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  • #181
  • May 12, 2008 4:29am May 12, 2008 4:29am
Quoting jarroo
I am following Peter's DIBS method as much as possible (and as much as I understand it.)

Read and study this thread in its entirety. You will find your answers.
Hi Jaroo,

For your information I have read the thread in its entirety a few times over and done backtests. That was my understanding of how to trade the set-ups, hence the question as to which is the correct way to trade it since you are doing it differently from me.

Thanks.
Bakuli
  • #182
  • Edited 9:39am May 12, 2008 9:23am | Edited 9:39am
Quoting jarroo
I like it Islander. Looks good.

I like the fact that if and when losses occur (and they will happen) they are small compared to the potential gain. Where have I heard that before.

My style of trading limits losses as much as possible. It's all about the losses not the profits. The profits will take care of themselves. IMO.

The Usd/Jpy trade I am currently in, I have taken half off at 43 pips and the other half I moved to break even. It another IB presents itself and breaks the top I may re-enter. But for now I'll enjoy banking pips and risking ZERO.
Other half stopped out at break even.

I'll take trades like these all day. I always want to give a trade a chance to run.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #183
  • May 12, 2008 9:25am May 12, 2008 9:25am
Quoting Bakuli
Hi Jaroo,

For your information I have read the thread in its entirety a few times over and done backtests. That was my understanding of how to trade the set-ups, hence the question as to which is the correct way to trade it since you are doing it differently from me.

Thanks.
Bakuli
Maybe I didn't understand your question. Could you ask it again with a chart?
Indicators show the past. Price Action "Indicates" the future.
  • #184
  • May 12, 2008 12:27pm May 12, 2008 12:27pm
Quoting jarroo
Other half stopped out at break even.

I'll take trades like these all day. I always want to give a trade a chance to run.
-jarroo-

Good to see someone else taking the same trade I did this morning.

But I didn't get stopped out of my second piece as in your instance.

I got 20+ pips on my first half (only ~13 pip original risk) and placed my stop below the inside bar. It hasn't been hit yet, but it was VERY close.

You definitely have the idea and I agree- I too will take trades like this all day.

-PeterCrowns-
  • #185
  • May 12, 2008 1:39pm May 12, 2008 1:39pm
Quoting PeterCrowns
-jarroo-

Good to see someone else taking the same trade I did this morning.

But I didn't get stopped out of my second piece as in your instance.

I got 20+ pips on my first half (only ~13 pip original risk) and placed my stop below the inside bar. It hasn't been hit yet, but it was VERY close.

You definitely have the idea and I agree- I too will take trades like this all day.

-PeterCrowns-

A definte confidence builder for me. Thanks Peter.

That's one of the problems of moving to breakeven, while you reduce your risk you also reduce your profit potiental. But I like the feeling of knowing that I will not loss money today.

Thanks again and as always your comments are most welcomed.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #186
  • Edited 9:12pm May 12, 2008 8:52pm | Edited 9:12pm
Used IB formed at 00:00GMT to enter position. S/L hit.
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS GBPJPY 12 May 08 (1.1).gif Size: 10 KB
  • #187
  • Edited 9:55pm May 12, 2008 9:30pm | Edited 9:55pm
Quoting blueskies
Used IB formed at 00:00GMT to enter position. S/L hit.
We are defining the start of the new day at the open at 1:00 AM EST or 0500 GMT. We take the open Price of the candle (the 0500 GMT candle) to draw a line in the sand.

Once that line is drawn, we look for Price to move above or below that line.
When Price forms an Inside Bar above that line we take breaks only from the top. When Price forms an Inside Bar below that line we only take breaks only from the bottom.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #188
  • May 12, 2008 10:38pm May 12, 2008 10:38pm
Quoting jarroo
We are defining the start of the new day at the open at 1:00 AM EST or 0500 GMT. We take the open Price of the candle (the 0500 GMT candle) to draw a line in the sand.

Once that line is drawn, we look for Price to move above or below that line.
When Price forms an Inside Bar above that line we take breaks only from the top. When Price forms an Inside Bar below that line we only take breaks only from the bottom.
Hi Jaroo,

I think you have got the start of the day wrong. Below is part of a post from Peter which says that he uses midnight as the close and start of each 24 hr session.


From Post 25 , Page 2

" ....................................A chart picture is the best thing I can do.

The chart I am attaching is a snap of the hourly GBP/USD for this week.

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close. "


Hope that helps,
Bakuli
  • #189
  • May 12, 2008 10:43pm May 12, 2008 10:43pm
Quoting Bakuli
Hi Jaroo,

I think you have got the start of the day wrong. Below is part of a post from Peter which says that he uses midnight as the close and start of each 24 hr session.

" ....................................A chart picture is the best thing I can do.

The chart I am attaching is a snap of the hourly GBP/USD for this week.

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close. "


Hope that helps,
Bakuli
I don't see your chart (Yet).

Same thing. The Close of midnight (EST) and the Open of 01:00 (EST) is the same Price.
Indicators show the past. Price Action "Indicates" the future.
  • #190
  • Edited May 13, 2008 3:30am May 12, 2008 11:06pm | Edited May 13, 2008 3:30am
Quoting jarroo
I don't see your chart (Yet).

Same thing. The Close of midnight (EST) and the Open of 01:00 (EST) is the same Price.
I thought Peter was referring to midnight GMT. I'll go and check it out again.


As for the chart, I am a tecno-moron , so I won't be posting one 'cos I don't know how to !
  • #191
  • May 12, 2008 11:09pm May 12, 2008 11:09pm
Quoting Bakuli
I thought Peter was referring to midnight GMT. I'll go and check it out again.


As for the chart, I am a tecno-moron , so I won't be posting one 'cos I don't know how post it !
http://www.forexfactory.com/showpost...5&postcount=61
Indicators show the past. Price Action "Indicates" the future.
  • #192
  • May 12, 2008 11:22pm May 12, 2008 11:22pm
Quoting jarroo
http://www.forexfactory.com/showpost...5&postcount=61
Thanks for clearing that up for me. I have been doing all the backtesting based on 12 midnight GMT as the close/open of each 24 hr session. Well, looks like I have to re-do it all over again! MInd you, the results were still favourable based on 12 midnight GMT.
  • #193
  • May 13, 2008 2:20am May 13, 2008 2:20am
Jarroo,

Is this a valid long?
do I have my "previous days close" lines correct?
Attached Image (click to enlarge)
Click to Enlarge Name: long trade.gif Size: 13 KB
trading naked.......
  • #194
  • May 13, 2008 3:52am May 13, 2008 3:52am
You gotta love it!
Attached Image
Trading = a mirror to your human flaws. Fix them or be fixed.
  • #195
  • May 13, 2008 4:01am May 13, 2008 4:01am
Quoting jarroo
We are defining the start of the new day at the open at 1:00 AM EST or 0500 GMT. We take the open Price of the candle (the 0500 GMT candle) to draw a line in the sand.
You sure it's not the close of the 0500 GMT candle, as Peter did say the day starts at 0600 GMT?

By the way I assume Europe was opening at 0600 GMT, which is now 0700 GMT with DST.

Thank you for your contributions to this thread, please do not be put off by post like this one.
Good Trading
  • #196
  • May 13, 2008 4:03am May 13, 2008 4:03am
Took positions in EURUSD and USDCHF, and both went well. Only regret was to close the positions with profit instead of letting the "profits run".

Regards.
  • #197
  • Edited 4:57am May 13, 2008 4:39am | Edited 4:57am
Quoting piphitman
Jarroo,

Is this a valid long?
do I have my "previous days close" lines correct?

This is a valid long if you took the 05:00 (GMT) Close and the 06:00 (GMT) Open. I know that Peter talks about the Open of the 06:00 (GMT). I am going to use the Open of the 01:00 (EST) candle just to be consistent.

I am not saying your wrong piphitman. I am just saying that I believe he meant the 0100 EST candle.

Good job.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #198
  • May 13, 2008 4:49am May 13, 2008 4:49am
Quoting aud
You sure it's not the close of the 0500 GMT candle, as Peter did say the day starts at 0600 GMT?

By the way I assume Europe was opening at 0600 GMT, which is now 0700 GMT with DST.

Thank you for your contributions to this thread, please do not be put off by post like this one.
This is a topic that we need to discuss. Nailing down the Open of the new day. We will find it. It may work better at different times for different pairs. We shall see.

Don't worry about me being "put off".This is a lot a fun to me.

But I will be short with people at times if they do not take the time to read and study this entire short thread to find their own answers to their questions.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #199
  • May 13, 2008 4:51am May 13, 2008 4:51am
Quoting soso
You gotta love it!
Nice soso. We are on the same page.
Indicators show the past. Price Action "Indicates" the future.
  • #200
  • May 13, 2008 4:52am May 13, 2008 4:52am
Quoting blueskies
Took positions in EURUSD and USDCHF, and both went well. Only regret was to close the positions with profit instead of letting the "profits run".

Regards.
Nothing wrong with taking profit, my friend. Nice.
Indicators show the past. Price Action "Indicates" the future.
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