#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.