Another inside bar PARTY for XAUUSD on Friday after NFP
Let's start from the beginning...
My Inside bar trade will be:
Entry: put buy/sell stop @ 1 cent above/below an inside bar that formed after an important level or a huge price movement to long/short.
out: for long, 1 cent below inside bar low; for short, 1 cent above inside bar high
1st Price target: put half of the position off by limit order at 1:1 to the risk ( ex: entry@1220, out@1225, then put half of the position buy limit @ 1215).
once the price reached 1st PT, that makes the trade at least risk-free, A.K.A a successful trade.
Then I can do whatever I want to the rest of my position like trailing the price by adjusting stop with the trend, or book any profit I want.
This set-up works the best when there is a huge news like NFP.
Just like the USOIL last week, XAUUSD inside bars were AWESOME.
After NFP, it gave 5 inside bars after new lows and all of them broke to the downside and became successful short.
Even if you were willing to long the 6th inside bar that broke to the upside, it worked!
While most of the time I prefer to trade inside bars that broke with the trend rather than broke against the trend.
My Inside bar trade will be:
Entry: put buy/sell stop @ 1 cent above/below an inside bar that formed after an important level or a huge price movement to long/short.
out: for long, 1 cent below inside bar low; for short, 1 cent above inside bar high
1st Price target: put half of the position off by limit order at 1:1 to the risk ( ex: entry@1220, out@1225, then put half of the position buy limit @ 1215).
once the price reached 1st PT, that makes the trade at least risk-free, A.K.A a successful trade.
Then I can do whatever I want to the rest of my position like trailing the price by adjusting stop with the trend, or book any profit I want.
This set-up works the best when there is a huge news like NFP.
Just like the USOIL last week, XAUUSD inside bars were AWESOME.
After NFP, it gave 5 inside bars after new lows and all of them broke to the downside and became successful short.
Even if you were willing to long the 6th inside bar that broke to the upside, it worked!
While most of the time I prefer to trade inside bars that broke with the trend rather than broke against the trend.
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