TBH, the IB’s on EJ Oil and EU havn’t went like I thought lol, all stopped out at BE after TP 1 hit on all 3, need to re-assess things and work out WTH is going on lol.
**** happens! We don’t have to be right 100% of the time.
Ok, so I am currently sat at the farm waiting on the vet due to a cow being very sick, it is 1am, I have had 3 hours sleep in the last 2 days, but I will try my best to share some info on the topic now, and them come back and edit it when my brain is working properly again. Hopefully what I say makes sense.
So, I first started trading inside bars on the 5 minute charts scalping, they occurred on a very frequent basis, giving me plenty of chances to trade them and learn how the work.
Working out which side the IB will break out is the hard part to explain and would be better explained with a video, I might make a short 5 min video tomorrow about it.
Inside bars can break out on both sides, so you could get faked out very easy, I usually like to trade them after trend line breakouts, or high momentum moves. Truthfully, I think the only way you will learn to trade IB’s is by actually trading them, but, beware.
As you may or may not know, I try and stick to a few pairs only, EJ, Gold, EU, Silver and a few others if I see very good setups. Gold is boss for IB trading, UJ sucks if you don’t know which IB to trade as there are loads of them. I will only trade an IB when it meets certain criteria, for example, a trend line break, a head and shoulders pattern or a reversal IB stopping a very high momentum candle. The setup also has to show some direction, so usually I like a pin bar to be present, depending on the setup and what price is doing, very high momentum candles are easily reversed by a small inside bar within the high momentum candle.
So, firstly, you have to look at the daily, and see where price is in relation to S/R levels, if price has broken above a resistance level, and an IB has closed above it, chances are a break higher will occur, but, it depends on how the IB closed, was it a bearish looking close, or bullish looking close. These kind of things are hard to explain in writing, I am not very good at this kind of stuff, I think I will continue this in a short video. I can’t share too much as I have private students who I teach and make videos for, and I don’t think they would be too happy. Please don’t message me about coaching, I only coach 2 people max at a time as I like to spend as much time with the person as possible in order to help them learn, and it’s free before people start saying I am advertising… Also, I don’t just coach anyone, cos most people are time wasters…
But anyway, I will make a vid and fire it up tomorrow I see a nice IB setup right now which I will enter if I get confirmation and post it tomorrow also.
If you think I am full of sh*t, please ask darth, as I have been telling him all the IB setups I have been taking for the past few week, and 80% are winners…
Here are some trades I am in right now, all taken on an IB setup.
I’m sure noone thinks you’re lying. Some people just have different preferences which may produce the same results. I’m personally not too fond of IB’s as they remind me of pennants.
Looking foward to the video
I hope your cow feels better btw.
EJ somehow behaving like GJ
Me thought it’s abt 2am your time! You no sleep?
appreciate the response and look forward to the vid. IB’s and busted PB’s seem to be your specialty, which is why I was asking.
Adamj. I’m a good puppy, house broken and very tamed. Please train me. wags tail
Bit off topic…
Will reply to posts tomorrow Bet this is the first time something like this has been posted on babypips LOL
Here is a serious question Adam, why haven’t you started a thread focusing just on the IB??? Some people trade a large number of patterns(such as much) and apply their standard price action principles to all of the patterns, but some people focus on mastering and creating a whole trading technique off of 1 or 2 setups. It seems like that is what you have done. If you did start up a thread I would be first in line to subscribe to it.
Best trading to you
All kidding aside, I am genuinely intrigued by your trading plan Adam. Although I’m not sure it’s for me as a lot of it seems to be based on speculation on where the market will go next. I would absolutely subscribe to your thread even if it’s out of morbid fascination as long as you promise to stop posting pictures of my ex wife.
Being really honest, because it sounds like too much work to me. I have started threads before, and always drop them due to lack of interest lol
But, when things quieten up on the farm in a few weeks, I might open one and see what kind of interest it gets.
HAHA! Sorry, won’t post any more pics
It has nothing to do with speculation, all the trades I take, the profit targets are all mathematically plotted, every trade I take has a reason, there are many IB’s I don’t trade, and I like to have a certain pattern present before I take the trade too.
Adam, I’ve been lurking around Babypips for awhile and am fascinated by your IB trades. I hope you start a thread focusing solely on IBs. Presumably the Vet has seen to the cow’s well being and you can concentrate your mind on FX again
still in my short gpbchf trade…crazy price action…
also now taking a long on eurusd as in attached chart. will take half off at first take profit at around 1.3936 and see if i can let the rest run…
I like the idea of you starting a thread on this topic. I have never used TL’s before, and to watch the explosive moves of a TL break is pretty fascinating. Hopefully we’ll see NZD/USD break this TL before long
Hey there, may I ask where you’re getting that volume information from?
it is FXCM’s Marketscope 2 platform, right click on a chart, then click “show tick volume”
Gotcha, thanks!
Do you use this information to make trades?
no, but I’m trying to learn to use it as part of the overall picture. The huge spike in volume coincides with the large drop in price. This shows me there was a lot of participation in that move, and a lot less participation since then in the move to retest the resistance level.