DislikedIn my eyes, there is no candle counting here. If an IB is formed right after a huge bar, that just means, that price is retracing right now, which will probably result in a break of the IB to the other side that we are looking for. Some people get confused then and wonder if it the would still be a valid entry.
Again guys - try to see the bigger picture. If price is retracing and forming an IB and continues to retrace - that doesn´t mean that trend won´t continue so the signal is still valid, even if IB is broken on the other side of our trade direction. Also if price is going sideways because because there is not so much volume, because the stock markets of the currencies involved are closed right now (USD/CHF during the asian session), then it is quite normal that there are lots of bars since the last IB. Doesn´t mean that trend won´t continue, just not so many trades awake at that time.
Following the rules 100% would result in a invalid signal in the example I used because we then use next days open to determine trade direction, but again. Try to see the bigger picture. Go to a smaller TF (I recommend 5min) and have a look at the current trend there, go to daily TF and do the same here. Try to get an idea, what would happen if trend continues or retraces on the daily TF and see how that would work with your trade entry. If you have a feeling that it will go into your direction, have a look at the smaller TF (5mins) to get an idea when it might happen.
We´re trading naked here, so there is no real indicator that tells you, were the trend is going right now. So try to understand, what phases a trend has and try to determine in what phase of the trend we are right now on the higher TF and see how it correlates and you will understand why the IB systems works and how it works.Ignored
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
In my eyes, there is no candle counting here. If an IB is formed right after a huge bar, that just means, that price is retracing right now, which will probably result in a break of the IB to the other side that we are looking for. Some people get confused then and wonder if it the would still be a valid entry.
Again guys - try to see the bigger picture. If price is retracing and forming an IB and continues to retrace - that doesn´t mean that trend won´t continue so the signal is still valid, even if IB is broken on the other side of our trade direction. Also if price is going sideways because because there is not so much volume, because the stock markets of the currencies involved are closed right now (USD/CHF during the asian session), then it is quite normal that there are lots of bars since the last IB. Doesn´t mean that trend won´t continue, just not so many trades awake at that time.
Following the rules 100% would result in a invalid signal in the example I used because we then use next days open to determine trade direction, but again. Try to see the bigger picture. Go to a smaller TF (I recommend 5min) and have a look at the current trend there, go to daily TF and do the same here. Try to get an idea, what would happen if trend continues or retraces on the daily TF and see how that would work with your trade entry. If you have a feeling that it will go into your direction, have a look at the smaller TF (5mins) to get an idea when it might happen.
We´re trading naked here, so there is no real indicator that tells you, were the trend is going right now. So try to understand, what phases a trend has and try to determine in what phase of the trend we are right now on the higher TF and see how it correlates and you will understand why the IB systems works and how it works.
Great call, DaBuschi!Multi-TF and a pair or S/R lines are some of the best things you can use. Mainly, keeps you out of low probability trades. If I had used it yesterday, would not enter the GBP... but it was tooooo soon in Brazil... my discretionary side was asleep...
Oh, wait, wait, wait!
I found the perfect EA to the DIBS method!
http://www.ugdatastrm.net/tendril/au...omer-brain.jpg
Just kidding, fellows! No offense intended, please!
Cheers!
HT
Many share my views with me. But I don't share them with them...
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
ugh.... well, Im sitting on some drawdown at the moment. Still hanging tough. Im going to widen my stop loss and hold this position for the med-term. I still think there is plenty more room to head down. this is just a retrace. currently im -34 pips in the weeds.
Be veeeeeery careful in doing that... I'd rather let Mr. Market cut the loss and be free to take some other trade... even the same if it come back to you...
Just trying to help.. In fact I don't trade this pair directly... but if you got a good reason to do it, take the shot...Cheers!
HT
Many share my views with me. But I don't share them with them...
I'd rather let Mr. Market cut the loss and be free to take some other trade... even the same if it come back to you...
Cheers!
HT
I did move too many stops in my early trading. I just let it run now. If I get stopped out, my stop wasn´t good enough - maybe. Maybe it was just bad luck as you can´t predict the market and this time your stop was hit, next time maybe not
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
Many share my views with me. But I don't share them with them...
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
"Dakota Oil Fields of Saudi-Sized Reserves Make Farmers Drillers"
"``I smiled to beat hell, and I went to town and had a beer,'' Bartelson, 65, says.
His new wealth springs from the Bakken formation, a sprawling deposit of high-quality crude beneath the durum wheat fields of North Dakota, Montana and southern Saskatchewan and Manitoba. The Bakken may give the U.S. -- the world's biggest importer of oil -- a new domestic energy source at a time when demand from China and India is ratcheting up the global competition for supplies and propelling average U.S. gasoline prices to almost $4 a gallon.
And unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light - -almost like gasoline -- and sweet, meaning it's low in sulfur.
Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died of a heart attack in 2000, estimated that the Bakken might hold a whopping 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels."
it's part of the Featured Article at Bloomberg
, "surprisingly", today...
Here's the full article
no measuring efforts to save the green...
Let's take a free cup of coffee... (as Bemac said...)
Cheers!
HT
"``I smiled to beat hell, and I went to town and had a beer,'' Bartelson, 65, says.
His new wealth springs from the Bakken formation, a sprawling deposit of high-quality crude beneath the durum wheat fields of North Dakota, Montana and southern Saskatchewan and Manitoba. The Bakken may give the U.S. -- the world's biggest importer of oil -- a new domestic energy source at a time when demand from China and India is ratcheting up the global competition for supplies and propelling average U.S. gasoline prices to almost $4 a gallon.
And unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light - -almost like gasoline -- and sweet, meaning it's low in sulfur.
Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died of a heart attack in 2000, estimated that the Bakken might hold a whopping 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels."
it's part of the Featured Article at Bloomberg
, "surprisingly", today...Here's the full article
no measuring efforts to save the green...
Let's take a free cup of coffee... (as Bemac said...
)Cheers!
HT
Many share my views with me. But I don't share them with them...
- | Joined Apr 2008 | Status: Trader | 35 Posts
"Dakota Oil Fields of Saudi-Sized Reserves Make Farmers Drillers"
HT
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 947 Posts
Sorry I haven't been posting as much lately. My grandmother passed away and it's been and going to be a busy week. I still will be able to pop in every now and then.
She was 89 years young and I was teaching her the basics of trading and she loved it. But over the last year, her mind was slipping and couldn't even remember the last hour of conversation. She always gave me words of encouragment and always blamed the market, not me, if I had a loss. She will be missed.
Jim
Here in Brazil we say that a Grandmother is a Mother with extra doses of fondness...
HT
Many share my views with me. But I don't share them with them...
