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Inside and Outside bars
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Created: by Big Mike Attachments:9

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Inside and Outside bars

  #1 (permalink)
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Inside and Outside bars

Since I've been reading Al Brooks, I've been playing with a lot of new techniques. One of which is Inside and Outside bars, which I didn't use to pay much attention too -- mainly because I didn't pay much attention to minute charts.

Here is a daily chart with some examples of inside and outside bars. I colored inside bars purple, and outside bars light cyan. I used 420m because I used a 7-hour cash session schedule for the bars.

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The arrows indicate a buy on the breakout.

Overall, it doesn't work very well by itself as a strategy to enter a position on the breakout. I found it worked better on daily charts than on anything else.

However, when you drill down to a 5m chart, if you look for traps then it can be a great entry signal. So let's say you get a breakout from an inside bar to the high side, but price is already very bullish compared to the EMA 20 or very bullish compared to yesterday's high or resistance level, you could then place an entry on the other end of the bar and wait for a low close to enter in the opposite direction of the breakout, entering where trapped traders are forced out.

Attached are some examples of 5m charts, both working and not so much...

Curious to here feedback on this.

Mike

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Attached Thumbnails
Inside and Outside bars-2009-10-25_1623.png   Inside and Outside bars-2009-10-25_1623_001.png   Inside and Outside bars-2009-10-25_1624.png   Inside and Outside bars-2009-10-25_1624_001.png  
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  #2 (permalink)
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Turtle soup

Kind of like a turtle soup entry?
I am sure there were other nuances to the setup but essentially it boiled down to a bull/bear trap and a failed breakout.
Very keen to get hold of Al Brooks book but we have postal strikes here in the Uk so goodness knows when I will get it!

PS How do you get sideways arrows?

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  #3 (permalink)
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Re: arrows -- Using Wingdings font and drawing them as text on the chart.

I've never heard of Turtle soup...

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
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  #4 (permalink)
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Thanks for starting this thread. It got me going back in the book and reviewing some material on inside and outside bars as it was something that had gotten lost in the quagmire of Brooks info filling up my brain. Is that an indi that is coloring the inside/outside bars? Could you post it? I snagged the InsideBar indi off Ninja forums but its weird, only paints some bars.

Blz

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  #5 (permalink)
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Big Mike View Post
I've never heard of Turtle soup...Mike

Breakouts | Short-Term Patterns: Turtle Soup | Traders.com Advantage

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  #6 (permalink)
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Big Mike View Post
I found it worked better on daily charts than on anything else.


Mike


Mike

Maybe the daily chart can be used as a filter for 5 min charts?

Verge

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  #7 (permalink)
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Mike,
great post !
I'm working now on additional research of inside/outside bars.
I have question to you : on the attached charts...inside/outside bars are colored...have you used any specific "indicator" doing that ? where that could be downloaded by non VIP members?
Thank you.
Krgds,
Andrew


Big Mike View Post
Since I've been reading Al Brooks, I've been playing with a lot of new techniques. One of which is Inside and Outside bars, which I didn't use to pay much attention too -- mainly because I didn't pay much attention to minute charts.

Here is a daily chart with some examples of inside and outside bars. I colored inside bars purple, and outside bars light cyan. I used 420m because I used a 7-hour cash session schedule for the bars.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).


The arrows indicate a buy on the breakout.

Overall, it doesn't work very well by itself as a strategy to enter a position on the breakout. I found it worked better on daily charts than on anything else.

However, when you drill down to a 5m chart, if you look for traps then it can be a great entry signal. So let's say you get a breakout from an inside bar to the high side, but price is already very bullish compared to the EMA 20 or very bullish compared to yesterday's high or resistance level, you could then place an entry on the other end of the bar and wait for a low close to enter in the opposite direction of the breakout, entering where trapped traders are forced out.

Attached are some examples of 5m charts, both working and not so much...

Curious to here feedback on this.

Mike


Reply With Quote
 
  #8 (permalink)
 Vendor: www.probabletrades.com 
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Andrew View Post
Mike,
great post !
I'm working now on additional research of inside/outside bars.
I have question to you : on the attached charts...inside/outside bars are colored...have you used any specific "indicator" doing that ? where that could be downloaded by non VIP members?
Thank you.
Krgds,
Andrew

You can download one from Ninja's support forum here

InsideBar indicator

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  #9 (permalink)
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Shodson,

thank you, but am I right that's only inside bar indicator ? and it not shows outside bars ?

Krgds,
Andrew

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  #10 (permalink)
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Andrew View Post
Shodson,

thank you, but am I right that's only inside bar indicator ? and it not shows outside bars ?

Krgds,
Andrew

That and, perhaps I'm a moron, but it appears to miss alot of inside bars as well.

Blz

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