Hi guys I am Balto, I am lurked around babypips and other fxforums for awhile and attribute babypips school as the launchpad of my adventure into Forex.
I like to keep my trading simple, smart, fast, & profitable so lets get onto my method.
Balto’s Inner Bars
Chart: 5min Candles Pattern: Bull/Bear Inner Bars (IBs) Time: 08:00-12:00 EST Pair: E/U Entry: Depending on Price Action (PA) enter before the IB forms or just after the IB has finished forming Exit: T/P or S/L has been hit, Momentum has been lost, PA is not good
Here is where I will catch some flak…each trade is different so we can’t exactly place the same S/L & T/P for every trade we take…
T/P: Fluid (PA), usually 10pips depends on your ability to hold/how strong the move is S/L: Fluid (PA), usually 10pips+spread but depends on bar formation
You can find all my trades and detailed reasoning behind them in my blog below Balto’s IB Forex
I am looking for feedback on this forum from more experienced traders as well as looking for people who like my style of trading.
I encourage you to try using Inner Bar’s on your own and post your trades here and your thought process behind them.
[B]Balto’s 7 Rules of Trading[/B]
[B]1.) [/B]Be skeptical of paying for a system, method, e-book, or �tutoring�. There is too much free information out there and often what you are buying is someone else junk, or else they wouldn�t be selling it to you.
[B]2.) [/B]Take what the market gives � Don�t Force Trades
[B]3.)[/B] Don�t get Greedy
[B]4.)[/B] Trust my Method
[B]5.)[/B] Love my Losses & Learn from them
[B]6.)[/B] End the Day Positive, if I begin to lose turn off the computer
[B]7.)[/B] Keep a Positive Mindset
[B]NOTE: I will post my blog link that contains more detailed reasoning behind my trades once I have met forums rules and the mods have given the OK[/B]
im not too familiar with trading “inner bars.” can you please provide some more detail on this trading style? or possibly suggest a an existing thread that fully explains this strategy? thanks for the help and good luck with your trades
Haha I figured that question would be the first one asked so I prepared something already.
Inner Bars are the informal name for the Harami candlestick pattern.
There are many types of IB�s believe it or not. Through my screenshots you should be able to decipher them. The Inner Bar is not just the answer to the method though. It is the bar previous to the Inner Bar and how the bars have been forming.
These different IB setups are subtile but they have different probabilites of winning and different rewards/losses which is why my T/P & S/L are fluid and not set in stone.
Remember you cannot force the market, you need to take what it gives you even if its nothing.
Yea I know I’m not claiming something new lol. However with the dibs method it takes too much time… That is actually one of the threads that drove me to create my method of trading 5min IB’s.
Trading 5min IB’s rather than 1 or 4hr IB’s allows you to…
-experience minimal drawdown
-bag your pips and run
-spend less time at the computer and more time on your hobbies/with family 7 friends
-less exposure to the market
Trading is all about managing risk and I seek to be in the market the least amount of time possible lol
Only 1 Trade today, +20.3 pips, check out the blog for exact details, Screenie is on their as well as below
BTW: If you want to start trading this method, I reccomend for charting using Ninja Trader w/ forex.com/GAIN feed. MT4 is rubbish. If you have any troubles setting it up just post here.
1 trade today, -10, tis ok we made enough yesterday and can’t win all the time
However I guess I got edited for link spam? I haven’t posted it anywhere but here and I see other violations all over the place even though circumstances may be there…
Trade will be posted once I get my lunch/after classes
If you take an advanced candle stick pattern course then you are taught that all candle stick patterns are reversal signals.
When the pattern forms in a rising market the chart is exhausted, but when price breaks above the high the market is “refreshed.”
Bullish reversals are only valid after knew lows or as a confirmation of support.
Bearish reversals are only valid after knew highs or as a confirmation of resistance.
Yea I know most of my trades follow such “thinking” although you really don’t even have to think of it like that.
Think of it as… if price is no longer going up, sell, if it is nolonger going down, buy. Same “exhaustion principle”, also the color of the bar, its wick/s length/s and location/s tell that story
