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The DIBS Method... No Free Lunch continues

  • #581
  • May 23, 2008 6:35am May 23, 2008 6:35am
Everyone take their trade risk off the Swissy. 12 pips + 4 spread=16pips
Indicators show the past. Price Action "Indicates" the future.
  • #582
  • May 23, 2008 6:41am May 23, 2008 6:41am
free ride, although mine was 13+4
  • #583
  • May 23, 2008 6:42am May 23, 2008 6:42am
Quoting jarroo
Everyone take their trade risk off the Swissy. 12 pips + 4 spread=16pips
Actuall my trade risk is more because of my late entry of 1.0279.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #584
  • May 23, 2008 6:55am May 23, 2008 6:55am
Quoting ChowClown
..me too.
Here we go............

Free ride on USD/CHF
Many share my views with me. But I don't share them with them...
  • #585
  • May 23, 2008 6:55am May 23, 2008 6:55am
Quoting jarroo
Don't give up too soon.
...not giving up, once in a trade that's it for me, it's either 'on' or 'off'...was just commenting on what i was seeing at the time...which of course with the benefit of hindsight gave the impression of giving up on a winning trade.
  • #586
  • May 23, 2008 6:56am May 23, 2008 6:56am
Quoting ChowClown
...not giving up, once in a trade that's it for me, it's either 'on' or 'off'...was just commenting on what i was seeing at the time...which of course with the benefit of hindsight gave the impression of giving up on a winning trade.
Just kidding, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #587
  • May 23, 2008 7:00am May 23, 2008 7:00am
UJ (last bar) and Aussie (this bar which is a TMHTB) are playable I think now, although they are facing a lot of support/resistance just ahead of the entry. NY opens soon, will see.
  • #588
  • May 23, 2008 7:02am May 23, 2008 7:02am
Quoting MPP
i'm playing with a different view, divide the trade into 3 instead of 2, close 2/3 of the trade, 1/3 is instant profit, 1/3 will offset the free runner.

i find then i can forget about the runner and let the SL gap increase, as time goes on i'll move the SL to match the next trade's and build the position, trading with the longer term trend.

just one variation on the theme.
Just as a remark, MPP: I used your approach on the CHF today, worked just fine!

Thanks

Cherrs!
Many share my views with me. But I don't share them with them...
  • #589
  • May 23, 2008 7:02am May 23, 2008 7:02am
Quoting DaBuschi
Thanks AUD.

@ All

I think, almost everybody here is aware of how to enter a position, but there is one point, that Peter did not explain and I´m sure he did for good reasons. It´s his exit strategy.

That is the key to success. The entry doesn´t really matter as you could be profitable with a strategy thats entries are based on a coin flip. What I´m really thankful for is, that Peter showed us an option to get into the market with bigger positions due to the initial stop being based on narrow bars. That helps us in two ways. First is, we can use bigger lot sizes as already said and second, due to the narrow range we have a pretty close take profit for the first half of our positions, which lets us get into risk free trades pretty quickly.

But still we haven´t made any money yet, if we don´t move our stop. Some move it to break even after closing the first half of our position with 1R. So they make at least 0.5R on the whole position once price retraces and hits our SL. This is one way to handle it. I wouldn´t recommend it though as Peter closed the first half of his positions for the reason to have a free trade so no risk for the equity. By moving the SL to BE you take away some breathing space for the price. Could stop you out of some big moves but otherwise if we have a good breakout with a lot of momentum, price probably wouldn´t come back to our entry point anymore. So, I think there is no right or wrong in this case.

The biggest question is, how do we close the second half if the just explained case occurs, that the price heads up and away and we still have our SL at our initial SL or even BE. How do we bank some pips here, without taking the breathing space away from the price?

Any ideas here?

Don´t get me wrong, I have my own way to do it, which I´ll come up with later. I just want to start a thinking process here.

I hope you guys are with me.

Thanks for reading these lines
DaBuschi
Peter explained how his targets are defined:

by trailing stop - if the trade unfolds, every 20 ticks trailling. He also mentioned that each trade has to stand on its own in that way - meaning it eventually will get stopped out, either at B/E or in profit. He will not close at a specific target.

regards
daytrading
Enter Signature
  • #590
  • May 23, 2008 7:03am May 23, 2008 7:03am
Quoting NowAndLater
UJ (last bar) and Aussie (this bar which is a TMHTB) are playable I think now, although they are facing a lot of support/resistance just ahead of the entry. NY opens soon, will see.
Also with the G/Y and they are all with the trend.

What's the TMHTB?
Indicators show the past. Price Action "Indicates" the future.
  • #591
  • May 23, 2008 7:04am May 23, 2008 7:04am
Quoting jarroo
Also with the G/Y and they are all with the trend.

What's the TMHTB?
Two Matching High Trend Breakout, from James16
  • #592
  • May 23, 2008 7:05am May 23, 2008 7:05am
Quoting NowAndLater
Two Matching High Trend Breakout, from James16
OK. I just knew as a Two Bar High. I like yours better.
Indicators show the past. Price Action "Indicates" the future.
  • #593
  • May 23, 2008 7:10am May 23, 2008 7:10am
Quoting daytrading
by trailing stop - if the trade unfolds, every 20 ticks trailling
Where did you read that? I think I´ve missed that one?
  • #594
  • May 23, 2008 7:15am May 23, 2008 7:15am
hang on, I'll try and find it for you
Enter Signature
  • #595
  • May 23, 2008 7:16am May 23, 2008 7:16am
Quoting daytrading
Peter explained how his targets are defined:

by trailing stop - if the trade unfolds, every 20 ticks trailling. He also mentioned that each trade has to stand on its own in that way - meaning it eventually will get stopped out, either at B/E or in profit. He will not close at a specific target.

regards
daytrading
I think it's 20 periods. 20 ticks seems like way too close, especially on cross-pairs. In my experience, you need something that considers volatility instead of a fixed number of pips.
  • #596
  • May 23, 2008 7:19am May 23, 2008 7:19am
Quoting DaBuschi
That ones no IB with my broker. I see IBs forming for USD/CHF and EUR/USD
Righhhht! (or Richtig? based on your "Ein Tag" Chart...)

That's what I meant. IB forming on USD/CHF. I saw it also on EUR/USD..., but it was under Daily Open for a long, an I wouldn't take a Short USD/CHF AND a Short EUR/USD, since they are highly correlated. I was betting more on USD/CHF...

zum Wohl!

PS: (I'm just kidding... In fact Ich spreche NICHT gut deutsche!)
Many share my views with me. But I don't share them with them...
  • #597
  • May 23, 2008 7:22am May 23, 2008 7:22am
Quoting daytrading
hang on, I'll try and find it for you
I like this gang. Usually you have people trying to pick tops and bottoms. Not with this group. I love it.
Indicators show the past. Price Action "Indicates" the future.
  • #598
  • May 23, 2008 7:22am May 23, 2008 7:22am
Quoting DaBuschi
Where did you read that? I think I´ve missed that one?
DaBuschi,

Read post #92 of the original thread - he uses a trailing stop based on SMA 20 (not just 20 ticks as I said....long time ago, sorry)

but you get the idea....either the trade gets stopped out at the initial stop or if the trailling stop get hit at some point.

regards
daytrading
Enter Signature
  • #599
  • May 23, 2008 7:23am May 23, 2008 7:23am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting HouseTrader
Just as a remark, MPP: I used your approach on the CHF today, worked just fine!

Thanks

Cherrs!

I like it, it banks a few for that feel good factor, and helps build your trade size, the downside is that when the price takes of in you favour you not gaining as quick, but your still gaining.

I think you'll win more in the long run this way, as we seem to hit target 1 with ease.

happy trading
  • #600
  • May 23, 2008 7:24am May 23, 2008 7:24am
Quoting Archiphage
I think it's 20 periods.
...yes, the only reference i have from Peter on profit taking, is a 20 period MA....i thought i'd read every post from Peter, so new info would be v useful.

Edit: ...thanks for the clarification, Daytrading.
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