when your trying to figure out if the direction is trending up or down pls zoom out, the trend should point at 1-2 o’clock for uptrend or 4-5 o’clock for downtrend, another thing to consider there is no perfect system ,so u gonna have few losses but with proper ratio along with your knowledge of support and resistance level and most important your money management, gaurantee you will be in a right track, so do me a favor pls dont go live unless you try this in demo for a while and it will help aswell if you can do a backtest for all the pairs using the rules posted on page 1 of this thread, analyse and decide if this system is good for you… cheers guys!
boom 120 pips usdcad.!!!
stopped out as well
if you backrest the reversal theory would you please share your results; thanks kk
GT155, Just a thought. The recent low of the usd/chf was .8930. One thought that a entry lower than recent lows would have prevented a loss here. I use Donchian Channels as levels, I may not have as good as an entry, but sometimes it saves me from the reversal. Seemed to me that usd/chf was rather oversold. It is probably in a retracement and could slam back down soon
A few new pending orders today. I’ve got AUDUSD GBPUSD AND GBPJPY as new orders. Problem is a few of those are right up at their recent resistant levels. For instance the AUDUSD. Others entering these and do you have a strategy? I’m thinking of placing my tp around the recent high…don’t have a 2:1 reward/risk ratio with that anymore though…more like 1/1…
so I threw a donchian channel up on my chart but I’m not familiar with how it gives a signal. could you give a brief explanation on how you used it in this situation? thanks Greg
I agree with the AUD/USD and GBP/JPY but for me the GBP/USD isn’t an inside bar.
interesting all three of these charts have the price halfway between the pivot point and resistance 1. you may want to consider splitting your normal lot size into two pieces; trade one with a tp at resistance 1 and the other at the usual tp.
both with the usual SL. If you hit the first target move your second lot to BE. just a thought.
I’m already in the aud/usd from earlier today by using the three duck strategy. now hovering between 5 and 10 pips above entry.
Can’t see an inside bar on GBP/USD, are you sure about this?
Myne new pending orders are in GBP/JPY, AUS/USD and USD/JPY in addition to the USD/CHF and EUR/JPY ones from tuesday. So far I had 6 signals this week, one filled and closed with a loss of 50 pips. Five to go!
dollar/yen is definately not an inside bar
order in for pound/yen @ 129.63
USD/JPY is an inside bar on my chart, the high (81.313) of the IB is 7 pips lower than the high (81.39) of the container bar and the low of the IB is way above the low of the container bar.
looking at the weekly chart for pound/yen we have a classic double bottom formation with upside potential to 140 as of 1 year ago. Of course that may be beyond the scope of this system; just thought I’d throw that out there.
OK GBPUSD not an inside bar, thanks for pointing that out, sorry didn’t look close enough.
hmmm, very strange, for USDJPY, i have two brokers saying no inside bar and 1 saying there is an inside bar!!
can others have a look at USDJPY and tell me what they see pls. (i know sherff sees one, but i basically don’t…very strange)
yeah weird
fxcm is saying the high from February 29 is 81.38 and the high from February 28 is 81.30
interbank is saying the high for the 28th is 81.39 and the high for the 29th is 81.31
that’s a big difference; which one to choose?
very strange. I’m just going to stick with my broker that i’ve been using all along, which says no inside bar, but thats just me…very strange indeed.
Hi, my first post on the babypips forum which I joined partly because of this thread!
Been following this thread for a while and think this system looks very good.
Am I right in thinking that we have an inside bar forming on USD/CAD which will give us a short order to put on?
Thanks
yes; looks like that’s the only one for today.
yes; looks like that’s the only one for today.[/QUOTE]
Thanks, is anybody on the usd jpy long that triggered last night?
Thanks, is anybody on the usd/jpy yen long that triggered sometime last night?