long on eur/jpy at 105.530. Early bird special, we see if it holds.
Yep my order is in also.
pending order eurjpy (buy stop) looking forward for 180 pips!
104.60 target. All on board, nice buying opportunity here on this retrace.
toby123, today I took the trade early instead of waiting for it above the inside day. Could you comment on why you went early. For me it was a retrace to a strong upward move and the market sagged toward the end of the week. In addition the eur/usd stop moving up at the end of the trading day Friday. The markets had corrected for overbot and were beginning to move up again.
What was your reason Toby123.
I’m still hoping to see your other trading method. When will you post it.
Thanks for all you help Tobey123!
hey greg, i did put pending order for eurjpy (buystop)., wow your very aggresive greg, i hope you get a profit with your entry!!! about my other strategy very soon, just wait!! cheers.
Thanks,
Toby123, I’m in at 103.53. Yes agressive, but I’m not usually. I just felt the market has been long and is unabated, it overretraced. At this writing I’m up over 40 pips, so I have some cushion. If the Greek parliment votes on the euro debt deal we may will see a nice move.
The historic vote paves the way for Greece’s European partners and the International Monetary Fund to release $170 billion (euro130 billion) in new rescue loans, without which Greece would default on its debt mountain next month and likely leave the eurozone – a scenario that would further roil global markets.
Lawmakers voted 199-74 in favor of the cutbacks, despite strong dissent among the two main coalition members. A total 37 lawmakers from the majority Socialists and conservative New Democracy party either voted against the party line, abstained or voted present.
hi Toby
first and foremost, i’ll like to thank you for providing a free system. this will give me a opp to trade with a system instead of pure price action.
a few questions.
- just to confirm, the timing of the day closing doesnt matter right? i’m running on GMT+8 now.
- for placing the order, i’m a bit confused. lets say i look at the charts on wednesday evening (evening being 8pm GMT +8 and closing at 12am) and it is forming an inside candle compared to Tuesday’s candle, do i set a buy based on Wednesday’s possible high or tuesday’s high?
sorry for the seemingly noob question but i guess i’m trading in a totally different time zone from most of you so i think i might have to adjust the system accordingly.
Hi toby,
Just out of interest can I ask you what your pending order is exactly on the eurjpy. (assuming you went by your original rules). I’m just asking because while i’ve got mine set, I’m still just observing how to deal with the friday to monday transition (since as discussed before, some brokers draw a candle for sunday and some dont, which of course changes what you see). So to put my mind at rest i’d love to know what you’ve set (inside bar high + pips)
103.27 is what I think according the rule.
Thanks Greg. I’m around there. (103.26, difference would be in my broker). So thats good I’m on the right track. And that means I’m basing that on the friday close, and sunday bar is included in mondays. Thanks
It will be interesting to see if Toby123 confirms this. If the eur/jpy breaks this level we should be off to the races. This is also the recent high on the hourly chart and it is a resistance and support leve in my mind. I broke the rules and got in early, I may well be punished. It is best to stich to the rules.
exact the same point i was putting my pending order here…lets bull dancing…
really funny…and true!
Quick one,
Since we ignore Sunday bars, If the the Friday bar is inside the Thursday bar, does that qualify as a trade for Monday?
This is in regard to EUR/JPY where the candle in the 10th Feb(Friday) is inside the candle on the 9th Feb (thursday)
Regards
Michael
Yes it does qualify as a valid inside bar for this method. Regarding the inside bar formed on friday on eur/jpy, is also valid…pending orders are at 103.26…good luck!
inside bars for few pairs next few hours:
aususd (buystop) -wacth for resistance level
gbpusd (buystop)
gbpjpy (buystop)
usdcad (sellstop)
eurgbp (buystop)
your money management here is important, cheers!!
On my charts the AUDUSD is not an inside bar. The High for today is 1.07771 while the high for Friday was 1.07735. Are you seeing something different or am I determining inside bars incorrectly?
I am putting all these pending orders but I will take only the first one that gets filled. I think I will not get very good results this way but I can beter manage and study the trade I took…at least at the beginning until I get better using this method. Good luck!
Toby, what stop loss are you using on eur/gbp? Thank you!