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  • #3,741
  • Jul 9, 2008 8:24am Jul 9, 2008 8:24am
Quoting ACartwright
It's going to remain the same tomorrow at 5.00% - Just gonna get in early.

(If it breaks of course)

It is 37 pips until I see the next resistance level 1.9787.
Yes probably, but you never know either. It's also getting late and we are getting closer to the window where trades has less of a potential (6-9 hours after daily open).
  • #3,742
  • Jul 9, 2008 8:25am Jul 9, 2008 8:25am
Quoting Catch-22
Got in just as it broke here
Hi Catch,

I Agree with NAL.

On my metatrader there was not even a break of the inside bar - so it is hard to even comment.

I have read PC post's a hundred times and have to slightly disagree with his interpretation (please go gently on me)

See the IB's as the market deciding which direction to go.

I try and use the two bars after an IB as a maximum.

In addition if the next bar after a IB breaks a long way to the wrong side I sit and wait for the next one.

It simply means that the market has decided to go a different way.

I try to trade naked as much as possible (but with low windows I can not upset the neighbours too much)

But I do use support and resisitance as I see it - as this forms from price action.

The trade you took did have resistance at 107.57 from yesterday.

And also my 21 sma was turning around.

This is just my opionion on the trade.

I have used DIB's for a while (and often been a silent partner on this threads trip) and it does work.

There are many opportunity's to gain pips so you do not have to take everyone - be selective.

Al
  • #3,743
  • Jul 9, 2008 8:39am Jul 9, 2008 8:39am
Cable DIBS setup just broke, anyone take this? Another one breaking a trendline at the same time and with bullish divergence.
  • #3,744
  • Jul 9, 2008 8:41am Jul 9, 2008 8:41am
Quoting RichD
Cable DIBS setup just broke, anyone take this? Another one breaking a trendline at the same time and with bullish divergence.
I did!

Al
  • #3,745
  • Jul 9, 2008 8:42am Jul 9, 2008 8:42am
Quoting ACartwright
Hi Catch,

I Agree with NAL.

On my metatrader there was not even a break of the inside bar - so it is hard to even comment.

There are many opportunity's to gain pips so you do not have to take everyone - be selective.

Al
Funny on Alpari there was no break either but on another metatrader there was, these different feeds are a bit annoying.

Quote
In addition if the next bar after a IB breaks a long way to the wrong side I sit and wait for the next one. It simply means that the market has decided to go a different way.
Yes that was what I meant with my comment to catch.

Quote
I have read PC post's a hundred times and have to slightly disagree with his interpretation (please go gently on me)
How dare you?! Who do you think you are u *?!
Sorry had to make a joke . PC have given us the ground rules, we then have to make sure it fits our style. No two traders will ever trade the same, and this is a discretionary system. I'm glad you are making some pips here
  • #3,746
  • Jul 9, 2008 8:45am Jul 9, 2008 8:45am
Quoting ACartwright
I did!

Al

Nice one Al Moved nice and fast. I love it when you can get the trade to breakeven quickly. Im riding the aussie free now.
  • #3,747
  • Jul 9, 2008 8:47am Jul 9, 2008 8:47am
Quoting NowAndLater
Funny on Alpari there was no break either but on another metatrader there was, these different feeds are a bit annoying.

Yes that was what I meant with my comment to catch.

How dare you?! Who do you think you are u *?!
Sorry had to make a joke . PC have given us the ground rules, we then have to make sure it fits our style. No two traders will ever trade the same, and this is a discretionary system. I'm glad you are making some pips here
No probs!

I have have to be straight with you.

You too do not agree 100% with PC - in that you will not take an IB after a break the other way - as per your comment to catch -

It is all discretionary at the end of the day.

I like a clean screen so I can see what is going on in front of me!


Al
  • #3,748
  • Jul 9, 2008 8:50am Jul 9, 2008 8:50am
Quoting ACartwright
No probs!

I have have to be straight with you.

You too do not agree 100% with PC - in that you will not take an IB after a break the other way - as per your comment to catch -

It is all discretionary at the end of the day.

I like a clean screen so I can see what is going on in front of me!


Al
It's a matter of comfort zone for me, that's all. I want to take trades that I believe have more in, it doesn't mean that I don't agree 100% with PC.
  • #3,749
  • Jul 9, 2008 8:51am Jul 9, 2008 8:51am
Quoting RichD
Nice one Al Moved nice and fast. I love it when you can get the trade to breakeven quickly. Im riding the aussie free now.
It hit hard and I was in!

Watch out for a little resistance at 1.9784 - prob best to pull stop tight.
  • #3,750
  • Jul 9, 2008 8:54am Jul 9, 2008 8:54am
Quoting NowAndLater
It's a matter of comfort zone for me, that's all. I want to take trades that I believe have more in, it doesn't mean that I don't agree 100% with PC.
I was only kidding!

I think break outs of IB's work best directly or shortly after.

I have looked back over many months and this thought always holds up.

With so many trades you can be as selective as you want.

Al
  • #3,751
  • Jul 9, 2008 8:58am Jul 9, 2008 8:58am
Daily Eur/Usd... What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 40 KB
  • #3,752
  • Jul 9, 2008 9:01am Jul 9, 2008 9:01am
Hi Guys,

Been watching this thread with great interest, just started trading it this week. Here's my morning catch, all four pairs displaying IBs, all breaking at the same time.

How nice is that?

Thanks for everyone's eager participation in this method!
Attached Image (click to enlarge)
Click to Enlarge Name: 80709_DIBSx4.png Size: 58 KB
Jeff Singer, K2KV
  • #3,753
  • Jul 9, 2008 10:07am Jul 9, 2008 10:07am
Quoting k2kv
Hi Guys,

Been watching this thread with great interest, just started trading it this week. Here's my morning catch, all four pairs displaying IBs, all breaking at the same time.

How nice is that?

Thanks for everyone's eager participation in this method!
It's very nice. Although UC and UJ was above the daily open.
  • #3,754
  • Jul 9, 2008 10:36am Jul 9, 2008 10:36am
Ah yes,

Thanks for pointing this out!

But, to explain, I am using 0000 GMT as my daily open, and that is why I took those trades. I should have mentioned this in my posting.

That said, the UJ open -- on my IBFX feed -- was at 107.33, exactly the bottom of the IB. So, when price broke south, it was actually below the daily 0600Z open anyway, as luck would have it.

With the chf trade, of course, there was a wide discrepancy between the 0000 and 0600 opening prices, so the trade was only valid for a daily open of 0000Z.

Once reason for using 0000Z is that I have a wonderful indicator (from "The Only Pivot" thread) that runs a continuous line across my entire chart for the opening price of the day, based on 0000Z. It changes daily, but leaves the previous day's price line intact for reference. It's just so perfectly suited to this method, I couldn't resist using it.

If someone were able to modify it so that each user could set the specific opening hour to his own preference, I'm sure many folks would find it extremely useful for DIBS. Coding is not part of my skill set!

Thanks again...




Quoting NowAndLater
It's very nice. Although UC and UJ was above the daily open.
Jeff Singer, K2KV
  • #3,755
  • Jul 9, 2008 10:51am Jul 9, 2008 10:51am
could be good Eur/Usd and Gbp/USD DIBS longs in coming days as the daily IBs have broken to the upside and occuring off 50 fib retracements...
  • #3,756
  • Jul 9, 2008 11:32am Jul 9, 2008 11:32am
Quoting Trumpcard
could be good Eur/Usd and Gbp/USD DIBS longs in coming days as the daily IBs have broken to the upside and occuring off 50 fib retracements...
maybe tomorrow......wait till london open, then..using daily IB, set your mind for BUY.

wait for the signal eh....

happy trading
  • #3,757
  • Jul 9, 2008 5:27pm Jul 9, 2008 5:27pm
Quoting bujal38
maybe tomorrow......wait till london open, then..using daily IB, set your mind for BUY.

wait for the signal eh....

happy trading
"maybe tomorrow......" the Good Lor. will take me awayayayay....
Oops, sorry for the interuption but your post gave me a feel good moment. thanks. {still dreamin' after all these years, even as I surpass them, it seems even larger dreams are ready to slip in & take their place.}

" wait for the signal eh...."
True Dat!
  • #3,758
  • Jul 9, 2008 6:01pm Jul 9, 2008 6:01pm
Really been a bad week this week, hope tomorrow can be somewhat better. Doesn't look bright with all the high impact news tomorrow.

Lets see anyway. Happy pippin guys
  • #3,759
  • Jul 10, 2008 1:47am Jul 10, 2008 1:47am
Quoting WilteredFire
Really been a bad week this week, hope tomorrow can be somewhat better. Doesn't look bright with all the high impact news tomorrow.

Lets see anyway. Happy pippin guys
Maybe a reason to stay away for the rest of the week? Not trading is also trading. I've been extremely selective this week with DIBS and played the higher timeframes almost exclusively.
  • #3,760
  • Jul 10, 2008 2:50am Jul 10, 2008 2:50am
Here are the H8 charts on the majors. IB's on all of them and looking at fibs and trendlines (and I mentioned in an earlier post that I was looking for USD bull this week based on the charts) you can see that the IB's should have been played in favour of the USD.
EU is not the hothand and it's ranging alot this week, so no need to trade this pair. GU is coming of the 50%fib with good candle formation for low (this is also confirmed on the weekly chart). GBP has an interest rate statement later today and no need to trade this pair either, besides the IB was too big in comparison to the daily average range. That leaves UC and UJ. These are following the trendlines and espeically UJ was near perfect bouncing of the 38%fib as well. This is just to give you some more ideas how to play DIBS on H8.

I'm not trading for the rest of this week though.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU H8.JPG Size: 137 KB
Click to Enlarge Name: GU H8.JPG Size: 139 KB
Click to Enlarge Name: UC H8.JPG Size: 136 KB
Click to Enlarge Name: UJ H8.JPG Size: 161 KB
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