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The DIBS Method... No Free Lunch continues

  • #4,201
  • Jul 29, 2008 6:38am Jul 29, 2008 6:38am
Quoting kimmy
anyone feel brave enough to take the EU IB short??
the new york open maybe just what is needed to get it to finally beak down 5720 ???

cheers
Ok i really need to work on my Time infront of computer....waited all that time to see gbp and it never happened....took a break and something pops up someplace(chart) else...
  • #4,202
  • Jul 29, 2008 6:47am Jul 29, 2008 6:47am
What I have been doing lately to gain some $$ while allowing the free portion of the DIBS trade to run free is put in 2 orders, with a different lot size. For example:
This morning USDCAD 2 orders long @1.0221. My total risk was calculated at .36 lots, so I did 1 at .2 lots, and the other at .16 lots. The .2 lot will be the one to close at 1:1, and the .16 will run free..

Price has been moving in an upward channel on the daily chart, and 1.0221 was quite near to the lower edge of this channel (I'll post a chart later). So I figured a long would be the best bet. Risk was 14 pip, I believe, and the 1:1 would be well within the channel.

As of now the 1:1 was hit, and I banked a few $ as well, the rest is running free.

Rusty
  • #4,203
  • Jul 29, 2008 7:03am Jul 29, 2008 7:03am
Quoting kimmy
anyone feel brave enough to take the EU IB short??
the new york open maybe just what is needed to get it to finally beak down 5720 ???

cheers
Hi Kimmy, yes I was with you on than one. A very nice trade to close out the day. Second day in a row I'm a happy camper. Off to watch TV with the family now so I'll catch you all tomorrow. Good luck and enjoy! Cheers.
Never argue with a fool....
  • #4,204
  • Jul 29, 2008 7:21am Jul 29, 2008 7:21am
Quoting tigertrader
Hi Kimmy, yes I was with you on than one. A very nice trade to close out the day. Second day in a row I'm a happy camper. Off to watch TV with the family now so I'll catch you all tomorrow. Good luck and enjoy! Cheers.

Glad you got some pips tiger .........but why have you closed already?

i now have a free trade on EU and am letting it run.....i did promise jaroo didn't i ha ha?.......but i am not sure about how to manage this ??.....any suggestions please on where to finally take profit ?

cheers
  • #4,205
  • Jul 29, 2008 7:49am Jul 29, 2008 7:49am
Quoting kimmy
Glad you got some pips tiger .........but why have you closed already?

i now have a free trade on EU and am letting it run.....i did promise jaroo didn't i ha ha?.......but i am not sure about how to manage this ??.....any suggestions please on where to finally take profit ?

cheers
Ah the final resting place, the question with no answer... I would say 1.5645 which is the daily s2 and close to the daily average range, followed by 1.5635-25 which is the next big s/r area. Close some of your position around here and let the rest run with the initial stop until you see if price can break the heavy support. If it's broken and then retested as resistance I would put the stoploss just above that area and leave it there and wait for next move. A break of 1.5630-ish and a hold of this could take us down to 1.53-ish again...
  • #4,206
  • Jul 29, 2008 8:12am Jul 29, 2008 8:12am
thank you guys for this great thread.

witch time is best for the day open ??

because i installed an indicateur from this thread that gives IB's with a day open at 06.00 GMT.

and whats the best time to work on this system ??

thx again
  • #4,207
  • Jul 29, 2008 8:28am Jul 29, 2008 8:28am
You may have heard of James16 (and his "group") - he has an excellent thread on price action - http://www.forexfactory.com/showthread.php?t=2331

That's his approach to IBs: http://www.forexfactory.com/showpost...&postcount=159

"I dont know which way its going to break. playing a break of inside bars is sometimes tough because the first break is sometimes a fake out. i will bet pretty soon it breaks hard one way or the other, i will wait patiently and see if it shows its hand."

Also, "Inside bars show a tug of war developing between buyers and sellers. the more in a row you get the tighter it gets and when it breaks out it tends to move hard and fast. what everyone shoild do is go look for these on any time frame you want. particularly look for the sideways pyramid shape when you get two or more, they are easy to spot. when price moves down to a pivot level a ton of buy orders are triggered which tends to send it up. BUT NOT ALWAYS. i dont like to hope when i trade i like to know as sure as i can that what i want to happen is going to happen. thats why i try to stack things in my favor. for example the confluence i keep talking about. it could be 2 fib ret close together. it could be a pivot and fib close together. it could be any one of these combined with divergence. then you take it one step further and look for price action to confirm at these levels. its really not that hard. go to your charts plot your fibs and pivots on tomorrows blank page. then sit back and wait for price action to interact with these levels and make a smart trade not a guess. it will work on any time frame you choose."
One Chart is Worth Ten Thousand Words.
  • #4,208
  • Jul 29, 2008 9:03am Jul 29, 2008 9:03am
Quoting Forex007
You may have heard of James16 (and his "group") - he has an excellent thread on price action - http://www.forexfactory.com/showthread.php?t=2331

That's his approach to IBs: http://www.forexfactory.com/showpost...&postcount=159

"I dont know which way its going to break. playing a break of inside bars is sometimes tough because the first break is sometimes a fake out. i will bet pretty soon it breaks hard one way or the other, i will wait patiently and see if it shows its hand."

Also, "Inside bars show a tug of war developing between buyers and sellers. the more in a row you get the tighter it gets and when it breaks out it tends to move hard and fast. what everyone shoild do is go look for these on any time frame you want. particularly look for the sideways pyramid shape when you get two or more, they are easy to spot. when price moves down to a pivot level a ton of buy orders are triggered which tends to send it up. BUT NOT ALWAYS. i dont like to hope when i trade i like to know as sure as i can that what i want to happen is going to happen. thats why i try to stack things in my favor. for example the confluence i keep talking about. it could be 2 fib ret close together. it could be a pivot and fib close together. it could be any one of these combined with divergence. then you take it one step further and look for price action to confirm at these levels. its really not that hard. go to your charts plot your fibs and pivots on tomorrows blank page. then sit back and wait for price action to interact with these levels and make a smart trade not a guess. it will work on any time frame you choose."
Hmmm none of my set ups worked today......did not spot any dibs entry that played out in my direction ohh well
  • #4,209
  • Jul 29, 2008 9:20am Jul 29, 2008 9:20am
Quoting NowAndLater
Ah the final resting place, the question with no answer... I would say 1.5645 which is the daily s2 and close to the daily average range, followed by 1.5635-25 which is the next big s/r area. Close some of your position around here and let the rest run with the initial stop until you see if price can break the heavy support. If it's broken and then retested as resistance I would put the stoploss just above that area and leave it there and wait for next move. A break of 1.5630-ish and a hold of this could take us down to 1.53-ish again...
The US news was positive and it shot through the resistance area, hope Kimmy held on to the trade and not closed it too early... Now it'll try to break the trendline, hold on Kimmy!
  • #4,210
  • Jul 29, 2008 9:22am Jul 29, 2008 9:22am
Quoting PB_lover
thank you guys for this great thread.

witch time is best for the day open ??

because i installed an indicateur from this thread that gives IB's with a day open at 06.00 GMT.

and whats the best time to work on this system ??

thx again
The first post has your answer
  • #4,211
  • Jul 29, 2008 9:28am Jul 29, 2008 9:28am
Quoting NowAndLater
The US news was positive and it shot through the resistance area, hope Kimmy held on to the trade and not closed it too early... Now it'll try to break the trendline, hold on Kimmy!
Took a long position on USDCAD...only one i wasn't really paying attention to...ok first 20 pips for the day...nice work kimmy
  • #4,212
  • Jul 29, 2008 9:38am Jul 29, 2008 9:38am
Quoting Forbidden2
Took a long position on USDCAD...only one i wasn't really paying attention to...ok first 20 pips for the day...nice work kimmy
Hey Now and later,
I took a long position on GBPJPy at 214.49 stop at 214.06 what do you think i find it odd that the euJpy isn't moving in similar direction
  • #4,213
  • Jul 29, 2008 9:41am Jul 29, 2008 9:41am
Quoting Forbidden2
Hey Now and later,
I took a long position on GBPJPy at 214.49 stop at 214.06 what do you think i find it odd that the euJpy isn't moving in similar direction
Care to explain why you did this? Don't see any IB on this pair...
  • #4,214
  • Jul 29, 2008 9:43am Jul 29, 2008 9:43am
Quoting NowAndLater
Care to explain why you did this? Don't see any IB on this pair...
That candle that opened at 214.10 high of 214.31 and low at 214.10about 3 candles back on the 1 hr...... doesn't look too good
  • #4,215
  • Jul 29, 2008 9:45am Jul 29, 2008 9:45am
Quoting NowAndLater
The US news was positive and it shot through the resistance area, hope Kimmy held on to the trade and not closed it too early... Now it'll try to break the trendline, hold on Kimmy!


YIPPEEEE !!!

thanks for your advice NAL ......you're a star
  • #4,216
  • Jul 29, 2008 10:37am Jul 29, 2008 10:37am
Quoting kimmy
YIPPEEEE !!!

thanks for your advice NAL ......you're a star
Now it has broken the trendline and retested it, and is at 61.8% fib of the move from 13/June to 15/July. This area is a s/r area as well looking back historically. But as there was no big bounce of it, the downside is still looking good imo. Hold on to your hat Kimmy, you may have found a runner... The daily candle hasn't closed yet but it's a huge BearishOutsideBar (BEOB) as well...

But usually after a big move there'll be some retracement, because people will be taking profits, the important thing to check then is what the resistance will be and place the stoploss above that area.
  • #4,217
  • Edited 5:13pm Jul 29, 2008 11:33am | Edited 5:13pm
Hello,

I would like to talk about the cable trade today....we had an IB @ 1gmt that broke south then @ 6gmt broke north and @ 7gmt broke south then broke north @9gmt and finally broke south @10gmt all the way to the "South of the Border" for around 135 pips and still going although it has found some resistance @ 1.9800. I took the trade short a couple of times for a totoal of 40pips...no I did not let it run free...in my case, based on my financial/psychological situation atm, I prefer to intraday my profit targets, preferably until noon est. Here is what I saw which led me to entering agaisnt the open price:

1.Resistance @ 1.9963 for the last 17hours( I would have gone long had it gone 10-20 pips past the resistance)

2. Downtrend on the daily

3. Strong bearish candle @ that cut throught the 38.2 fib and 50 like butter

4. Breaking through the 1.9850 support (approximately)

5. Having the confidence(at least on this particular trade) to think for myself and apply some discretion.

6. Maybe I just got lucky!

DIBS per PC's legacy is a great starting place... but we need to remember that "not all IBs are the same"
Unus pro omnibus, omnes pro uno
  • #4,218
  • Jul 29, 2008 11:46am Jul 29, 2008 11:46am
From post # 4202

Quote
What I have been doing lately to gain some $$ while allowing the free portion of the DIBS trade to run free is put in 2 orders, with a different lot size. For example:
This morning USDCAD 2 orders long @1.0221. My total risk was calculated at .36 lots, so I did 1 at .2 lots, and the other at .16 lots. The .2 lot will be the one to close at 1:1, and the .16 will run free..

Price has been moving in an upward channel on the daily chart, and 1.0221 was quite near to the lower edge of this channel (I'll post a chart later). So I figured a long would be the best bet. Risk was 14 pip, I believe, and the 1:1 would be well within the channel.

As of now the 1:1 was hit, and I banked a few $ as well, the rest is running free.

Rusty



OK, an error it was actually the 1H chart, but you can still see the channel, an IB appeared at the lower edge at 08:00gmt, I should have been watching and closed when it it the upper edge, but I wasn't at my PC, still gained >30 pips, on the free ride portion of the trade.

I didn't get the IB 14:00gmt
Attached Image (click to enlarge)
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  • #4,219
  • Jul 29, 2008 11:50am Jul 29, 2008 11:50am
Quoting moneda
Hello,

I would like to talk about the cable trade today....we had an IB @ 1gmt that broke south then @ 6gmt broke north and @ 7gmt broke south then broke north @9gmt and finally broke south @10gmt all the way to the "South of the Border" for around 135 pips and still going although it has found some resistance @ 1.9800. I took the trade short a couple of times for a totoal of 40pips...no I did not let it run free...in my case, based on my financial/psychological situation atm, I prefer to intraday my profits targets, preferably until noon est. Here is what I saw which led me to entering agaisnt the open price:

1.Resistance @ 1.9963 for the last 17hours( I would have gone long had it gone 10-20 pips past the resistance)

2. Downtrend on the daily

3. Strong bearish candle @ that cut throught the 38.2 fib and 50 like butter

4. Breaking through the 1.9850 support (approximately)

5. Having the confidence(at least on this particular trade) to think for myself and apply some discretion.

6. Maybe I just got lucky!

DIBS per PC's legacy is a great starting place... but we need to remember that "not all IBs are the same"
I don't retake IB's that the price has moved away from. On the GU today after the IB there was a breakout and then a retracement and then a move to the other side and then a retracement, what good is the initial IB then, it's outplayed imo. So I would rather wait for a new IB to form instead to show that the pair is NOW in indecision as was the case with the EU.
  • #4,220
  • Jul 29, 2008 11:53am Jul 29, 2008 11:53am
Quoting jarroo
This is what its all about my friends. Free trading.
Now it may turn back and stop out . . . So What! You lose nothing.

Who knows this baby could go to the Moon.

Good Job tiger. You to Kim.

Nice DIBS trades today.

I missed the Euro.
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