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The DIBS Method... No Free Lunch continues

  • #6,921
  • Mar 11, 2009 1:36am Mar 11, 2009 1:36am
I would rather wait for better trade
  • #6,922
  • Edited 2:41am Mar 11, 2009 1:44am | Edited 2:41am
thanks dale for ur reply..would love to know why did i get it wrong ???

please do not mind the question as i m a newbie


DO i need to attach a picture ???

the bar marked "1" was the proposed inside bar and a break down ot the low was considered and the red line was the 00:00 gmt open
Attached Image (click to enlarge)
Click to Enlarge Name: jpyusd.gif Size: 27 KB
Knock at the sky and feel the thunder
  • #6,923
  • Edited 5:23am Mar 11, 2009 2:37am | Edited 5:23am
If you are taking every inside bare above or below the open as your setup and entry then you did not get it wrong, you take your loss and move on.

If you are taking an inside bar above or below the open as your entry but have some other type of setup that you have devoloped (discretion)then I do not know if the trade was right or wrong for you. There are other types of set ups discussed in this thread.

Regarding right and wrong trading my view is that the only wrong trades are the ones you take without some sort of well thought out or researched trading plan. Then you should only have cost and profits.

Or you might end up trading like this

http://www.forexfactory.com/showthread.php?t=154623

This is business.

Their is plenty of money to be made if you treat it that way. In time hard work and effort can pay off, Dr HouseTrader is a Doctor, I could be a Doctor like him if I am willing to do the same things he did. But I am not. Hat's off to you.

The reason I keep pointing in my posts to research and a trading plan is that I believe that is the best way for a trader to develope. Then there is journaling ect. I believe it is more helpful for you to devolope your own plan then for me to tell you mine.


Best regards

Dale

I hate it when I deviate from my plan becuase it is a path down the darkside and only leads to a loss of account equity.

I hope this helps
  • #6,924
  • Mar 11, 2009 2:45am Mar 11, 2009 2:45am
thanks dale for ur kind words and expalnation..

but according to the system setup mentioned in the first few pages of this thread it says that we would take the break of the IB in the direction of the day's open .. i mean if the IB breaks above the day's open we buy and if it breaks below the day's open we sell..so i was thinking of this specific trade

please do point out looking at the pic what did i do wrong
Knock at the sky and feel the thunder
  • #6,925
  • Edited 3:30am Mar 11, 2009 2:56am | Edited 3:30am
I hope you don't mind me asking, but did you also read PC's post?

If so when you read them where you look for a: ?


System

concept

plan

Method

Other


Tried to PM you.
  • #6,926
  • Mar 11, 2009 3:04am Mar 11, 2009 3:04am
i did read peter crown's ( PC ) post..but i think that i haev certainly missed something ... please do enlighten me


PS- please do tell me the post number or the link
Knock at the sky and feel the thunder
  • #6,927
  • Mar 11, 2009 3:07am Mar 11, 2009 3:07am
TO the thread's moderator or any person watching this thread for long

There are nearly 6900 posts in this thread and it would become very very time consuming to read each and every post from the start..Could anyone tell all the important posts in the thread so that it becomes a bit easier for newbies like me to follow

Simple
Knock at the sky and feel the thunder
  • #6,928
  • Mar 11, 2009 3:34am Mar 11, 2009 3:34am
PMed u dale sir
Knock at the sky and feel the thunder
  • #6,929
  • Mar 11, 2009 3:36am Mar 11, 2009 3:36am
Quoting Dale
Seems to me that the markets are at that indicision point, any thougths?

Or just me thinking this?
Yes, I have IBs on EUR/USD and USD/JPY close to resistance trendlines. The other majors, I don't like the look of any of them at the moment.
  • #6,930
  • Mar 11, 2009 3:42am Mar 11, 2009 3:42am
@ takingthepip

could u please tell me the bar that u took as the opening bar.. is it the bar that opened at 05:00 gmt or the bar that opened at 06:00 gmt
Knock at the sky and feel the thunder
  • #6,931
  • Mar 11, 2009 3:47am Mar 11, 2009 3:47am
Quoting Money4Nothing

http://i40.tinypic.com/hsjehx.gif
===

Money4Nothing

can u able to give me the flwg indicators or where can i get it? let me know.

1. clock with H1 bar end showing remaining time & secs, with currency pair, current rate

2. Also Pips to open, with currency pair, with london open time.

Thx in adv for everything.

bluejet
11th mar 2009
  • #6,932
  • Mar 11, 2009 3:47am Mar 11, 2009 3:47am
Quote
Originally Posted by Dale
Seems to me that the markets are at that indicision point, any thougths?

Or just me thinking


Should not have deleted this

My trading plan has me in EUR/ESD & JPY/USD

I just up my risk percetage so I better not think about the money

We'll see if it can reach 2x

Thanks for your reply

takingthepip
  • #6,933
  • Mar 11, 2009 3:49am Mar 11, 2009 3:49am
Quoting simply123
TO the thread's moderator or any person watching this thread for long

There are nearly 6900 posts in this thread and it would become very very time consuming to read each and every post from the start..Could anyone tell all the important posts in the thread so that it becomes a bit easier for newbies like me to follow

Simple
I dont post much as too busy with day job and trading, Simple
if you were to trade every IB that you see you will without a doubt loose money. You have to look at many factors aswell, daily pivots, R1, S1, trendlines, news, market open times, personally I also use MA`s, looking at higher TF to see where they are. You mentioned the usd/yen earlier, if you plot a 200MA at the time you where in that trade go to the daily chart and see where the 200MA is!! just trying to help
  • #6,934
  • Mar 11, 2009 3:56am Mar 11, 2009 3:56am
thanks a lot croesesFX

will see to it too further on

Thanks again
Knock at the sky and feel the thunder
  • #6,935
  • Mar 11, 2009 4:10am Mar 11, 2009 4:10am
Quoting simply123
@ takingthepip

could u please tell me the bar that u took as the opening bar.. is it the bar that opened at 05:00 gmt or the bar that opened at 06:00 gmt
0600 gmt.
  • #6,936
  • Mar 11, 2009 4:30am Mar 11, 2009 4:30am
@ takingthepip

thanks sir fro replying

my software shows the following OHLC for EURUSD..please provide ur values too

1.2676 1.2676 1.2616 1.2641


simple
Knock at the sky and feel the thunder
  • #6,937
  • Mar 11, 2009 4:33am Mar 11, 2009 4:33am
Quoting croesesFX
I dont post much as too busy with day job and trading, Simple
if you were to trade every IB that you see you will without a doubt loose money. You have to look at many factors aswell, daily pivots, R1, S1, trendlines, news, market open times, personally I also use MA`s, looking at higher TF to see where they are. You mentioned the usd/yen earlier, if you plot a 200MA at the time you where in that trade go to the daily chart and see where the 200MA is!! just trying to help
I agree that it is helpful to do some analysis before taking a trade but I was wondering if you could explain a bit more clearly what you mean by the position of the 200ma on the hourly at 6 am GMT in relation to the daily?
Gone to a better place
  • #6,938
  • Mar 11, 2009 4:39am Mar 11, 2009 4:39am
Quoting smikester
I agree that it is helpful to do some analysis before taking a trade but I was wondering if you could explain a bit more clearly what you mean by the position of the 200ma on the hourly at 6 am GMT in relation to the daily?
ok plot a 200MA, now look at the daily where is it.. draw a line, now go to the 1hr chart, I have it at 98.38, so when Simple was going short market hit it.. look it doenst want to pass at the moment... wait for the 1hr to open below then re-look for another IB
  • #6,939
  • Mar 11, 2009 5:06am Mar 11, 2009 5:06am
Quoting croesesFX
ok plot a 200MA, now look at the daily where is it.. draw a line, now go to the 1hr chart, I have it at 98.38, so when Simple was going short market hit it.. look it doenst want to pass at the moment... wait for the 1hr to open below then re-look for another IB
Thanks for the explanation Croeses. I tend not to trade short above the 200ma, or long below it on any given time frame but I don't use multiple time frames in this regard.
Gone to a better place
  • #6,940
  • Mar 11, 2009 5:34am Mar 11, 2009 5:34am
my software shows the following OHLC for EURUSD ( 06:00 gmt )..please provide ur values too

1.2676 1.2676 1.2616 1.2641

just want to cross check if i am on the same platform as u are
Knock at the sky and feel the thunder
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