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The DIBS Method... No Free Lunch continues

  • #601
  • May 23, 2008 7:27am May 23, 2008 7:27am
Quoting HouseTrader
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!)
In fact right now I´m short EUR/GBP, USD/CHF, USD/JPY and long EUR/USD

Your Deutsch is good enough for me to understand
  • #602
  • May 23, 2008 7:28am May 23, 2008 7:28am
Quoting Archiphage
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.
So lowest low or highest high of the last 20 bars?

and thanks @ daytrader for searching. would be great to read through it again.

Pls ignore that post. Thanks
  • #603
  • May 23, 2008 7:30am May 23, 2008 7:30am
Quoting ChowClown
...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.
Your'e welcome ChowClown -

regards
daytrading
Enter Signature
  • #604
  • May 23, 2008 7:32am May 23, 2008 7:32am
UJ in at 103.48, SL 17+3
  • #605
  • May 23, 2008 7:32am May 23, 2008 7:32am
Quoting daytrading
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
Thanks pal. Just read through it again. Seems like he´s using the SMA(20) trailing based on the daily chart
  • #606
  • May 23, 2008 7:32am May 23, 2008 7:32am
Quoting NowAndLater
UJ in at 103.48, SL 17+3
Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #607
  • May 23, 2008 7:36am May 23, 2008 7:36am
Quoting DaBuschi
So lowest low or highest high of the last 20 bars?

and thanks @ daytrader for searching. would be great to read through it again.
DaBuschi,

It really depends how your manage the individual trades - ATR stops, Volatility stops etc. - quite a few possibilities.

regards and viele gruesse

daytrading
Enter Signature
  • #608
  • May 23, 2008 7:38am May 23, 2008 7:38am
Quoting DaBuschi
In fact right now I´m short EUR/GBP, USD/CHF, USD/JPY and long EUR/USD

Your Deutsch is good enough for me to understand
I got the 1st IB going long on EUR/GBP (at least at my broker) and got burned! Glad you got it the right side, I saw the latter IB to the downside but I got kind of pissed off with this pair, and let it go for today... Got the USD/JPY too....

Cheers!
Many share my views with me. But I don't share them with them...
  • #609
  • May 23, 2008 7:38am May 23, 2008 7:38am
Are we having fun yet?
Indicators show the past. Price Action "Indicates" the future.
  • #610
  • May 23, 2008 7:44am May 23, 2008 7:44am
You know... nothing necessarily says you need to wait for a price signal to take your profit either. If your approach is to take pips out of the market every day, then you could just close at the end of your day and re-enter on the next opportunity. I only hold overnight in one of my accounts. The others, I just close the position(s) at 1600 edt.
  • #611
  • May 23, 2008 7:48am May 23, 2008 7:48am
Quoting Archiphage
You know... nothing necessarily says you need to wait for a price signal to take your profit either. If your approach is to take pips out of the market every day, then you could just close at the end of your day and re-enter on the next opportunity. I only hold overnight in one of my accounts. The others, I just close the position(s) at 1600 edt.
I think a lot of people here are still testing the method and want to capture some profits to prove to themselves that the method, may if fact, work.

If we get more sessions like today, I think more people will start lookng for the more long term trade with zero risk.
Indicators show the past. Price Action "Indicates" the future.
  • #612
  • May 23, 2008 7:52am May 23, 2008 7:52am
I don't know what I was thinking...lol...I should have found this thread ages ago. Made my first DIBS trade on the GBPUSD when it broke outside 1.9802. Made a quick 30 pips...I am good for the day

Now I will have to read each and every post now to see if I missed anything.

While I am on the subject. Has anyone found any pair better than another for this type of trading?
  • #613
  • May 23, 2008 7:53am May 23, 2008 7:53am
The US session will be good I think, UJ almost free ride now, went long on the Aussie, and Cad is forming a TMLTB for a very small risk too
  • #614
  • May 23, 2008 7:54am May 23, 2008 7:54am
Quoting usdivers
I don't know what I was thinking...lol...I should have found this thread ages ago. Made my first DIBS trade on the GBPUSD when it broke outside 1.9802. Made a quick 30 pips...I am good for the day

Now I will have to read each and every post now to see if I missed anything.

While I am on the subject. Has anyone found any pair better than another for this type of trading?
Would you believe, that this thread is less then 3 weeks old.
Indicators show the past. Price Action "Indicates" the future.
  • #615
  • May 23, 2008 7:58am May 23, 2008 7:58am
Quoting jarroo
Would you believe, that this thread is less then 3 weeks old.
Quality is what matters!

This thread (and Bemac's which originated it after Peter Crowns posts) ROCKS!

Great job, Jaroo!
Many share my views with me. But I don't share them with them...
  • #616
  • May 23, 2008 8:00am May 23, 2008 8:00am
Quoting HouseTrader
Quality is what matters!

This thread (and Bemac's which originated it after Peter Crowns posts) ROCKS!

Great job, Jaroo!
Indicators show the past. Price Action "Indicates" the future.
  • #617
  • May 23, 2008 8:01am May 23, 2008 8:01am
Quoting NowAndLater
The US session will be good I think, UJ almost free ride now, went long on the Aussie, and Cad is forming a TMLTB for a very small risk too
CAD shot through 2 min to early an no entry... UJ free now
  • #618
  • May 23, 2008 8:03am May 23, 2008 8:03am
Quoting usdivers
I don't know what I was thinking...lol...I should have found this thread ages ago. Made my first DIBS trade on the GBPUSD when it broke outside 1.9802. Made a quick 30 pips...I am good for the day

Now I will have to read each and every post now to see if I missed anything.

While I am on the subject. Has anyone found any pair better than another for this type of trading?
Not sure if it was a DIBS trade usdivers. Where was your Inside Bar on the Gbp/Usd?
Indicators show the past. Price Action "Indicates" the future.
  • #619
  • May 23, 2008 8:04am May 23, 2008 8:04am
Quoting DaBuschi
In fact right now I´m short EUR/GBP, USD/CHF, USD/JPY and long EUR/USD

Your Deutsch is good enough for me to understand
USD/JPY, EUR/USD and USD/CHF free rides.

EUR/GBP and EUR/CHF not free yet.
  • #620
  • May 23, 2008 8:06am May 23, 2008 8:06am
Quoting jarroo
Not sure if it was a DIBS trade usdivers. Where was your Inside Bar on the Gbp/Usd?
Bar starting at 5am edt is an IB. I'm not in it, but it was definitely there.
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