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.