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The DIBS Method... No Free Lunch continues

  • #1,541
  • Jun 11, 2008 6:12am Jun 11, 2008 6:12am
IB appearing on the GU chart at the moment... but it's only 10mins in the hour... also a nice hammer appeared no the bar before... possible reversal signal... lets see how it plays out.
  • #1,542
  • Jun 11, 2008 7:02am Jun 11, 2008 7:02am
Me thinks UJ is setting up...Please correct me if am wrong
  • #1,543
  • Jun 11, 2008 7:08am Jun 11, 2008 7:08am
Take a look and reply
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  • #1,544
  • Jun 11, 2008 7:28am Jun 11, 2008 7:28am
Tg1234, on my 1hr chart the U/J had breakouts of inside bars at 09:00 gmt and 11:00 gmt.
Good Trading
  • #1,545
  • Jun 11, 2008 7:34am Jun 11, 2008 7:34am
Quoting aud
Tg1234, on my 1hr chart the U/J had breakouts of inside bars at 09:00 gmt and 11:00 gmt.
did you take the trade? if you did at what price?
  • #1,546
  • Jun 11, 2008 8:16am Jun 11, 2008 8:16am
Missed the 1st one took the 2nd at 107.30, just working out where to move the s/l so I can go to bed!
Good Trading
  • #1,547
  • Jun 11, 2008 8:26am Jun 11, 2008 8:26am
Quoting trustGod1234
did you take the trade? if you did at what price?
If I was not already long u/j at the time, I would have gone short at 107.43 around 9:15 GMT. I was still long from an s/r break at 106.85 early on the 10th. (Just stopped out recently at 107.20.)
  • #1,548
  • Jun 11, 2008 8:28am Jun 11, 2008 8:28am
Quoting trustGod1234
did you take the trade? if you did at what price?
No trades for me today, tight ranges all over the place with no real robust breakouts on the majors. The only mover has been the cable but no real DIBS setups for me there. Today seems like a retracement day after the big move yesterday so I'm out for the day.

I didn't take these UJ IB's but this would have been my entries (IB low - 1 pip, sl is IB high + 1 pip):
0800GMT Sellstop 107.43, SL 107.63 + spread, close half 107.23 - spread
1000GMT Sellstop 107.29, SL 107.47 + spread, close half 107.11 - spread
1200GMT Sellstop 107.18, SL 107.35 + spread, close half 107.01 - spread
Only the first one is in the free at this moment.
  • #1,549
  • Jun 11, 2008 8:32am Jun 11, 2008 8:32am
Quoting aud
Missed the 1st one took the 2nd at 107.30, just working out where to move the s/l so I can go to bed!
i think i missed the first one. entered at 107.33. as soon as i bank my first target i will move stop to be. do u think we might have a free ride?
  • #1,550
  • Jun 11, 2008 8:32am Jun 11, 2008 8:32am
Anyone take the USD/CHF short that just triggered at 1.0379? I did... with the realization that this is a marginal setup at best since we are about 180p above the week's open. B/e point is 1.0355.
  • #1,551
  • Jun 11, 2008 8:46am Jun 11, 2008 8:46am
Yes, I got in at 1.0382. Sitting at +16 as I write this...

Quoting Archiphage
Anyone take the USD/CHF short that just triggered at 1.0379? I did... with the realization that this is a marginal setup at best since we are about 180p above the week's open. B/e point is 1.0355.
  • #1,552
  • Jun 11, 2008 8:50am Jun 11, 2008 8:50am
Quoting trustGod1234
i think i missed the first one. entered at 107.33. as soon as i bank my first target i will move stop to be. do u think we might have a free ride?
All 3 IB's are now in a free ride actually. USDCHF also broke through, only one to break now is EURUSD. Target for the UJ as I see it is somewhere 106.75-106.55 which is daily M2/62% fib of yesterdays range and s1 and which were part of the early hours range from yesterday. USDCHF should now just be in free ride but 1.0350 is pretty heavy support with a support line going back awhile together with daily M2 and 50% fib from yesterdays range.

Here's one thing that I though about: why not close 2/3 of the trade after reaching half what you risk in profit? So if you are risking 10 pips, then you close 2/3 of your position after 5 pips and you'll also have a free ride. Just a thought.

Good luck fellas, I'm out for today
  • #1,553
  • Jun 11, 2008 9:27am Jun 11, 2008 9:27am
Hello all,

I quickly took early IB on GU this morning but stay off completely from the rest becoz the mkt has been in tight range but surprisingly, they all worked out perfectly.

I learnt one thing here and i'd love to share, dump stoch 833 on 4hrs and trade in that direction using IB on 1hr will do magic.

That have been my observation since the past two weeks.

for me trade close for today, will be waiting for next bus 2moro

bye
  • #1,554
  • Jun 11, 2008 9:38am Jun 11, 2008 9:38am
we got 1 IB at GY right now tf 4hr
reliability - high
reason - triple top + IB (shooting star IB) +
SL 210.5
TP - free ride until next 4 hr
i love broker that start @ 5 am (Malaysia time)
wallaby.... many IB @ tf 4hr......
  • #1,555
  • Jun 11, 2008 9:41am Jun 11, 2008 9:41am
good old fellas

Never knew what I had here untill yesterday and today. I hope to make my broker go broker in 6 months. Whoever invented this system may your wife deliver tripplets next 9 months.

Thanks guys. I wont sleep this weekend untill know all there is about this plan

Gotta go now untill later
  • #1,556
  • Jun 11, 2008 9:43am Jun 11, 2008 9:43am
Quoting NowAndLater
Here's one thing that I though about: why not close 2/3 of the trade after reaching half what you risk in profit? So if you are risking 10 pips, then you close 2/3 of your position after 5 pips and you'll also have a free ride. Just a thought.

Good luck fellas, I'm out for today
Agree, NAL... I guess it's a pullback from last days huge moves (your earlier post)... Anyway, I caught the Japs, with a more conservative lot size.... just trying to get some pips of a counter move (since none of them are in the hot hand, right?) Could have picked the CHF and EUR to but....huhhhh.... I was at work ...

I'm using the strategy you mentioned, it was first posted by MPP... Once you got 1st TP hit, you close 2/3 and let the remaining ride free... The only problem is if you catch a big move the profit is smaller, but you can still add to the position (this adding thing is soooooo difficult to me yet...)

Cheers!

Going to have another barbeque?
Many share my views with me. But I don't share them with them...
  • #1,557
  • Jun 11, 2008 9:45am Jun 11, 2008 9:45am
Quoting bujal38
we got 1 IB at GY right now tf 4hr
reliability - high
reason - triple top + IB (shooting star IB) +
SL 210.5
TP - free ride until next 4 hr
i love broker that start @ 5 am (Malaysia time)
wallaby.... many IB @ tf 4hr......
hey beware of that guy GJ. He margin called my account of 7k last Dec. NOW I trade mini. He is off my chart forever
  • #1,558
  • Jun 11, 2008 9:48am Jun 11, 2008 9:48am
Not bad for a setup that I wasn't all that keen on taking...
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  • #1,559
  • Edited 1:35pm Jun 11, 2008 11:57am | Edited 1:35pm
If anyone is interested, here is a trailing stop I use a lot.
It came from Bill Williams, the alligator man.

Plot a 5 SimpleMA, offset by +3.

If you are long, get out when there are two consecutive closes below the MA, and the Low of the second closing candle is broken.

For shorts, get out when there are two consecutive closes above the MA, and the High of the second closing candle is broken.

Here is a chart of a GBP/JPY 4H long, I took using DIBS, yesterday.

My present SL is the heavy white horizontal line.
It's a long way off, but if price declines, there will almost certainly be another jumping off place.

There is also a chart of USD/CHF showing a long exit.
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  • #1,560
  • Jun 11, 2008 12:18pm Jun 11, 2008 12:18pm
Quoting HouseTrader
I'm using the strategy you mentioned, it was first posted by MPP... Once you got 1st TP hit, you close 2/3 and let the remaining ride free... The only problem is if you catch a big move the profit is smaller, but you can still add to the position (this adding thing is soooooo difficult to me yet...)

Cheers!

Going to have another barbeque?
Is your first TP equal in size to your original stop? I meant that you close 2/3 after a profit that is equal to half of the stoploss, this gives you a free ride and no profit locked. If you close 2/3 at 1:1 then you lock in a profit as well. My method (and that may be MPP's as well can't find that post) will help reach free ride sooner because I hate when winners become losers. I hate losing no matter what it is!
Yes adding to the position will be a nice feature too add to ones arsenal. Today UJ and UCHF both gave that opportunity, but I wasn't interested today.
No barbeque today, tooooo much meat and bear yesterday... Cheers
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