DislikedI have attached a chart with a question that I have. I don't believe that Peter ever addressed it in the original thread, but I may have overlooked it. In the chart you see the EUR/USD. There was a first IB that straddled the daily open and allowed for both long and short setups. The long was triggered, but the short never was. Price has climbed up and come back down, and now looks like it wants to break the low of the original IB. Is that STILL a valid short signal after all this time, and the fact that the long trade was previously triggered?
I'm thinking that this is probably a personal judgment call, but I thought I'd see what everyone else thinks....Ignored
The DIBS Method... No Free Lunch continues
- #184
- May 19, 2008 8:23am May 19, 2008 8:23am
This was asked of Peter in the original thread. He said that he would move his entry order to the low/high of the new IB, and keep moving the order until it was triggered.
), first the risk gets less at every IB. he also emphasized the importance on being in from the very beginning of the move, and by moving with each IB you will get in early in the move with less risk. i think i will go with peter's way - #187
- May 19, 2008 4:43pm May 19, 2008 4:43pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #188
- May 19, 2008 5:33pm May 19, 2008 5:33pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I have attached a chart with a question that I have. I don't believe that Peter ever addressed it in the original thread, but I may have overlooked it. In the chart you see the EUR/USD. There was a first IB that straddled the daily open and allowed for both long and short setups. The long was triggered, but the short never was. Price has climbed up and come back down, and now looks like it wants to break the low of the original IB. Is that STILL a valid short signal after all this time, and the fact that the long trade was previously triggered?
I'm thinking that this is probably a personal judgment call, but I thought I'd see what everyone else thinks....
Your trades looked very good and there is nothing wrong with taking profits when they present themselves. Nice.
Although my Euro trades were stoppped out at 0 pips, I was looking for a more long term trade. So being stopped out at zero pips with the potiential of
a larger gain is a winning trade to me.
I agee that it is a judgment call to take the Euro short, but I believe it was a valid DIBS trade. All the basic rules were met. I wasn't available to make that trade, but it did break pretty hard. I would have probably taken it. Easy for me to say after the fact.
The more days like this one, the better we become.
Indicators show the past. Price Action "Indicates" the future.
- #189
- May 19, 2008 5:37pm May 19, 2008 5:37pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
i would do this only if it agrees with the weekly open or the monthly, if both its even better, but if it doesnt agree with the weekly & the monthly i tend to move it to breakeven after taking half.
no0odle:
I have come up with some extra guidelines of my own that maybe could be of any help to someone:
1. if the open of the day is an IB it take only trades that agree with the direction of the weekly open (keeps you out of alot of bad trades, but occasionally keeps you out of good ones)
2. as for TPs and SLs i tend to close half of my position at 1:1 if its against the weekly open and the other half i move it to breakeven. if the trade agrees with the weekly open i close half at 1:1 and i keep half at my initial stoploss to give it space to breath as we are going with the weekly open. if it agrees with the monthly open and i like the price action i may not close the first half and trail it. (we are trying to ride big trends here, which peter talked about in some of his posts, that we could add to them and after weeks you could accumlate a BIG position
I'm liking this more and more no0odle.
Indicators show the past. Price Action "Indicates" the future.
- #190
- May 19, 2008 5:38pm May 19, 2008 5:38pm
- | Joined Oct 2007 | Status: Trader | 1,381 Posts
This thread is GREAT, thank you to everyone that is contributing. I learned a lot by sitting back today and reading the threat, then comparing to my charts.
My only issue is the time these trades appear to take place. I live in the CST (Central Standard Timezone) and I work a 9 to 6 job. Most of these trades take place right during my peak sleep time (12 CST to 4 CST).
Are there any other guys here in the same boat, and if so, what are you doing to fit this into your schedule?
Thanks!
My only issue is the time these trades appear to take place. I live in the CST (Central Standard Timezone) and I work a 9 to 6 job. Most of these trades take place right during my peak sleep time (12 CST to 4 CST).
Are there any other guys here in the same boat, and if so, what are you doing to fit this into your schedule?
Thanks!
Updated version of indicator with a few issues fixed.
Lux
First off, Tommy_C you have some great posts and observations. Keep them coming.
Your trades looked very good and there is nothing wrong with taking profits when they present themselves. Nice.
Although my Euro trades were stoppped out at 0 pips, I was looking for a more long term trade. So being stopped out at zero pips with the potiential of
a larger gain is a winning trade to me.
I agee that it is a judgment call to take the Euro short, but I believe it was a valid DIBS trade. All the basic rules were met. I wasn't available to make that trade, but it did break pretty hard. I would have probably taken it. Easy for me to say after the fact.
The more days like this one, the better we become.
- #198
- May 19, 2008 6:50pm May 19, 2008 6:50pm
I'm liking this more and more no0odle.
another problem we need to address here is this:
when an IB is broken and before it starts to turn into a real move it comes back and takes your stoploss, but then the market starts to move back to the same direction as your entry and beyond, and you are watching like chipmunk jumping on your keyboard wishing you were in that trade
. (not sure if peter addressed this problem, but i will read his posts again)im still looking around for a solution. the solution that i started to look at is again the agreement with the weekly and monthly open, but still have to look more into it.
