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I was looking at the 5 minute, didn't actually take it until after the break though. The ob did get my attention, but i really just felt like gloating.
Official sim trade results: 3 winners and 1 loser = $120 before commission.
Note: Mr Market must feel bad for my earlier 7-tick slippage. Sooo, it gave me 4-tick slippage for the afternoon trade to my favor this time .. haha ..
Hi Jeff: So far I've been enjoying lots of FUN practising the Inside Bar set-ups on CL this week. Oh, I think I did a reversal trade too (see the green/magenta arrows on the green bar before the 2 yellow bars) and it's a profitable one.
OK.....+78 today. Two inside bar trades and a reversal coming out of lunch.
A word about the reversal............the wick was 62%......the volume was high of the day.....it was at the END of a big down move. Notice entry is one tick above reversal bar.
Thanks Jeff for the Reversal trade entry point. It's always a myth to me until now. Hey, I got lucky that my so-called reversal trade was a profitable one. I thought I had to wait for the completion of another bar (green one for this case) before entry LOL! I also don't understand why I did not get a magenta long-wick bar (it's red) though the yellow Divergence dot alerted me that it's a reversal one.
Hello all, here are my trades for the day
Trade#1 do not know if it was totally legal , as trade was 15 minutes to PMI News , hit the +8 came back to hit the stop for + 1
Trade # 2 just nice relaxed + 8 + 16
Trade # 3 we had an inside bar , then a " Double Inside Bar " , I was going to get greedy and go for 16 and 16 , but did not , for those that took this trade you will remember it was , as Jeff said a " SLAM " ,, went up 20 ticks in 1 second , let me have the + 8 , would not fill the +16 , came back to stop me out at + 2 . Now that I re-look at this trade , the idea of 16 and 16 was not so bad , BUT would have to use a different ATM strategy ,of not moving the stop the B/E + 1 at 8 ticks profit. O'h how clear things are in hindsight. Better to stay with the proven + 8 + 16 .
Total for the day 64 ticks
The reversal bar wick size can be adjusted......the "stock" setting is 67. This weekend I was doing some research on software that identified japanese candlesticks.......one software company offered a feature that allowed you to set a % of how close a candle came to an ideal look. I'm thinking anything over 60 could be considered as long as the other two criteria are met.
Just remember the reason for your loser............you were trading too close to news.
Yes Jeff lesson learned! I adjusted the wick % (default 67 to 65 .. 63 ..) and the red bar turned to magenta at 62. I will leave it as-is since I am still learning. Thank you.
I'm thinking I'd like to incorporate that setup next, but I think I want to study and research the inside bar some more because I have some other inside-bar/range breakout setups in other markets and time frames I've studied and am interested in finding out how this could benefit those as well.
I got +66 ticks on the 3 inside bars and avoided the losing IB during news.
