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  • #4,361
  • Aug 4, 2008 6:17am Aug 4, 2008 6:17am
Quoting jimmypippy
Wow.. Thanks jarroo for your quick reply.. I hope to learn from you in future. Your advice are much appreciated.

Regards
Jimmy Chung
It just takes practice and a little study my friend and you'll get there.
Indicators show the past. Price Action "Indicates" the future.
  • #4,362
  • Aug 4, 2008 6:24am Aug 4, 2008 6:24am
would that be a IB that I have selected on USD/JPY?
Attached Image
  • #4,363
  • Aug 4, 2008 6:25am Aug 4, 2008 6:25am
Quoting Tzar
would that be a IB that I have selected on USD/JPY?
Hard to see where the wicks are.
Indicators show the past. Price Action "Indicates" the future.
  • #4,364
  • Aug 4, 2008 6:30am Aug 4, 2008 6:30am
here is another pic. the candlestick is shown by the arrow
Attached Image
  • #4,365
  • Aug 4, 2008 6:32am Aug 4, 2008 6:32am
Quoting Tzar
here is another pic. the candlestick is shown by the arrow
Yes it is an IB, and this question was answered higher up on this page...
  • #4,366
  • Aug 4, 2008 6:32am Aug 4, 2008 6:32am
Quoting Tzar
here is another pic. the candlestick is shown by the arrow
Yes that is a valid DIBS IB and signal to go long.
Indicators show the past. Price Action "Indicates" the future.
  • #4,367
  • Aug 4, 2008 6:37am Aug 4, 2008 6:37am
indeed it was, sorry, to eager to learn and smooth out the kinks in my thinking.

Thank you guys,

btw, anybody willing to help with my previous answer? all answer are appreciated
  • #4,368
  • Aug 4, 2008 6:43am Aug 4, 2008 6:43am
Quoting Tzar
Hey guys,

Just finished reading through the the Free Coffee thread and sounds very interesting. I used a very similar breakout method until May when the side movements started.

A couple of things that I dont understand so far, hoping you guys could point me in the right direction.

PC states that the day starts at 06:00GMT. Now, is that when you should start looking for the IB? or thats when you place the entry point? Lets say an IB happens at 03:00GMT, is that considered an entry signal? When do you place the Buy/Sell signal.

Also the open on my VT for GBP/USD was 1.9736. Just want to compare opens.

Looking forward to your replies
The answer is on the first page on this thread, but I'll give it again:
IB on which hour?
You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.

And your GU price is fine...
  • #4,369
  • Aug 4, 2008 6:46am Aug 4, 2008 6:46am
hmmm didnt think you would use a price that is almost 24 hours old but will see how it goes.

Thanks for the answers.

Best of luck using this system. Hope to add some valuable signals in the next couple of days
  • #4,370
  • Aug 4, 2008 6:51am Aug 4, 2008 6:51am
Quoting Tzar
hmmm didnt think you would use a price that is almost 24 hours old but will see how it goes.

Thanks for the answers.

Best of luck using this system. Hope to add some valuable signals in the next couple of days
More reading my friend, more reading.
Indicators show the past. Price Action "Indicates" the future.
  • #4,371
  • Aug 4, 2008 6:55am Aug 4, 2008 6:55am
Quoting Tzar
hmmm didnt think you would use a price that is almost 24 hours old but will see how it goes.
Care to explain this?
  • #4,372
  • Aug 4, 2008 6:57am Aug 4, 2008 6:57am
Quoting NowAndLater
Care to explain this?
Easy NAL, he'll figure it out.
Indicators show the past. Price Action "Indicates" the future.
  • #4,373
  • Aug 4, 2008 7:02am Aug 4, 2008 7:02am
Quoting jarroo
Easy NAL, he'll figure it out.
Lol did I sound uneasy?
"24 hours old price" just sounded so waaaaaaay outhere...
  • #4,374
  • Aug 4, 2008 7:03am Aug 4, 2008 7:03am
Quoting NowAndLater
Lol did I sound uneasy?
"24 hours old price" just sounded so waaaaaaay outhere...
I thought the same thing. He must of skipped a post or two.
Indicators show the past. Price Action "Indicates" the future.
  • #4,375
  • Aug 4, 2008 7:05am Aug 4, 2008 7:05am
Jarroo,

Back to this playing an early IB (say 4:00gmt) off the open of 6:00gmt. How does one determine the direction of the play? Do you check a higher time frame? Or if the open is higher then the early IB , go long, and just the opposite if the open is lower then the IB? I think I have been missing a fair number of DIBS trades by waiting till the open and then determining the direction of the day.
Thanks
Rusty
  • #4,376
  • Aug 4, 2008 7:06am Aug 4, 2008 7:06am
NAL: " You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this."

If your going on 6.00GMT you would use the previous days open price no? or do you wait till 6.00GMT to place a buy or a sell. That is what's confusing me atm. Do you guys understand the issue that im having
  • #4,377
  • Aug 4, 2008 7:08am Aug 4, 2008 7:08am
Quoting Tzar
NAL: " You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this."

If your going on 6.00GMT you would use the previous days open price no? or do you wait till 6.00GMT to place a buy or a sell. That is what's confusing me atm. Do you guys understand the issue that im having
Read Peter's posts again.
Indicators show the past. Price Action "Indicates" the future.
  • #4,378
  • Aug 4, 2008 7:11am Aug 4, 2008 7:11am
GU testing the support a lot now, a break from here and we could be heading down to 1.9625-1.9590 area. Although I don't think the break will be a fast one. If it reaches this area, I'll watch the price action and if I see a reversal I will close out some more of my position (half of the remaning 1/3) and leave the rest riding for the next wave at original stop.
  • #4,379
  • Aug 4, 2008 7:14am Aug 4, 2008 7:14am
Quoting NowAndLater
GU testing the support a lot now, a break from here and we could be heading down to 1.9625-1.9590 area. Although I don't think the break will be a fast one. If it reaches this area, I'll watch the price action and if I see a reversal I will close out some more of my position (half of the remaning 1/3) and leave the rest riding for the next wave at original stop.
I'm still hanging in there.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,380
  • Aug 4, 2008 7:16am Aug 4, 2008 7:16am
Quoting Tzar
NAL: " You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this."

If your going on 6.00GMT you would use the previous days open price no? or do you wait till 6.00GMT to place a buy or a sell. That is what's confusing me atm. Do you guys understand the issue that im having
You use today's open price for today's trading. Like on GU today the open price on my charts was 1.9735. So if price is above that price you are looking to buy. If price is below that price you are looking to sell. And price is below so we are selling.
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