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The DIBS Method... No Free Lunch continues

  • #4,301
  • Jul 31, 2008 3:30am Jul 31, 2008 3:30am
Quoting 4FXsake
Oh 4fxsake!
If the eurjpy stays in that range i will take an entry to go long...the eurusd looks good too
  • #4,302
  • Jul 31, 2008 4:11am Jul 31, 2008 4:11am
Quoting 4FXsake
Oh 4fxsake!
That looks like Double Bar Low Higher Close - trend reversal price action.
One Chart is Worth Ten Thousand Words.
  • #4,303
  • Jul 31, 2008 4:35am Jul 31, 2008 4:35am
Quoting 4FXsake
Oh 4fxsake!
Hi $FXsake,

Taking this long would be trading into resistance. I would be very careful and watch for a reversal.
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  • #4,304
  • Jul 31, 2008 4:57am Jul 31, 2008 4:57am
Quoting ozziedave
Hi $FXsake,

Taking this long would be trading into resistance. I would be very careful and watch for a reversal.
I would be very carefull trading at all before atm (I'm a bit conservative) as there's a lot of ranging going on awaiting the US news.
UJ is within a 50 pip range, UCHF 80 pip range, GU 100 pip range. EU is the only one to break out slightly of its range this morning but thats about it for the trading at the moment. The news might give direction, but it's not exactly DIBS friendly today...
  • #4,305
  • Jul 31, 2008 5:26am Jul 31, 2008 5:26am
My platform (GFT) didn't show any IB for UJ and UC.

However, I am in a great long trade on EC, up 60 pips after taking profit on half lot.
  • #4,306
  • Jul 31, 2008 1:32pm Jul 31, 2008 1:32pm
Hello,

They say "a picture is worth a thousands words".... well here is one that is telling me .... STAY OUT DURING MAJOR ECONOMIC NEWS.. I really hope that I learned my lesson.

140 pips up....128 down.....within a timeframe of 135minutes. ...Just when I "thought" that I had things under control ....so this trade has turned into the "hope and pray" method.
Attached Image (click to enlarge)
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Unus pro omnibus, omnes pro uno
  • #4,307
  • Jul 31, 2008 3:15pm Jul 31, 2008 3:15pm
Quoting moneda
Hello,

They say "a picture is worth a thousands words".... well here is one that is telling me .... STAY OUT DURING MAJOR ECONOMIC NEWS.. I really hope that I learned my lesson.

140 pips up....128 down.....within a timeframe of 135minutes. ...Just when I "thought" that I had things under control ....so this trade has turned into the "hope and pray" method.
If in a trade already, I would tighten my stop considerably prior to major news. AndI wouldn't enter a trade too close to the news.
I posted earlier that I find that DIBS doesn't work so well when we are awaiting some big news because of the choppy conditions and we are looking for a breakout with a potential to run, so I didn't trade DIBS today, nor will I tomorrow.
  • #4,308
  • Jul 31, 2008 5:31pm Jul 31, 2008 5:31pm
Quoting NowAndLater
If in a trade already, I would tighten my stop considerably prior to major news. AndI wouldn't enter a trade too close to the news.
I posted earlier that I find that DIBS doesn't work so well when we are awaiting some big news because of the choppy conditions and we are looking for a breakout with a potential to run, so I didn't trade DIBS today, nor will I tomorrow.

NAL,

I am always tapping into your conservative/disciplined approach to DIBS... Some of us may know what is the right thing to do under some circumstances like the news today but seem to find a way to rationalize entering a trade or staying with it once it turns negative.... In my case, I tend to be a bigger risk taker yet that is no excuse for poor judgement... I am trying to change this habit and for the most part I have......... however, sometimes it creeps up on me... I know that the most important thing for me to do is to avoid putting myself in a situation that seduces me to try to recoup my loosing trade. That is one reason why I use the DIBS method....to control my risk exposure/emotions so that I don't care about the loss incurred and can let go. Sorry about this confession... it helps to put it out there sometimes, besides other readers may get something out of it.

Thanks
Unus pro omnibus, omnes pro uno
  • #4,309
  • Edited Aug 1, 2008 1:43am Jul 31, 2008 7:10pm | Edited Aug 1, 2008 1:43am
Hi moneda


Climibing mountain cliffs with ropes is very very risky so is the leverage in forex, so to survive you need to excersise every type of risk management.

Best regards

Dale
  • #4,310
  • Jul 31, 2008 7:17pm Jul 31, 2008 7:17pm
Quoting moneda
Sorry about this confession... it helps to put it out there sometimes, besides other readers may get something out of it.
I have to admit that writing here on FF and putting my thoughts down has helped me a lot, so I think it's a good thing to do. What you can do later on, is go back and read some of your old posts, and see if something has happened with the way you think.
  • #4,311
  • Aug 1, 2008 4:00am Aug 1, 2008 4:00am
Quoting moneda
Hello,

They say "a picture is worth a thousands words".... well here is one that is telling me .... STAY OUT DURING MAJOR ECONOMIC NEWS.. I really hope that I learned my lesson.

140 pips up....128 down.....within a timeframe of 135minutes. ...Just when I "thought" that I had things under control ....so this trade has turned into the "hope and pray" method.
That was a stupid knee-jerk reaction of some "clever" ANALysts and traders at big banks. The US news was mixed (some good, some so-so - "mixed bag"), but they read too much into it. When all was said and done, things returned to normal (the question is - what was the initial reaction all about?).

So, the solution could be to (a) close your positions before the major news, or (b) take small loss with tight SL, and when the madness is over ride the "correcting" train. I was caught with the same "sting" as you, but after I saw the news spike reaching its peak and reversing, I joined in for 60 pips (done it a few times in the past).
One Chart is Worth Ten Thousand Words.
  • #4,312
  • Aug 2, 2008 6:34pm Aug 2, 2008 6:34pm
Quoting jarroo
Nice DIBS trades today.

I missed the Euro.
Hi Jarroo...

I was just reviewing the action for the past week...the Yen looked excellent...

Just a quick question...why did you decide not to take the IB around the 107.80 area?

Cheers, Motu

ps I can see why there are differences as my chart is setup with a 5.00GMT opening time...using the ODL demo price feed....with the excellent DIBS_TriggerLines1.2.mq4 attached..
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  • #4,313
  • Aug 3, 2008 8:19pm Aug 3, 2008 8:19pm
Quoting motu
Hi Jarroo...

I was just reviewing the action for the past week...the Yen looked excellent...

Just a quick question...why did you decide not to take the IB around the 107.80 area?

Cheers, Motu

ps I can see why there are differences as my chart is setup with a 5.00GMT opening time...using the ODL demo price feed....with the excellent DIBS_TriggerLines1.2.mq4 attached..
I would have taken that trade if I was present at the time it ocurred. July has been a crazy month for me. That would have been an excellent opportunity to add to the position.
Indicators show the past. Price Action "Indicates" the future.
  • #4,314
  • Aug 4, 2008 1:35am Aug 4, 2008 1:35am
Darn it. The one night in a long time that I can catch the Open(s) I miss out I some good DIBS. Well, its still early.

I hope some body caught these.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,315
  • Aug 4, 2008 1:49am Aug 4, 2008 1:49am
Jaroo,

Sharing your frustration! Had noted the GU when scouring my H4 charts this morning....went on through the rest of the charts, forgot to place trade in time and saw it had moved when I finally returned to the GU chart...grrrr!!

ah well, plenty more busses on this route!
  • #4,316
  • Aug 4, 2008 1:53am Aug 4, 2008 1:53am
Quoting attictrader
Jaroo,

Sharing your frustration! Had noted the GU when scouring my H4 charts this morning....went on through the rest of the charts, forgot to place trade in time and saw it had moved when I finally returned to the GU chart...grrrr!!

ah well, plenty more busses on this route!
The DIBS train is always coming by looking for some new passengers, that's for sure.

My neighbor came over for a party I had a few days ago, now I can get rid of the guy.
Indicators show the past. Price Action "Indicates" the future.
  • #4,317
  • Aug 4, 2008 1:55am Aug 4, 2008 1:55am
Got stuck in Dubai for three days longer than I expected (without my laptop!) but I am back in business now and raring to go. Also missed a few trades in the early session today but I am slowly learning to sit on my hands and wait for the trades to come to me. Nice to see a lot of new folks posting over the past few days. Have a good week folks!
Never argue with a fool....
  • #4,318
  • Edited 2:36am Aug 4, 2008 2:19am | Edited 2:36am
I have gotten many questions or advice on how to establish Pivot Point Zones (PPZ) and/or Support and Resistence Levels. Just be aware that its not a perfect science and that is not a precise Price level.

These are areas (zones) where Price did the following:
Price came down, hit the area and bounced up for many, many pips.
Price came up, hit this area and bounced down for many, many pips.
Price broke this area and flew hard right through it for many, many pips.

I like to start with the Weekly chart and move my way down to lower charts.

Gbp/Usd:
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,319
  • Aug 4, 2008 2:20am Aug 4, 2008 2:20am
Then I fine tune it on the 4 hour and hourly (blue area):
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,320
  • Aug 4, 2008 2:31am Aug 4, 2008 2:31am
Fine tuned even more.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
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