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The DIBS Method... No Free Lunch continues

  • #1,401
  • Jun 9, 2008 10:23pm Jun 9, 2008 10:23pm
Quoting RRothschild
Here's my chart. I'm short at 210.01. Trade risk is also 24 pips
Looks good, let's see what happens.
Indicators show the past. Price Action "Indicates" the future.
  • #1,402
  • Jun 9, 2008 10:24pm Jun 9, 2008 10:24pm
Quoting billflet
Hey Mike, thanks to you I've been skimming Crabel's book today.

And to all who are asking, hope this helps:

I look at the present trading day (the session we're trading) first, then the previous days. GBP/ USD is right where it was twenty four hours ago and so is EUR/JPY (for those of us brave souls who trade it) or at least it was when I started typing.. And they haven't moved as much as they normally do. But I like to assume things will continue as they are and trade them that way. If something happens to convince me otherwise, I'll change my plan. A quick look at yesterday's price line tells us if price is moving or if it's in a range.
Of course there is no way to know which way or how much something will move, but without a lot of analysis , looking at how far price has moved from opening of our session yesterday to opening today should have some value, and then when our session opens watch what's moving most. If you see an IB and price doesn't break it convincingly, it might be weaker than one that price breaks quickly and with vigor. We need the IB to be on the right side of our price line and I watch the pair that's moving away from it the furthest and fastest. There's a lot of variables that have to be computed on the spot depending on which pairs we're comparing and how they are moving--spread, size of candle, etc. This and stops are two of the more discretionary subjects that we have to develop our own feel for.

Anyone using TadeStation? They have an IB indicator that identifies all IBs

Looks like we are on the same page billflet.
Indicators show the past. Price Action "Indicates" the future.
  • #1,403
  • Jun 9, 2008 10:28pm Jun 9, 2008 10:28pm
Quoting jarroo
Looks like we are on the same page billflet.
Well my break on the Gbp/Jpy was less then vigorous.
Indicators show the past. Price Action "Indicates" the future.
  • #1,404
  • Jun 9, 2008 10:32pm Jun 9, 2008 10:32pm
Quoting jarroo
Well my break on the Gbp/Jpy was less then vigorous.
Mine too! But it was the hottest (only) hand at the moment. At least of the pairs I'm watching.
  • #1,405
  • Jun 9, 2008 10:33pm Jun 9, 2008 10:33pm
Quoting jarroo
Well my break on the Gbp/Jpy was less then vigorous.
Yeah, i'm with you..... buy side now open.....did you take that trade?
  • #1,406
  • Jun 9, 2008 10:35pm Jun 9, 2008 10:35pm
Quoting RRothschild
Yeah, i'm with you..... buy side now open.....did you take that trade?
Not yet, Price didn't hit my stop.
Indicators show the past. Price Action "Indicates" the future.
  • #1,407
  • Jun 9, 2008 10:57pm Jun 9, 2008 10:57pm
Why isn't the Pound pulling down the Gbp/Jpy? (stronger)
Indicators show the past. Price Action "Indicates" the future.
  • #1,408
  • Jun 9, 2008 10:59pm Jun 9, 2008 10:59pm
hot hand is the pound.
Indicators show the past. Price Action "Indicates" the future.
  • #1,409
  • Jun 9, 2008 11:03pm Jun 9, 2008 11:03pm
A nice IB on GBPJPY 4H time frame.

BK
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  • #1,410
  • Edited Jun 10, 2008 7:26am Jun 9, 2008 11:12pm | Edited Jun 10, 2008 7:26am
i lurked as a guest and never felt the urge to post an acknowledgment. Now i join and say that i never thought i would be able to do in such a simple manner, I loved jim16 and now this thread of jarroo.

thx everybody!!

sorry!
its james16
  • #1,411
  • Jun 9, 2008 11:12pm Jun 9, 2008 11:12pm
Quoting bkoori
A nice IB on GBPJPY 4H time frame.

BK

My chart doesn't show that IB. Looks good to me. Off of new highs.
Indicators show the past. Price Action "Indicates" the future.
  • #1,412
  • Jun 9, 2008 11:13pm Jun 9, 2008 11:13pm
Quoting avani
i lurked as a guest and never felt the urge to post an acknowledgment. Now i join and say that i never thought i would be able to do in such a simple manner, I loved jim16 and now this thread of jarroo.

thx everybody!!
Welcome abroad my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #1,413
  • Jun 9, 2008 11:15pm Jun 9, 2008 11:15pm
Quoting jarroo
My chart doesn't show that IB. Looks good to me. Off of new highs.

MIG uses the CET time, which is GMT+1.

BK
  • #1,414
  • Jun 9, 2008 11:17pm Jun 9, 2008 11:17pm
Quoting billflet
Mine too! But it was the hottest (only) hand at the moment. At least of the pairs I'm watching.
Looking pretty hot now bill.
Indicators show the past. Price Action "Indicates" the future.
  • #1,415
  • Jun 9, 2008 11:28pm Jun 9, 2008 11:28pm
So Ive been watching the thread, think I've got er down..Anyways, anyone watching the EUR/GBP and CHF rgiht now. Things look to be setting up, however some time yet before the candle closes. The trades will be with the daily trend down on the EUR, and GBP, and up with the swissy. everything seems to be in-sync. we'll have to wait and see I guess.
  • #1,416
  • Jun 9, 2008 11:50pm Jun 9, 2008 11:50pm
Quoting jarroo
Looking pretty hot now bill.
Gettin' better, that's for sure.
  • #1,417
  • Jun 9, 2008 11:51pm Jun 9, 2008 11:51pm
Quoting billflet
Gettin' better, that's for sure.
Trying to get to my free trade.
Indicators show the past. Price Action "Indicates" the future.
  • #1,418
  • Jun 9, 2008 11:53pm Jun 9, 2008 11:53pm
Quoting jarroo
Trying to get to my free trade.
it got there but is going to run .
Indicators show the past. Price Action "Indicates" the future.
  • #1,419
  • Jun 9, 2008 11:56pm Jun 9, 2008 11:56pm
Quoting jarroo
Trying to get to my free trade.

taking the free trade on hold for now.
Indicators show the past. Price Action "Indicates" the future.
  • #1,420
  • Jun 10, 2008 12:00am Jun 10, 2008 12:00am
Very nice IBs on the EURUSD and USDCHF. Looking for long on EUR and short CHF at this moment in time (this could reverse on the EUR so will have to be quick to catch that), although the EUR being less risk looks the better option
Leonardo Follower
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