another inside bar gbpjpy sma 21 is about to go up,… im risking 100 pips here ( is not totally ideal set up but i know what im doing so pls enter at your own risk)
buy stop @121.917
take profit @ 123.917 (200 pips)
stop loss @120.917 (100 pips)
update my usdcad at the moment 60+ pips
I see it too. There’s a resistance level around 122.600 that’ll need to be broken if anyone is looking for 1:2 R:R profit. Alot of other currency pairs are showing trend-reversal pinbars suggesting GBPJPY may go down as well. It looks 50/50. I’ve put a pending buy order in any case.
Thus…in this situation, you used buy stop or buy limit? cheers…
no worries…i got it…
when would you remove you pending order if the price is not up to 121.917 yet(in 2 days or 3 days)
I spent some time learning to code indicators today and decided to create an indicator that calculates the entry, stoploss and take profit amounts for me. Not the most elegant solution, but it saves me time. To use it I simply press Ctrl + B to pull up the objects list and then copy the values in the text box.
This indicator is currently set with a stoploss of 50 and a take profit of 100 so you may need to change the values depending on the pair you are adding it to.
Note: This currently only works while the inside bar is still open. Once the bar closes the values are calculated for the current bar.
Hope someone finds this useful.
Toby.zip (1.07 KB)
Nice, Jonah. That’s really helpful!
Toby - This looks like a solid system, I’ll be chiming in with my results over the next few weeks. I’ve got a demo started now.
Seems like this would be simple enough to code in to an EA, also.
within few days especially when the sma21 change direction!
thanks jonah!! i’ll check it !
dont forget to update us here!
Hi Toby,
I’m interested in your method and am taking the time to re and reread this thread.
Having a look at your gbpjpn trade yesterday, I don’t see how there are any inside candles during this period using the D1 chart. Did you stick completely to your method on this one? Just wondering because yeh I don’t see any insiders happening. If anything there’s one forming now for the 27th but without completion of this candle it’s still not an entry.
Entering the gbpjpy yesterday I think would have resulted in a stop loss for you, correct?
Here to learn and reading closely.
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hey wan great to see you here, you might need to check your chart again, make sure that your in daily timeframe, there is inside bar yesterday (gbpjpy) and i did not put instant order, i did put pending order still waiting to hit that order, ( so no loss for me ). anyway great to see you here enjoy the system!!!
So you will be keeping the pending order on GBP/JPY until either the trade gets triggered, another inside candle forms, or the SMA starts to go down again?
yep, im keeping my pending order, if there is another inside bar form im still keep entering pending order as long as you follow the direction of the trend (sma21) cheers!!!
another inside bar usdcad and aususd, im going to have pending orders:
usdcad:
sell stop@ 0.99810
take profit@ 0.98610
stop [email protected]
aususd:
buy [email protected]
take profit@ 1.07747
stop [email protected]
( remember forex is risky!!!)
update about my previous order usdcad - positive 40 pips
same idea…cheers bro…i know your system right now…hope we all make huge pips every single week…
another inside bar usdcad and aususd, im going to have pending orders:
usdcad:
sell stop@ 0.99810
take profit@ 0.98610
stop [email protected]
aususd:
buy [email protected]
take profit@ 1.07747
stop [email protected]
Wouldn’t it be better to place the orders immediately after the market reopens in order to avoid any gapping over the weekend?
as you gain experience you will understand why im doing this !!! (im 100% agree with your thought about placing orders on monday keep you safe more)but anyway to make it simple for you i dont care if i ended up hitting my stop loss with that pending orders, im in green zone and my equity keep building up with this system " remember you only need 33% winners, more than that is pure profit" and this week is 100% winners for me! cheers
Hello Toby. Great stuff you have here. I have a question…do you use a fixed stop loss or it is a trailing stop?
Hi Toby. Been following your system for a week and i luv it! been trying price action for so long but couldn’t nailed it till I tried yours 
Just got 2 questions for you. One, can a bar be considered an inside bar even if the high is equal or just 1 pip above the previous bar high? Lastly, how long have you been trading this fantastic system on demo and live?