Nice DIBS trades today.
I missed the Euro.
Just the reverse here, got the Euro, missed the USDJPY.
maybe the tide is turning a little?
Rusty
The DIBS Method... No Free Lunch continues
- #4,222
- Jul 29, 2008 10:11am Jul 29, 2008 10:11am
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.
sorry
.......i closed it ...........psychologically i just couldn't stay in......it is something that i need to work on............but hey 126 pips ain't bad eh?cheers
- #4,223
- Jul 29, 2008 10:20am Jul 29, 2008 10:20am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
sorry
cheers
Just kidding Kim.
Great Job.
Indicators show the past. Price Action "Indicates" the future.
- #4,224
- Jul 29, 2008 10:23am Jul 29, 2008 10:23am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
sorry
cheers
Yeah psychologically it's tough to keep hanging on. But you know what is funny? We tend to keep holding the losing trades in hope that it'll come back, and we close too early in fear of giving back. What if it could be the other way around? I'm still working on this part as well but the more I trade the better I'm getting. Practice makes perfect right?
- #4,225
- Jul 29, 2008 10:26am Jul 29, 2008 10:26am
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.
I understand your logic and approach but in my way of thinking I did not considered these breakouts and fakeouts (within 50 pips range) "outplayed"... in actuality, I saw them as one big IB that started yesterday @17gmt... that is my crazy way of visualizing IBs at times of consolidation. In my case I waited and allow the market to dictate wether I would take a trade or not. Thanks for your feedback.
Happy Dibbing,
Unus pro omnibus, omnes pro uno
- #4,227
- Jul 29, 2008 10:34am Jul 29, 2008 10:34am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
NAL,
I understand your logic and approach but in my way of thinking I did not considered these breakouts and fakeouts (within 50 pips range) "outplayed"... in actuality, I saw them as one big IB that started yesterday @17gmt... that is my crazy way of visualizing IBs at times of consolidation. In my case I waited and allow the market to dictate wether I would take a trade or not. Thanks for your feedback.
Happy Dibbing,
- #4,228
- Jul 29, 2008 10:36am Jul 29, 2008 10:36am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
lol.......jaroo and NAL .....definitely next time ok ?
Nal you so right what you say about hanging onto losers for longer .....been there many times !! i am working on that too !
cheers
- #4,229
- Jul 29, 2008 10:48am Jul 29, 2008 10:48am
Well whatever works mate! I actually do something similar to this, but I consider the whole of the overhight range and then a breakout from that range and that gives me other ways to enter the market with low risk
Iam with you mate!...yes, I do like that option as well.. by the way, thank you very much for your unconditional contribution to this thread...very much appreciated.
Unus pro omnibus, omnes pro uno
Glad you got some pips tiger
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
Never argue with a fool....
- #4,231
- Jul 29, 2008 11:49pm Jul 29, 2008 11:49pm
Yeah psychologically it's tough to keep hanging on. But you know what is funny? We tend to keep holding the losing trades in hope that it'll come back, and we close too early in fear of giving back. What if it could be the other way around? I'm still working on this part as well but the more I trade the better I'm getting. Practice makes perfect right?
yes, i have the same psychological problem. I closed the trade in EU at 1.5615 because i thought it would not break the trendline and to take profit, not loosing that hard earned money..
. (And i was out of the USD/JPY much to early!) Sometimes i am right with early closing, sometimes wrong. But definitly by doing so it kills the chance for the long tails PC and TRT were talking about. To know this and to handle it according to the rules are two different things - it is in fact a psychological game. What to do to become better in this game? NaL, you say practice, and you are definitley right, that we often hang on loosing positions longer as we should instead of closing it early and let run the winners, but i make the same mistake all the time. To take the trade with a larger lot size, close 50% later as necessary for a free trade gives you some pips for the bank, that makes it easier to let run the second 50%, or even closing another 30% and let run the 20% could be a way to do it. But this increases the risk when starting the trade, so i have another problem there...
Do you have any ideas how to solve the (psychological) problem?
Regards, Michael
- #4,237
- Edited 3:22am Jul 30, 2008 2:08am | Edited 3:22am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #4,238
- Jul 30, 2008 2:13am Jul 30, 2008 2:13am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #4,239
- Edited 2:47am Jul 30, 2008 2:15am | Edited 2:47am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.