Days you Should Never Trade an Inside Bar - forex peace army news trading

Days you Should Never Trade an Inside Bar ~ forex peace army news trading

An inside bar is among the major forex price action trading strategies. The inside bar forms when the low and high of the bar are within the range of the mother bar. The inside bar can be traded in both the 4 hour chart and the daily chart. 

Due to the nature of the inside bar, it is not advisable to trade it on particular days associated with low volatility or little market movement.

1.    Saturdays and Sundays

The first way to avoid trading inside bars that form on weekends is to use an online forex broker that uses the five day chart. If your forex broker uses the seven day chart you need to be careful about the trading signals that form over the weekends. Every trading edge that forms after the New York Close at 5: 00 pm EST on Fridays should be held suspect. A lot of forex brokers actually use the seven day charts and every forex trader must be extra careful not to execute trades on the basis of signals that form on Saturdays or Sundays when the London and New York markets are closed. Any inside bar that forms on Saturdays or Sundays should never be traded because they end up being false signals. They don’t reflect the general mood of the forex market.

2.    International Holidays

Inside bars that form on international holidays should also not be traded.  The forex market is always closed on international holidays such as Easter Monday and Good Friday. Although the online forex market is a 24/7 affair, it does not imply that markets don’t respect holidays. As a matter of fact, the forex brokers, hedge funds, banks and retail traders that contribute to the running of the forex market are humans that must get a rest.  If they are not engaged in forex trading, there is no way the price action strategy will bear good results. Master international holidays and ignore all inside bars that form on such days.

3.    United Kingdom Holidays

If your online forex broker uses the London open forex charts, you must bring yourself to the knowledge of the relevant events in London. List down all the United Kingdom holidays that may affect your success trading the inside bar in the online forex market. Mostly your forex broker will let you know about holidays in their forex reviews. But if you are a forex trader that rarely looks at reviews, then you need to have all the relevant information about the London forex market charts written somewhere. Remember, inside bars can easily lead to loses in the forex market when traded on the wrong days. The trade will turn against you due to your lack of knowledge of when to trade the inside bar successfully.

4.    American Holidays

This applies to all forex traders using the New York close charts. Online forex volatility falls whenever the New York Stock Exchange closes. This happens at daily at 5:00 pm EST. if your broker uses the New York close charts, you must be aware of the relevant trading days in the United States of America. Short of that you will mistakenly trade an inside bar that forms on an American holiday. The consequences will be dire as you will have a losing trade and lose faith in your trading edge and the forex market all together.

Most of the time that our edge turns into a loser is because we’ve rushed into the forex trade and executed a trade without considering whether our trading edge is genuine or not. Trading genuine inside bars in the forex market implies trading only inside bars that form on the right days. Success in the online forex market comes after mastering the what, when and why. Know what to trade, when to trade, and why to trade. In forex, learn how to trade the inside bar only after answering the what, when and how to trade. That way, the online forex market will not be a painful endeavor.

You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 
Call us today on 0725 050 419 for the best forex trading orientation.

More info for Days you Should Never Trade an Inside Bar ~ forex peace army news trading:

One more Millionaire - forex factory trading the news

One more Millionaire ~ forex factory trading the news

A note for a new Millionaire Greater Fool Blog Dog. His P & L

If this shit keeps up No one to shine my shoes.

Smokey, my man.  I took the advice you were dispensing for free on GF and your own blog back in March.  I opened a $100k demo AvaTrade account.  At first, I had no f---in clue what exactly I was doing...trading all sorts of pairs....JUST TO LEARN THE SYSTEM.  Then I decided to only ever trade USDCAD.  I spent exactly 3 months learning....practicing like crazy...up til 4 or 5 am every night, then off to the tax farm at 9:30am.  Wife hated me, and you, and this "game" I was playing.  She thought of it like a video game or something.  Funny how wives can say the darndest things, eh? I also kept reading your comments on GF and your blog.  Took your batman, camel toe advice and applied it.  Worked out pretty well.  Have a look at the screen shot I sent.  I had some scary moments, but some thrilling ones too, netted $440k on the December Fed hike alone.  I really hit my stride when I predicted the July BoC hike, though...caught most people by surprise, that one.  But then again, most people are part of the herd.  I keep thinking to myself "this shits not so hard....just be on the right side of the trade, thats all."  

Now dont get me wrong....Ive been a keen economic observer and avid reader of economic and financial news., and geopolitics for about 13 to 14 years...so Im not a novice in that realm.  But I never really had a outlet in which I could apply the knowledge and insights I was coming up with to make money.  Until I read your comments about currency trading.

Can I make it my day job?  Dont know....part of me says I need to start doing technical trading to do it for a living, part of me says its not actually a thing you can make consistent money on. Plus, technical trading can mess with your head and mess with your flow.  Its better to be an ignorant Neanderthal whos a natural with the ladies than to get a dating coach and get bogged down focusing on posture, eye contact, voice tone, colour coordination of belt and shoes, what she meant when she said xyz, and other technicals.  Thats the difference between understanding overall trends and economic fundamentals vs. focusing on technicals.

So instead of daily technical trading, Ill go for a once-in-a-while big bang approach when a currency gyration is subtly telegraphed in advance to those who have the experience and ability to analyze the economic painting being drawn by the machine.

Thanks so much Smokey, youve changed my familys life.  My wife even likes you now, believe it or not.  But she still hates that she has nobody to stuff her feet against in the bed when they feel cold at 2:30am. 

p.s. Ive been reading your shit on GF since like 2010.  Keep it up.

__________________________________________________________________________

Forgot to mention....I spent 3 months learning on the Demo account and then opened a live Ava Trade account in June....gave me ~3-4 weeks to prep for the July BoC decision.

I havent withdrew any of the funds yet....is there anything I should know about withdrawing from an Ava account?  Any hiccups or restrictions they impose, or difficulties they put you through??

Thanks again dude.  If I ever see you, or someone who looks like what I think you look like, at Seneca, free cigar on me.

More info for One more Millionaire ~ forex factory trading the news:

Taxes Kenyans and the Online Forex Market - news about forex trading

Taxes Kenyans and the Online Forex Market ~ news about forex trading

 

Read more »