Hey everyone 
Anyone go short on GBPUSD @ 1.9550, say 8:30 GMT or so?
Rusty
Anyone go short on GBPUSD @ 1.9550, say 8:30 GMT or so?
Rusty
The DIBS Method... No Free Lunch continues
- #4,546
- Aug 6, 2008 7:36am Aug 6, 2008 7:36am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
Well....
The 11:00GMT DIBS for GBPUSD short ... stopped out, the CADUSD long is close to stop out. Seems to be a bad day for me. Only one left is the GBPUSD short from 8:32GMT.
My GBP/USD-Trades:
http://www.xaron.net/dl/fx/2008/dibs/gbpusd_060808.png
But anyway, losses are part of that game.
Just trade small enough to survive, let's say, 20-30 losses in a row... Usually I take a risk of 1% per trade (for the whole position).Regards - Xaron
- #4,547
- Aug 6, 2008 7:49am Aug 6, 2008 7:49am
I wonder why you were stopped out on the second GBP/USD short? I'm still in. The high of the IB wasn't reached yet...
My GBP/USD-Trades:
http://www.xaron.net/dl/fx/2008/dibs/gbpusd_060808.png
But anyway, losses are part of that game.
Regards - Xaron
Going to call them now. Rusty
- #4,548
- Aug 6, 2008 7:53am Aug 6, 2008 7:53am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
I have a high of 1.9543 so far, and my SL was set to 1.9546, I wonder if my broker (IBFX) adds the spread. THat would have been 1.9547, and my SL would have been hit
Rusty
Regards - Xaron
- #4,549
- Aug 6, 2008 7:55am Aug 6, 2008 7:55am
Of course they "add" the spread in that case. You see only the BID prices in the chart but the stop loss for a sell order is of course executed using the ASK price...
Regards - Xaron
Rusty
- #4,550
- Aug 6, 2008 8:20am Aug 6, 2008 8:20am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #4,551
- Aug 6, 2008 8:25am Aug 6, 2008 8:25am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #4,552
- Aug 6, 2008 8:33am Aug 6, 2008 8:33am
- Joined Apr 2007 | Status: Evil Kraut | 2,559 Posts
It's not as "doomed" as some people here commented...
In the short term anything is possible, but in the long run (not sooo important for this method)...There must be some kind of intervention today as of yesterday it's almost clear that the FED won't hike the rate this year...
Edit: I'm long in the USD as well... just to ride the waves.
Regards - Xaron
That was me.
There must be some kind of intervention today as of yesterday it's almost clear that the FED won't hike the rate this year...
Edit: I'm long in the USD as well... just to ride the waves.
Regards - Xaron
Yeah, that's what I am guessing, I need to remember that when setting Sl, and TP
Rusty
Remember that you are buying when you are setting a sl to a sell, and a tp to a sell, and when entering a trade with a buystop
[quote=Xaron;2149961]....In the short term anything is possible, but in the long run (not sooo important for this method)...
Hello Xaron,
an example beside the discussion if the $ is doomed or not, if long or short term - the charts will show the truth to all of us...
i went into the UJ at 17th of Juli at round about 1.0500 and closed the trade may be 40 pips later, happy to bank some pips. If i had acted according to PC's rules, i would have closed the half and hold the free trade. And added on because of IB's in further sessions - again having free trades. PC: "Every trade has to stand alone" . Until the move today (1.0900) my trade from the 17th would have been about 400 pips, two or three further trades 300 and 200 again.
I discussed with NAL to hold the trade despite it's hard to do sometimes (hello kimmy) and it is a very strong part of this method to do it - with free trades.
It's not that i worry about pips i didn't make, thats part of the game. But to learn the lesson it's ok to look back and see what was wrong.
And to this method it's very very important to run long tails. (Ahhhh... not to the method, but for your account...)
Regards, Michael
Hello Xaron,
an example beside the discussion if the $ is doomed or not, if long or short term - the charts will show the truth to all of us...
i went into the UJ at 17th of Juli at round about 1.0500 and closed the trade may be 40 pips later, happy to bank some pips. If i had acted according to PC's rules, i would have closed the half and hold the free trade. And added on because of IB's in further sessions - again having free trades. PC: "Every trade has to stand alone" . Until the move today (1.0900) my trade from the 17th would have been about 400 pips, two or three further trades 300 and 200 again.
I discussed with NAL to hold the trade despite it's hard to do sometimes (hello kimmy
) and it is a very strong part of this method to do it - with free trades.It's not that i worry about pips i didn't make, thats part of the game. But to learn the lesson it's ok to look back and see what was wrong.
And to this method it's very very important to run long tails. (Ahhhh... not to the method, but for your account...)
Regards, Michael
That's a popular fallacy in my opinion. Charts only show the past and are good for things like breakouts - prediction support/resistance areas where lot of stop orders are located. But they don't tell you the direction a currency will take. The most important thing (for the long run!) is the interest difference between two currencies as well as the underlying fundamentals for the country where the currency is located...
Regards - Xaron
I agree with you, that charts show only the past and so on. Thats why i don't want to discuss which direction $ will go. The truth we will see when it has happened on the charts. Until then everybody here is trying to trade as successful as possible in the timeframe he has choosen.
As you said in your post - riding the wave
.Regards, Michael
[quote=manto;2150111]
Actually I took the same trade (it's posted in this thread) and I didn't hold on to it either... But I can say that I have imrpoved a lot since then and it was after that trade that I started to challenge myself and let any trade go and go. I can say that since then I've build a small position left on GU, EU and UC since the 29/July, and that is quite nice (only I'm paying the swap but I'm collecting more in terms of pips). Sure I don't have 1/2 of those positions still opened, as I have closed some of it more along the way, but I have 1/5 left on all of those trades. And since then I've added more to both EU and GU on the 4/August and today and for UC today as well, again I only have 1/5 left from these as well, but the profits are accumulating. I will hold on to these until we reach the major supports on GU and EU, and the resistance on UC. Then if there's no breakout I will close these.
I have one UJ trade since yesterday (1/5 left again) and one from today. As UJ now broke out from the 108.50 area these might run pretty well.
I base my trades on DIBS, some are based on the "No Brainer"-thread, some are based on my own range breakout strategy. And I try to let some part of all my trades run. I have adjusted the stops along the way but they are still a "long" way from the current price and I'm still looking to follow the trend which at this moment is clearly in favour of the USD.
....In the short term anything is possible, but in the long run (not sooo important for this method)...
Hello Xaron,
an example beside the discussion if the $ is doomed or not, if long or short term - the charts will show the truth to all of us...
i went into the UJ at 17th of Juli at round about 1.0500 and closed the trade may be 40 pips later, happy to bank some pips. If i had acted according to PC's rules, i would have closed the half and hold the free trade. And added on because of IB's in further sessions - again having free trades. PC: "Every trade has to stand alone" . Until the move today (1.0900) my trade from the 17th would have been about 400 pips, two or three further trades 300 and 200 again.
I discussed with NAL to hold the trade despite it's hard to do sometimes (hello kimmy
It's not that i worry about pips i didn't make, thats part of the game. But to learn the lesson it's ok to look back and see what was wrong.
And to this method it's very very important to run long tails. (Ahhhh... not to the method, but for your account...)
Regards, Michael
I have one UJ trade since yesterday (1/5 left again) and one from today. As UJ now broke out from the 108.50 area these might run pretty well.
I base my trades on DIBS, some are based on the "No Brainer"-thread, some are based on my own range breakout strategy. And I try to let some part of all my trades run. I have adjusted the stops along the way but they are still a "long" way from the current price and I'm still looking to follow the trend which at this moment is clearly in favour of the USD.
