Sorry, NAL, I was not clear in explaining my approach. It is similar to yours. In one of his posts, PC commented stats from one of the guys who concluded that most DIBS trades close with 1:1 RR. Also (my opinion), the nearest S/R level is a good profit target. So, if I know I am most likely to make 25-35 pips, I am looking for similar IBs. As you said: the smaller - the better. I rarely have good trades with any IB over 40 pips (hm, I rarely take those IBs)
The DIBS Method... No Free Lunch continues
- #4,722
- Aug 12, 2008 3:43am Aug 12, 2008 3:43am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
How's this for a small stop loss that didn't get hit. 7 pips big.
Early Open(s) won the day this morning.
- #4,723
- Aug 12, 2008 3:53am Aug 12, 2008 3:53am
- | Joined Sep 2007 | Status: Breakout Baby | 692 Posts
Good day folks,
Boy, you guys certainly got some keyboard time while I was away! Some really great and thought provoking posts. However, the conclusion I come to after reading them all is that the whole deal comes down to individual style. The entry seems to be fairly well standardized apart from maybe using 0500Z instead of 0600Z as the open. The contentious issue is the money management once in the trade. I think we will each develop our own style depending on our goals, our personality and trading styles. There is no one-size-fits-all on managing the positions. But it is really interesting to hear you various approaches. I think the one "great truth" is to let at least one remaining lot ride and see what happens. But you can never let it run indefinitely. There comes a time (purely subjective) when you will find it expedient to close that position. That is where we all differ.
(not overthinking things but his words just kind of hits me). And yes no trader will take the same setup and make the same trade, because we are all different human beings.
- #4,724
- Aug 12, 2008 4:06am Aug 12, 2008 4:06am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi, here is my chart of E/J now.
I am using IBFX.
If something is not good on my chart - please, let me now. I will delete it, that nobody was confused.
Best wishes,
Tom
Indicators show the past. Price Action "Indicates" the future.
- #4,725
- Aug 12, 2008 4:10am Aug 12, 2008 4:10am
- | Joined Sep 2007 | Status: Trader | 1,404 Posts
I tooked quite small lot, as it was +- 40 pips long IB... But i tooked it just with smaller lot.. just need some pips more to close 2/3
Otherwise.. lets wait.. we will see how its going.
Best,
Tom
EDIT:
Just closed 2/3 - That was fast
Otherwise.. lets wait.. we will see how its going.
Best,
Tom
EDIT:
Just closed 2/3 - That was fast
how that trade tff? I'm in with you.
- #4,726
- Aug 12, 2008 4:11am Aug 12, 2008 4:11am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
I tooked quite small lot, as it was +- 40 pips long IB... But i tooked it just with smaller lot.. just need some pips more to close 2/3
Otherwise.. lets wait.. we will see how its going.
Best,
Tom
EDIT:
Just closed 2/3 - That was fast
Indicators show the past. Price Action "Indicates" the future.
- #4,729
- Aug 12, 2008 5:41am Aug 12, 2008 5:41am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
I like it. The trade risk is a bit big. But I like it.
Yeah SL about 50pips. So it's difficult to get 1/1 risk
rofit right? So not a good buy? Anyway, USD/JPY and USD/CHF has the potential for IB in 15mins time. The risk is much smaller.
Regards
Jimmy
- #4,732
- Aug 12, 2008 5:50am Aug 12, 2008 5:50am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hi Jarroo
Yeah SL about 50pips. So it's difficult to get 1/1 risk
Anyway, USD/JPY and USD/CHF has the potential for IB in 15mins time. The risk is much smaller.
Regards
Jimmy
Always looking for the best deal in town.
Indicators show the past. Price Action "Indicates" the future.
- #4,733
- Aug 12, 2008 6:00am Aug 12, 2008 6:00am
- Joined May 2008 | Status: has long shorts | 2,584 Posts
- #4,734
- Aug 12, 2008 6:01am Aug 12, 2008 6:01am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
how's that trade tff? I'm in with you.
Indicators show the past. Price Action "Indicates" the future.
- #4,735
- Aug 12, 2008 6:14am Aug 12, 2008 6:14am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Nice little short on the AUDUSD - running free at this stage. It's retracing a bit at the S1 support level but the overall trend is down so I will hang onto this baby as long as I can. The initial IB break was weak and the retracement scared the heck out of me but my stop held and it subsequently fell very nicely. Wanted to post a chart but I'm running a backup on my computer so I ran out of memory!
Been watching the CAD - it can't seem to make up it's mind if it wants to trade above or below the 1.070 level. Very volatile price action today.
I missed the EURJPY but it looks like it was a great trade as well. I guess you can't catch 'em all.
Indicators show the past. Price Action "Indicates" the future.
Nice catch on the Ozzie tiger.
Never argue with a fool....
- #4,738
- Aug 12, 2008 7:01am Aug 12, 2008 7:01am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Amazing work and congrats guys !
My very first trade using dibsis that I am buying the eur/usd at 1.4905 right now!
Indicators show the past. Price Action "Indicates" the future.
- #4,739
- Aug 12, 2008 7:05am Aug 12, 2008 7:05am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.