 100 pip trade so far

[tazmet]

Good Idea. I will post mine as well as I'm also in the US and have had mixed results. I religiously keep a log of every trade with an explanation of why it failed. So, I will back track and post some of my charts. Admittedly, several were learning the system errors, but others I have no explanation other than poor volatility. I trade the absolute worst times for Forex -7GMT. 9am-12pm (NY session pairs) and 4pm-6pm (Tokyo session pairs). Due to volatility, I've recently switched to 30 minute charts thinking this would capture bigger moves. I have yet to see if this helps. I have a range trading strategy that works well, but I am hoping to use this for trending markets. Thanks for all your comments James and your efforts!

Originally Posted by james

Hi There

Post your trade charts so i can see where you placed the trade's to see if it was done write.

James

[tazmet]

I have been following this thread for weeks now and have printed most of the charts and pictures. Somewhere in this thread there is a beautiful picture showing IB/OB and labeling exactly what it is. In fact, I printed it out and am staring at it right now. It is obvious from the picture. The confusion for me was that the original system rules stated that "The inside bar is simply when the current bar is less than or equal to the bar to the left of it." For someone who follows things to the letter, this meant that for example, the high could be equal to the previous bar but have a lower high and still be an IB. Or, the low could be equal but it could have a lower high. From all of the examples and pictures shown, this is clearly a wrong interpretation! May I put this to rest finally, by saying that your definition is the definitive answer?

And now I know my first psychological weakness for my trading plan (overcomplicating everything)

Originally Posted by daudi81

It took me a bit to understand also.

An IB will have a shorter high (including shadow), AND a higher low (including shadow) than the bar to the left of it. If you don't understand shadow's then you should read a tutorial on how to read candlestick charts.

The highs and lows can also be equal.

Visualize sticking the bar on the right INSIDE the bar to the left. If it fits without it's high's and low's sticking out then it's an inside bar.

Just look at the pictures in the thread, most of them have IB / OB setups circled in their charts. Pretty easy to spot once you get it.

[daudi81]

Originally Posted by tazmet

I have been following this thread for weeks now and have printed most of the charts and pictures. Somewhere in this thread there is a beautiful picture showing IB/OB and labeling exactly what it is. In fact, I printed it out and am staring at it right now. It is obvious from the picture. The confusion for me was that the original system rules stated that "The inside bar is simply when the current bar is less than or equal to the bar to the left of it." For someone who follows things to the letter, this meant that for example, the high could be equal to the previous bar but have a lower high and still be an IB. Or, the low could be equal but it could have a lower high. From all of the examples and pictures shown, this is clearly a wrong interpretation! May I put this to rest finally, by saying that your definition is the definitive answer?

And now I know my first psychological weakness for my trading plan (overcomplicating everything)

Here I made this with photoshop showing inside bar examples.

I don't know what pictures your looking at but it looks like they are confusing you.

The red bars in the left box are inside bars.

The red bar in the right box is not an inside bar.

Notice how the high of the inside bar (shadows included) can be equal to or less to the previous bar. And vice-versa with the low.

In the right box example, the lower shadow of the red bar extends beyond the low of the blue bar. Therefore it's not an inside bar.

Hope that helped.