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The DIBS Method... No Free Lunch continues

  • #2,261
  • Jun 19, 2008 5:43am Jun 19, 2008 5:43am
Quoting Naijafx
Hmm, I agree with you, but if u look at it technically, GU has been bouncing on 61.8 of the swingfib, price looks good to sell, 4hr is saying same, but too many support down short.



Discretional here, i place my buy order and if price reverses, i place sell order but will be better short if swingfib 31.8 is broken.


Too many brains here and am learning fast.
Where is your fib range high and low?
  • #2,262
  • Jun 19, 2008 5:44am Jun 19, 2008 5:44am
ok, breakout triggered in cable.
good luck
  • #2,263
  • Jun 19, 2008 5:46am Jun 19, 2008 5:46am
Quoting smikester
Looking back over the charts this method will give lots of losses. It doesn't suit everyone's book.

Cable is at the top of a daily downtrend. It is likely to bounce off the upper trend line and continue down.

However, there is a possibility of an upwards break out and if this happens this trade is possibly going to lead. If that doesn't happen we may incurr a small loss. We may break even. We may make a small profit. All part of the game.
Good post, Smikester...the essence of what Peter C was sharing with us We don't need to "think" too much, just keep working the edge trade by trade, day in day out.
  • #2,264
  • Jun 19, 2008 5:51am Jun 19, 2008 5:51am
Quote
Where is your fib range high and low?

here

1.9572 to 1.9716........... not the intra-day fib but the last wave up

I know u r good in fib.
thanks
  • #2,265
  • Jun 19, 2008 5:56am Jun 19, 2008 5:56am
Quoting NowAndLater
EUR broke down from the upward TL and went down to daily s1 and is now maybe forming an IB. If so, a break down from this IB would be sweet. EUR has still about 50 pips to go on the daily average range (DAR) on my chart which would be the daily s2, but there's a lot of support close to daily m1 which is also yesterdays low. A break from this IB and I'll close 2/3 after 1:0,5.
CHF is about to break its downward TL and is also forming an IB. This has about 25 pips left on DAR and we could reach yesterdays high. A break here as well and I'll close 2/3 at 1:0,5.
I'm not sure about the IB from last hour on GU but it's about to break, and I'll do the same here, 2/3 at 1:0,5.

Im already in all those trades from earlier today based on other things so I'll add a small 0,5% here
Yeah... thinking the same way... not "A" class trades so better off get a quicker free ride...
Many share my views with me. But I don't share them with them...
  • #2,266
  • Jun 19, 2008 6:04am Jun 19, 2008 6:04am
Quote
Good post, Smikester...the essence of what Peter C was sharing with us We don't need to "think" too much, just keep working the edge trade by trade, day in day out.


This should be one of the most interesting post i have read here, and i love it coz i was just saying to my self follow price action, be the indicator and follow suit.

PC is a great man, honestly, just a post that i read from him last nite has been doing a psychological talk to me since then.

Am happy that am here, even when am wrong, will read a post that will talk to me...............

I think one of the problems of we scientist traders is we reason so much, think we are in mathematics class solving higer partial derivative or advanced algebra.

am getting it just simple here and ain't afraid of taking loss anymore


Thanks all

May the blessing of our Lord never depart from you all and endeavor in Jesus name. amen
  • #2,267
  • Jun 19, 2008 6:05am Jun 19, 2008 6:05am
Quoting HouseTrader
Yeah... thinking the same way... not "A" class trades so better off get a quicker free ride...
Too bad CHF is moving so well today, couldn't reload with another trade but it's all good. EUR is a go on the other hand (it will be helped by the CHF). And GU is trying its best to move up.
  • #2,268
  • Jun 19, 2008 6:09am Jun 19, 2008 6:09am
Quoting Naijafx
here

1.9572 to 1.9716........... not the intra-day fib but the last wave up

I know u r good in fib.
thanks
That fib I have drawn from 1.9477 to 1.9716 because that's the swing imo. The retracement from the top went exactly to 78.6% and it's hanging about yesterdays high and daily r2.

But fibs can be drawn all over the place...
  • #2,269
  • Jun 19, 2008 6:19am Jun 19, 2008 6:19am
Any one take the Cable? I entered late.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,270
  • Jun 19, 2008 6:22am Jun 19, 2008 6:22am
Quoting jarroo
Any one take the Cable? I entered late.

...with 'ya, Jim. Long GJ too....for larfs.

Edit:...GU @ b/e.
  • #2,271
  • Jun 19, 2008 6:22am Jun 19, 2008 6:22am
Quoting jarroo
Any one take the Cable? I entered late.
I'm with you brother, just closed 2/3...
1/2 at 1:1 also reached... nnnnnnnnnnice! (for you who did that)
  • #2,272
  • Jun 19, 2008 6:27am Jun 19, 2008 6:27am
Quoting NowAndLater
I'm with you brother, just closed 2/3...
Nice going guys.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,273
  • Jun 19, 2008 6:31am Jun 19, 2008 6:31am
Hi guys
Just to let you guys know,maybe you are aware,but there was A DAILY IB on Cable as well,so it helps in the trade just taken on the 1 hr TF.

baz
  • #2,274
  • Jun 19, 2008 6:31am Jun 19, 2008 6:31am
Quoting jarroo
Nice going guys.
Sent you a PM
  • #2,275
  • Jun 19, 2008 6:32am Jun 19, 2008 6:32am
Quoting baz
Hi guys
Just to let you guys know,maybe you are aware,but there was A DAILY IB on Cable as well,so it helps in the trade just taken on the 1 hr TF.

baz
Good eyes baz! Longer timeframes are very important.
  • #2,276
  • Jun 19, 2008 6:34am Jun 19, 2008 6:34am
GU is now on a free ride.

well i think am getting better day by day with trading and i will still emphasis on the fact that peter is a psycho-analyst. his words keep hammering in my brain.........................


I have the whole weekend to read his thought again and digest for the weekend.
  • #2,277
  • Jun 19, 2008 6:37am Jun 19, 2008 6:37am
Quoting NowAndLater
EUR broke down from the upward TL and went down to daily s1 and is now maybe forming an IB. If so, a break down from this IB would be sweet. EUR has still about 50 pips to go on the daily average range (DAR) on my chart which would be the daily s2, but there's a lot of support close to daily m1 which is also yesterdays low. A break from this IB and I'll close 2/3 after 1:0,5.
CHF is about to break its downward TL and is also forming an IB. This has about 25 pips left on DAR and we could reach yesterdays high. A break here as well and I'll close 2/3 at 1:0,5.
I'm not sure about the IB from last hour on GU but it's about to break, and I'll do the same here, 2/3 at 1:0,5.

Im already in all those trades from earlier today based on other things so I'll add a small 0,5% here
Looking at USDCHF M30 timeframe there was that IB that didn't close as IB on H1. Hmmm, maybe sometimes look there as well. It was just below the falling TL that it tried to breakout from. Oh well we don't need them all, and H1 timeframe is less noise so lets stick with what we know works (thanks to PC who knows this from many many years of experience).
  • #2,278
  • Edited 6:59am Jun 19, 2008 6:38am | Edited 6:59am
Quoting jarroo
Nice low risk/ high profit potential trade on the Usd/Cad. Don't know if you got stopped out at break even, but if you did, it turned out profitable.

There are different ways to trade the DIBS method. RRoth just illustrated one way on the Cad. Was it a 100% DIBS trade? Maybe not, but it was close; 95%.

Nice one RRoth.

Jim
Yes, I did get stopped out on my last 1/3, but had to take the trade with such low risk.
  • #2,279
  • Jun 19, 2008 6:40am Jun 19, 2008 6:40am
Quoting jarroo
Any one take the Cable? I entered late.
yes I took that trade at 1.9867 with 28 pips stoploss (the IB size). Now since price moved in favor by 28 pips my EA closed 50% lot size and moved stoploss to breakeven for a free trade. From here onward for each 28 pips gain I will move the stoploss up by 28 pips so that my R:R will move up from 1:1 to 2:1 then 3:1 and so on ...until I will be stopped out with a good profit or no loss
I'm also short EURUSD at 1.5483 with -10 pips right now.
So far my result (mixed manual and automatic with EA since 2 days) are :

Period : Trades taken from 11 Jun 2008 to 19 Jun 2008
Tot Pips : 363
Winning Trades : 17
Losing Trades : 3
BreakEven Trades : 4
Win/Loss % : 87.50%

Edit : I forgot to tell that I only trade majors as PC (EURUSD,USDJPY,USDCHF,GBPUSD)

Cheers,
Skyline
  • #2,280
  • Jun 19, 2008 6:41am Jun 19, 2008 6:41am
Quoting Naijafx
GU is now on a free ride.

well i think am getting better day by day with trading and i will still emphasis on the fact that peter is a psycho-analyst. his words keep hammering in my brain.........................


I have the whole weekend to read his thought again and digest for the weekend.
I've read all of his posts at least 3 times now. And some of them I've read even more, and still I go back to see if I can understand more. The more I do it on my own and then go back and see what PC wrote, the more I get these "Aha - I understand what this man is telling me".
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