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The DIBS Method... No Free Lunch continues

  • #7,601
  • Apr 14, 2009 7:18am Apr 14, 2009 7:18am
Quoting takingthepip
Actually, I've just redrawn the 1HR trendline, and price is now bouncing back up off it. I'd still take the downside IB breakout, though.
Short at 13265.5 lets wait and see
  • #7,602
  • Apr 14, 2009 7:29am Apr 14, 2009 7:29am
Quoting takingthepip
Actually, I've just redrawn the 1HR trendline, and price is now bouncing back up off it. I'd still take the downside IB breakout, though.
Took the breakout, and expected resistance at 1.324. Price stalled at that point, and is now retracing, so out for a 'short term' trade and 15 pips.
  • #7,603
  • Apr 14, 2009 7:35am Apr 14, 2009 7:35am
Quoting icarusfx
yeah was pretty much a no brainer! i don't expect much more from the trade and have move stops up... im looking to tp sooner rather than later.

you said your a relatively new trader... well congratulations i've been around a while and it can take people years (if ever ) to grasp the complexities, intricacies and trading nuance that you display. keep it up you'll do grand!

Regards
Thanks Icarusfx.

I've been 'at it' for about 3 months, pretty much full time. I got interested in Demark Trendlines and, more recently, Support and Resistance. Have not really studied any other concepts in-depth.

I came across DIBS about a month ago. Lucky to have done so relatively early in my learning.

Also, I haven't been sidetracked by the many indicators out there. If I don't understand how something works, I leave it for 'later analysis' and stick with the simple, basic things.

  • #7,604
  • Apr 14, 2009 7:36am Apr 14, 2009 7:36am
Quoting foredog
Short at 13265.5 lets wait and see
Closed 1/3 position at 13240

Dibs ing a little differently, trying to run 2/3 rather than 1/2, feel i'd rather risk a small loss on the rump to catch a bigger profit on the moves
  • #7,605
  • Edited 7:55am Apr 14, 2009 7:39am | Edited 7:55am
There is a similar trade on the USD/CHF to the upside. The 1HR trendline and IB have been penetrated.

I missed that one. There is recent S/R so would have been a little cautious.
...
Attached Image
  • #7,606
  • Apr 14, 2009 7:42am Apr 14, 2009 7:42am
The trade I posted earlier has just hit the first target zone. I will trail the stop now behind the 20 sma on the H4 chart and see if it hits the second target or gets stopped out. Either way it worked out quite well. I wish they were all textbook trades like this.
Attached Image (click to enlarge)
Click to Enlarge Name: dibs h1 - tp.gif Size: 59 KB
  • #7,607
  • Apr 14, 2009 7:43am Apr 14, 2009 7:43am
Quoting takingthepip
There is a similar trade on the USD/CHF to the upside. The 1HR trendline and IB have been penetrated.

Missed that one.
Has been in that range for a few hours and also you're effectively trading double on the $ if short EURUSD as well.
  • #7,608
  • Apr 14, 2009 7:45am Apr 14, 2009 7:45am
Quoting PistolDave
The trade I posted earlier has just hit the first target zone. I will trail the stop now behind the 20 sma on the H4 chart and see if it hits the second target or gets stopped out. Either way it worked out quite well. I wish they were all textbook trades like this.

very nice work
  • #7,609
  • Apr 14, 2009 8:31am Apr 14, 2009 8:31am
closed my trade for just over 4% and thats me for the day:0)

good trading all
  • #7,610
  • Apr 14, 2009 9:13am Apr 14, 2009 9:13am
That's me done for today. There's a long setup on GBP/USD, but the risk is quite large and there's too much recent S/R on the 1HR, 4910-ish, for my liking.

A good day though. 2% up.
  • #7,611
  • Apr 15, 2009 4:05am Apr 15, 2009 4:05am
Same trade as yesterday. Wanted to post an update.

Price ran into resistance as I had expected yesterday around 1.6025 - 1.6050 and held above it in congestion late through the NY session into the "DIBS open" where an IB formed. I placed a short there and moved the stop from the first entry down tight because of the high risk of the entry. An entry here looks risky due to the support 50 pips below, which is too close for comfort on this pair. While I'm looking at price now, it has retraced close to the entry so it may get me, but still it was a good trade overall anyway. And if it does break on down through there may be a lot more to come.
Attached Image (click to enlarge)
Click to Enlarge Name: dibs h1-2 - tp.gif Size: 58 KB
  • #7,612
  • Apr 15, 2009 4:35am Apr 15, 2009 4:35am
I have read Peter's Post about 10 times, and I think I grasp the big picture. It is really great post, thank you Peter and jarroo



I have a question about order expiration?
once we get a DIB signal, and set the open stop order, How we handle the expiration? or we just wait till the end of the active hour?

Thank you all!
  • #7,613
  • Apr 15, 2009 5:40am Apr 15, 2009 5:40am
Quoting aidans
I have read Peter's Post about 10 times, and I think I grasp the big picture. It is really great post, thank you Peter and jarroo



I have a question about order expiration?
once we get a DIB signal, and set the open stop order, How we handle the expiration? or we just wait till the end of the active hour?

Thank you all!
I have it to expire after the hour or if it's breached to the wrong side.

regards
  • #7,614
  • Apr 15, 2009 5:42am Apr 15, 2009 5:42am
anyone else in the us/cad trade? looks good atm

did anyone stay in the €/£ short from yesterday... if so fair play to you!
  • #7,615
  • Apr 15, 2009 6:55am Apr 15, 2009 6:55am
Quoting aidans
I have read Peter's Post about 10 times, and I think I grasp the big picture. It is really great post, thank you Peter and jarroo



I have a question about order expiration?
once we get a DIB signal, and set the open stop order, How we handle the expiration? or we just wait till the end of the active hour?

Thank you all!
Depends on timeframe but usually if nothing happens in the next 2 candles it usually wont happen and if it does it doesnt always work out aswell. However there have been times on an hourly were there has been an IB and it has panned out nicely abit after.

I prefer the sooner, but i trade 4 hourly and daily aswell so there is no rush on my half.
  • #7,616
  • Apr 15, 2009 7:37am Apr 15, 2009 7:37am
Quoting icarusfx
anyone else in the us/cad trade? looks good atm

did anyone stay in the €/£ short from yesterday... if so fair play to you!

us/cad hit free trade second entry closed at b/e so + 1%
  • #7,617
  • Apr 15, 2009 7:46am Apr 15, 2009 7:46am
Well, I pretty much stayed out of things today after getting stopped out on a foolish EUR/GBP long first thing. The 5AM GMT IB and 1HR trendline broke upside, but in my half awake state, I didn't properly observe the previous S&R and the trade was counter the main trend and running into the 4HR trendline.

Had I been more awake, I would have stayed out. Never mind.

Did anyone take the USD/JPY long? I'm reluctant to take these IB trades at the end of biggish moves especially when the IB is counter the move. This one looks to have gone free ride at least.
  • #7,618
  • Apr 15, 2009 8:02am Apr 15, 2009 8:02am
Quoting takingthepip

Did anyone take the USD/JPY long? .
yep...it's already a free ride...eyeing the cable right now...buying at 5020 if she gets there soon
Wait on it...wait on it...
  • #7,619
  • Apr 15, 2009 8:10am Apr 15, 2009 8:10am
made almost 200 pips in the last 2 days i've been trading this method. good stuff. no losses yet.
  • #7,620
  • Apr 15, 2009 8:25am Apr 15, 2009 8:25am
This trade I entered yesterday is still open and moving in the right direction, but unfortunately I placed a second trade on that pair that was stopped out. That's OK, it's just part of it, and for some (lucky) reason price didn't knock out my first trade so that one is still alive.

Price made a strong break through support and closed lower on the hourly which is a good sign, and I hope the support turns into resistance and holds since there is nothing else major in the way down to the second target about 300 pips south.

I'll trail the stop behind the 20 sma on the H4 and place a take profit order at the second target and let it do what it will.
Attached Image (click to enlarge)
Click to Enlarge Name: dibs h1-3 - tp.gif Size: 57 KB
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