Currently entered a pending SELL order on the AUD/USD.
Yep, me too.
sell USD/CAD anyone?
USDCAD I can see, but I’m calling the SMA.as flat. Look at the side scrolling price action last few weeks.
Also, AUDUSD of last week should have lost everyone some money. I’m wondering how everyone’s profits are going…
not for me, i’d rather see what happens when it stops ranging, seeing as though it’s stuck in that rectangle… i’d be wary because it looks to me like it’s on the way back up to the top line.
Pending buy order Gbpusd. But it’s getting to a resistance level
When you say look for signals during the evenings, what time frame are you talking about?
daily as per above
I see that. Im talking about like what time should i start looking at the evening closing bars? Like 3pm or 8pm or 11pm. What general time are you guys starting to look for signals when you use this strat.
Hi b3thomso,
That depends on your timezone. A daily candle closes at 5 pm EST. So for example I live in Holland and for me the daily candle closes at 11 pm.
Hope this was helpful.
Kind regards,
Ohhh ok. I didnt know it had to do with one specific candle. The way its worded seemed like you had to look at multiple candles at the end of the trading day to find an inside bar. In reality, hes suggesting that if the 5pm est candle turns out to be an inside bar and all of the other conditions are met, then you should go ahead with the trade. I think i got that right.
Nevermind. Im an idiot. If you look at a daily chart, theres only one candle a day. Duh.
My other question is what does an inside bar consist of? Am i looking at the opening and closing high and low? Or am i looking at the high and low shadows to determine if its ‘inside’ the previous candle?
Hi b3thomso,
An inside bar is totally inside the previous bar, including the shadows. So basically the high and low of today should be within the high and low of yesterday.
Kind regards,
Understood. My last question is about removing the trade. If for example you set a pending buy order for 5 pips plus the spread (call it 2 pips) from the high of the inside candle, it says to remove the trade if the order is triggered. Wouldnt you only be making 5 pips then? I have a feeling i dont quite understand. Maybe if someone can spit out an example real quick?
Hi b3thomso,
You place you’re order 5 pips above or below the inside bar. You don’t remove it unless you think that the price will not get triggered because the price went in a different direction. As soon as the price is hit, you’re in the trade. from that moment you should wait until your TP or your SL is hit.
I posted some screenshots, some messages back.
Kind regards,
“Do not remove trade until either the entry is triggered or the 21 SMA
changes to an up direction”
Ok. Thats what Toby said in the first post (for a short trade of course). It doesnt make any sense. It telling you to remove the trade when the entry is triggered. Dont you agree?
Hi b3thomso,
You’re right, but I think Toby made a small mistake here. You can’t remove a trade once it is triggered, unless you close the trade ofcourse.
So it is very simple, you look for an inside bar (or candle), look for a clear direction of the 21 SMA, place your order according to the rules on page 1 and shut down your system.
The next day, around the closing of the candle, you come back and see if your order is triggered, and maybe even gained some pips :).
If you have more questions, don’t hesitate to ask.
Kind regards,
I think i got it now. Thats what I thought he meant but i wanted to make sure. And when im going to enter an order im gonna do a buy stop or sell stop correct?
Hello everybody, I’m testing this system and would like to confront my signals with yours.
At the moment I see following trends:
AUD/CAD Short
EUR/GBP Short
GBP/USD Long (t/p)
Still not triggered:
EUR/NZD Long
GBP/AUD Long
Do you see anything different?
Rgds
I know its still got a couple hours buy Im seeing a eur/usa inside bar forming. Anyone else?