The first bar trade....it was worth lunch money at least today...

Yesterday the first bar trade was a real good one and even your barber could have made money with it. Today was and average day, the chart on the left is, of course, the 3 minute chart or setup chart. As you can see there are no indicator on it....don't need them, this trade setup only requires price bars....believe it or not.
The rules is simple, once the first bar prints when price takes out the high without taking out the low at the close of the next bar you go long. If the low is taken out without taking out the high at the close of the next bar you go short. If the high and low is taken out, then you are on your own. If the next bar is an inside bar and didn't take out either the high or low, then the setup is still valid until one of the conditions is triggered.

Today the high was taken out and we had a long, so now what to do, well I drop down to a 70 tick chart and have plotted two indicators for you to take a look at. First is the CCI set to 50 with a turbo (blue line) set to 6. When the turbo spikes to the upside and hooks that could be used to manage the trade.

I also plotted a stoch, and when it goes to overbought you could also manage the trade there. This is actually how I manage this trade, but I also watch the price and when the stoch is overbought I stay with the trade until the low of the last bar is taken out. Half off and move to breakeven and hope for a day like yesterday.

It doesn't matter what kind of tool you use to manage a trade, but once you study them and find one that works for you.....use it and clean up your charts by deleting the stuff you really don't need to actually trade, no matter how much you paid BOB for it.