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The DIBS Method... No Free Lunch continues

  • #6,541
  • Feb 16, 2009 4:03am Feb 16, 2009 4:03am
so, long 1.2780....
money... it's a gas baby, can't you take it! venezia
  • #6,542
  • Feb 16, 2009 4:44am Feb 16, 2009 4:44am
it seems that the long will be not hit!
money... it's a gas baby, can't you take it! venezia
  • #6,543
  • Feb 16, 2009 5:01am Feb 16, 2009 5:01am
order canceled
money... it's a gas baby, can't you take it! venezia
  • #6,544
  • Feb 16, 2009 5:56am Feb 16, 2009 5:56am
SETUP

http://i39.tinypic.com/2wodc15.gif
TRO
  • #6,545
  • Feb 16, 2009 5:57am Feb 16, 2009 5:57am
Good for +5

http://i44.tinypic.com/1247yuh.gif
TRO
  • #6,546
  • Feb 16, 2009 6:23am Feb 16, 2009 6:23am
Double dip paid off.

http://i39.tinypic.com/fbjejb.gif
TRO
  • #6,547
  • Feb 16, 2009 7:03am Feb 16, 2009 7:03am
Hope plenty of peeps caught this one too.......
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  • #6,548
  • Feb 16, 2009 7:05am Feb 16, 2009 7:05am
Hi Folks:
Peter talked about adding to a position if it was still going positive. Did you guys take that to mean take the next IB if it is in the direction of your free trade and ignore counter trends? How long would you wait before adding to the position, or would you take the next and every IB?
Thanks, Jim
  • #6,549
  • Feb 16, 2009 7:12am Feb 16, 2009 7:12am
Quoting Mr Benn
Hope plenty of peeps caught this one too.......
Yes I did and I'm still in it. Nice to catch one instead of sleeping through it, LOL.
  • #6,550
  • Edited 6:43pm Feb 16, 2009 6:08pm | Edited 6:43pm
Well here is the follow up on the trade.
Sixteen hours latter my first target has been reached.

Having stuck to THE PLAN I HAD PRIOR TO PUTTING ON THE TRADE
I am a better trader regardless of what this trade does and becoming a better trader will cause my account to grow.

Now I simply wait to do it again.
This is the end of sharing these thoughts regarding this trade.


Best Regards

Dale
Attached Image (click to enlarge)
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  • #6,551
  • Feb 16, 2009 6:57pm Feb 16, 2009 6:57pm
Dale,

Your posts were a welcome change of pace, thank you.
Hindsight is 20/20
  • #6,552
  • Feb 16, 2009 6:58pm Feb 16, 2009 6:58pm
Wow Dale congrats on your good trade. USDJPY is not a pair I trade. Maybe it is time to look at it.
  • #6,553
  • Feb 16, 2009 7:15pm Feb 16, 2009 7:15pm
Today I used the tokyo open as my open price and try to demo trade this strategy on Tokyo session. Spotted a potential short setup in EURJPY.
PO: short EY at 116.45, stop loss at 117.06. Risk: 61pips.
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  • #6,554
  • Feb 16, 2009 7:34pm Feb 16, 2009 7:34pm
Nice trade Dale. Did you exit half and move the top to BE or close out the whole trade at 1:1?


Quoting Dale
Well here is the follow up on the trade.
Sixteen hours latter my first target has been reached.

Having stuck to THE PLAN I HAD PRIOR TO PUTTING ON THE TRADE
I am a better trader regardless of what this trade does and becoming a better trader will cause my account to grow.

Now I simply wait to do it again.
This is the end of sharing these thoughts regarding this trade.


Best Regards

Dale
  • #6,555
  • Feb 16, 2009 7:49pm Feb 16, 2009 7:49pm
Hi Trumpcard,


I exited 1/2 the trade, my stop loss for the other half is still at it's original location.
I am eyeing a sell entry in the EUR/USD tonight we will see what happens.

I need to do a little coding this week so I may not post much here.


Best regards


Dale
  • #6,556
  • Feb 16, 2009 9:26pm Feb 16, 2009 9:26pm
It seems that a second IB has formed on the EURJPY. I moved my pending order to the second IB. If I am not wrong this is what Peter Crowns stated in his method. Pls correct me if I am wrong. New PO: Short EJ at 116.84, stop loss at 117.22.
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  • #6,557
  • Feb 16, 2009 11:27pm Feb 16, 2009 11:27pm
Quoting Dale
Well here is the follow up on the trade.
Sixteen hours latter my first target has been reached.

Having stuck to THE PLAN I HAD PRIOR TO PUTTING ON THE TRADE
I am a better trader regardless of what this trade does and becoming a better trader will cause my account to grow.

Now I simply wait to do it again.
This is the end of sharing these thoughts regarding this trade.


Best Regards

Dale
Dale:
Great job buddy. Also gives you peace of mind not having to stare at the screen all day, congrats.

Jim
  • #6,558
  • Feb 16, 2009 11:35pm Feb 16, 2009 11:35pm
Quoting Ray_1
Today I used the tokyo open as my open price and [cut].
hi can you tell me please at what time you consider Tokio open? many thanks
money... it's a gas baby, can't you take it! venezia
  • #6,559
  • Feb 16, 2009 11:42pm Feb 16, 2009 11:42pm
Hi,

I have a couple of questions regarding DIBS and trend reversals.

Did not find answers in PCs posts.

Assume, you've stacked a couple of positions in a downtrend and the trend reverses (depends what one is considering a reversal), but hasn't hit your trailing stop yet.

1. Do you take any new positions in the direction of the new potential trend as this would offset the highest of your existing short positions first - like a profit taking.

2. If not, does this mean you're reassessing the direction of the market only if your trailing stop has been hit? Until then you'll only consider new shorts and no longs?

3. This would imply, that the method you're using to trail your stops is ultimately the method you're using to determine the reversal/end (congestion/ranging) of a trend?

Thanks

T.
  • #6,560
  • Feb 17, 2009 1:22am Feb 17, 2009 1:22am
Dale, I hope you out that USDJPY, I closed mine at 92.53...
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