Two Trades Lost

Total lost 66pips

#13-14 (part 2)

Trades Won at "Take Profit."
#13
22 Pips won

#14
6 Pips won

Total 28

Record

• Won: 194 pips
• Lost: 46 pips

Changed Time Zone

I changed my time zone back to EST because of the difficulty I had identifying the proper direction of the daily trend...Hopefully this doesn't hurt me.

#15

EDIT: ORDER CANCELED

#14

#12-13

EDIT: #12 ORDER CANCELED

#11

EDIT: ORDER CANCELED

#10

EDIT: ORDER CANCELED

#8-9 (Part 2)

Trades Won at "Take Profit."
#8
67 Pips won

#9
31 Pips won

Total 98

Record

• Won: 166 pips
• Lost: 46 pips

The DIBS Method

I found this link on www.forexfactory.com and I believe it may be what I'm trying to accomplish.

http://www.forexfactory.com/showthread.php?t=86766

A little hard to digest all of this...Gonna have to read it a few times.

#9 (Changed Time Zone)

Changed Time Zone to Mirror GMT+0

Platform: Oanda (Demo)
Charts: 1 hour
Currency: USD/JPY
Long
Limit Order: 108.590
S/L: 108.255
T/P: 108.900
Inside Candle: 01:00

#5 (part 2)

Talked with Alan, we both kind of thought this would happen, due to the resistance at this point.

Trade Lost at "Stop/Loss."

25 Pips lost

Record

• Won: 68 pips
• Lost: 46 pips

#6 (part 2)

Trade Won at "Take Profit."

29 Pips taken

Record

• Won: 68 pips
• Lost: 21 pips

#8

Platform: Oanda (Demo)
Charts: 1 hour
Currency: GBP/USD
Short
Limit Order: 1.78640
S/L: 1.79350
T/P: 1.77970
Inside Candle: 19:00

#6 and #7

The inside candle breaks the open, so I placed trades above and below the inside candle.
#6
Platform: Oanda (Demo)
Charts: 1 hour
Currency: USD/JPY
Long
Limit Order: 108.200
S/L: 107.885
T/P: 108.490
Inside Candle: 19:00

EDIT: Order #7 Canceled (Market went other direction and didn't look back)

#7
Platform: Oanda (Demo)
Charts: 1 hour
Currency: USD/JPY
Short
Limit Order: 107.850
S/L: 108.165
T/P: 107.560
Inside Candle: 19:00

#5

Platform: Oanda (Demo)
Charts: 1 hour
Currency: EUR/USD
Short
Limit Order: 1.45700
S/L: 1.45945
T/P: 1.45470
Inside Candle: 19:00

I think I was confused a bit about time zones when I made this trade...It could mean a bad trade was made here.

#4 (part 2)

Trade Won at "Take Profit."

Record

• Won: 39 pips
• Lost: 21 pips

#4

Platform: Oanda (Demo)
Charts: 1 hour
Currency: EUR/USD
Short
Limit Order: 1.4623
S/L: 1.4644
T/P: 1.4602
Inside Candle: 22:00
Double inside candle: 23:00

As I understand, a double inside candle normally represents a very good trade.

Second Trade (part 2)

Trade Won at "Take Profit."

Record

• Won: 18 pips
• Lost: 21 pips
  

Third Trade

EDIT : THIS LIMIT ORDER EXPIRED BEFORE THE MARKET RETURNED TO THAT PRICE POINT.

Platform: Oanda (Demo)
Charts: 1 hour
Currency: EUR/USD
Short
Limit Order: 1.4729
S/L: 1.4742
T/P: 1.4717
Inside Candle: 23:00



This will probably trend bullish; away from my limit order. I don't remember if I should be trading this inside candle or not. However, I placed this trade according to my disciplines. "Lower than the daily open, trade short."

Second Trade

Platform: Oanda (Demo)
Charts: 1 hour
Currency: USD/JPY
Short
Price: 109.083
S/L: 109.315
T/P: 108.900
Inside Candle: 22:00




I took this trade because the 22:00 Inside candle had not been broken yet at 23:30 when I sat down. It was below the close of the previous day, so I'm going short. Also it appears to be going with the downward trend. When I checked the 3 hour charts I noticed that their seems to be a resistance at the place it hit twice earlier in the day.

EDIT: I believe I placed this trade incorrectly. I think I am supposed to be placing a "short" limit order 2-3 pips beyond the break of the inside candle. Not where I actually placed this trade.

First Trade (part 2)

I woke up this morning and signed in to find that my first trade hit my stop loss. I wonder if I missed something important.

First Trade

After talking to my trader friend Alan, I am going to try a new strategy of trading that uses the inside candle as my guide.

I'm using OANDA at the moment because my PC is down and my parents Mac is at my disposal. I'm supposed to be using Metatrader 4.

Charts: 1 hour
Currency: EUR/USD

When I pulled up my charts at 11:50pm EST, I noticed that the 23:00 hour candle was going to close as an inside candle. I also observed that the inside candle was above the day's opening candle. So I went long (flowing with the daily trend).

I put a limit order in at 1.4793 with a "take profit" and "stop loss" 15 pips above and below this. The inside candle was actually about 17 pips in length, which is the suggested length for your "stop loss" and "take profit."

Sure enough, the 23:00 bullish candle closed as an "inside candle" at 1.4791. Not long after that it rose to take my limit order position at 1.4993.

I'll check how it went in the morning.