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  • #7,741
  • Apr 22, 2009 4:14am Apr 22, 2009 4:14am
Quoting icarusfx
morning ttp,

well the quick answer is yes i close practically every trade "early" but at no fixed r/r, ......regards
Well, my EUR/GBP from yesterday got wiped out. No IBs at the moment, so will wait patiently for the next signal.

Also had a loser this morning on the same pair. The IB was small and straddling the open and I took the short. I seem to be developing a fear of those straddlers.

If you're managing 4% a week, that's very impressive. I must re-read your posts!

  • #7,742
  • Apr 22, 2009 5:13am Apr 22, 2009 5:13am
Quoting takingthepip
Well, my EUR/GBP from yesterday got wiped out. No IBs at the moment, so will wait patiently for the next signal.

Also had a loser this morning on the same pair. The IB was small and straddling the open and I took the short. I seem to be developing a fear of those straddlers.

If you're managing 4% a week, that's very impressive. I must re-read your posts!

lol if you must... not to many pearls of wisdom in there im afraid, like i said i've been round the trading block for some time and i generally just try to be helpful were i've had experience.

I started posting in forums years ago in dailyfx old forum in jacko's original thread...god must be 4 or 5 years ago now (i'm getting old) but when people help you out it's nice to reciprocate (also helps pass the time)

regards
  • #7,743
  • Apr 22, 2009 5:37am Apr 22, 2009 5:37am
Quoting icarusfx
lol if you must... not to many pearls of wisdom in there im afraid, like i said i've been round the trading block for some time and i generally just try to be helpful were i've had experience.

I started posting in forums years ago in dailyfx old forum in jacko's original thread...god must be 4 or 5 years ago now (i'm getting old) but when people help you out it's nice to reciprocate (also helps pass the time)

regards
Wayne Jackson, now theres a name that inspires me to trade. That guy is a EUR/USD legend. I read alot of his thread a few weeks back and his AH strategy is a great concept. Not my cup of tea for now but the idea behind it is a great way to get back into a trade and pick up lost pips.

There are not many traders who post as often as he does, gives great and very helpful feedback and still trade 200 standard ($10 a pip) contracts and be able to go shopping while it plays out. To be able to trade with that sort of discipline and control the emotions would be sweet. imagine holding half that position for 7000+ pips ()
  • #7,744
  • Apr 22, 2009 6:59am Apr 22, 2009 6:59am
once you identify an IB and put in your order but a breakout does not happen in the bar that immediately follows.

do you guys cancel your orders or just wait for it to get hit, even if its a couple bar later?
  • #7,745
  • Apr 22, 2009 7:57am Apr 22, 2009 7:57am
Quoting fxnoob08
once you identify an IB and put in your order but a breakout does not happen in the bar that immediately follows.

do you guys cancel your orders or just wait for it to get hit, even if its a couple bar later?
When I first started trading DIBs I let a few bars come and go (hourly) before removing the trade. The best trades happen in the next bar or the 1 after that. Sometimes you will get an Inside Bar followed by a Pin Bar (long wick small head) which can be great confirmation.

However as of recent I have been looking to take IB in there close direction, especially if the close direction is showing reversal (ie bearish close after a bullish run). These typically have a greater chance of happening in the next candle as the market is moving and has closed in that direction. It is kind of against the grain of the 600am candle direction but as mentioned I prefer the higher TF's in which the 600am candle means little to nothing.

If you leave an IB on for hours then it really hasnt done its job. Most IB as a warning that there is uncertaintly in the market about direction and that a possible changing of the guards is happening. So that is why I prefer the direction of the close to correlate with the direction that I am trading.

It may be why I havent traded as much this month (plus Ive had alot on my plate).

Hope this is useful for you. Good to see you asking questions to get aquainted with the thread. Hope to see you stick around
  • #7,746
  • Apr 22, 2009 8:12am Apr 22, 2009 8:12am
Quoting fxnoob08
once you identify an IB and put in your order but a breakout does not happen in the bar that immediately follows.

do you guys cancel your orders or just wait for it to get hit, even if its a couple bar later?
if there's no breakout of the ib you've got another ib... if it breaks against the open then i cancel.
  • #7,747
  • Apr 23, 2009 6:19am Apr 23, 2009 6:19am
Took the USD/JPY short straddler this morning. The risk was small, but got stopped out.

I didn't take the subsequent long off the same candle. I figured price had already broken downside by quite some way. Had price broken downside by only 2 or 3 pips, I would have taken the long trade as the risk was small.

The GBP/USD IB shorts were just a little too much for my MM rules. My account is down this week, so I must stick to my rules and place correspondingly lower risk trades.

Looks like they'll reach free ride.

I must look into one of the brokers that offer fractional postion size that automatically matches your MM rules. With that, I could take the larger IBs and not worry about position size.

I'm currently long EUR/GBP and free riding.
  • #7,748
  • Apr 23, 2009 6:55am Apr 23, 2009 6:55am
Quoting takingthepip
Took the USD/JPY short straddler this morning. The risk was small, but got stopped out.

I didn't take the subsequent long off the same candle. I figured price had already broken downside by quite some way. Had price broken downside by only 2 or 3 pips, I would have taken the long trade as the risk was small.

The GBP/USD IB shorts were just a little too much for my MM rules. My account is down this week, so I must stick to my rules and place correspondingly lower risk trades.

Looks like they'll reach free ride.

I must look into one of the...

hi ttp, i thought you were staying away from the straddlers lol

also are you trading with the open? and/or just the trend?

i've taken zero trades today and it doesn't look like i will today atm

good luck with the long
  • #7,749
  • Apr 23, 2009 7:15am Apr 23, 2009 7:15am
took a short IB yesterday of usd/chf got stopped out almost as soon as i entered. this method hasn't done so well for me the past couple of days. barely any breakouts of IB in the right direction.

what pairs are you guys trading with this method?

to the person that pm'ed me. sorry i didn't get to you yet, will do so soon.
  • #7,750
  • Apr 23, 2009 7:21am Apr 23, 2009 7:21am
Quoting icarusfx
hi ttp, i thought you were staying away from the straddlers lol

also are you trading with the open? and/or just the trend?

i've taken zero trades today and it doesn't look like i will today atm

good luck with the long
I'm trading using the daily open as per DIBS rules, but I do look at the higher timeframes to see the bigger picture. If a DIBS trade is in the direction of the higher trend, I'm more inclined to let it run.

Yes, that's not the first time I've been bitten by a straddler.

I'm still at the stage where I don't know whether to take every IB blindly or filter out a few because of various other factors like S&R, straddlers and what not.

I'm half thinking if I do, then I'll blow my account. On the other hand, if I don't then I'll miss the bigger moves.

Maybe next week, I'll make more of an effort to take them all. I'm still in demo, so have nothing to lose and, perhaps, lots to gain in the experience.
  • #7,751
  • Apr 23, 2009 7:35am Apr 23, 2009 7:35am
Quoting fxnoob08
took a short IB yesterday of usd/chf got stopped out almost as soon as i entered. this method hasn't done so well for me the past couple of days. barely any breakouts of IB in the right direction.

what pairs are you guys trading with this method?

to the person that pm'ed me. sorry i didn't get to you yet, will do so soon.
I'm trading the main USD pairs according to the DIBS guidelines plus EUR/GBP and sometimes the GBP/JPY.

Yes, this week has not been so good for me, but that's the way it goes.

I don't know how long you've been trading this system. If you've only started, then you'll find most of the time your trades will stop you out or go to break even and relatively few go further than that.

It's how you handle the few bigger moves that's down to your discretion.

There seems to be 2 schools of thought. Let all trades run, in an attempt to catch the biggest moves. The other is to take profits early.

Personally, I'm still experimenting. I'm tempted to take profit early, and at the same time fear missing the really big moves.

Of course, you can try to do both, holding on to the trades that are in the same direction as the main trend, for example.
  • #7,752
  • Apr 23, 2009 8:00am Apr 23, 2009 8:00am
Quoting takingthepip
Took the USD/JPY short straddler this morning. The risk was small, but got stopped out.

.

just a quick note...there was no straddler this morning? the whole days been up.

regards

and yeah there is no substitute for experience your right. demo is great but it's also difficult to take it seriously, so you often find yourself in a trade that with a little more focus you may not of taken. nothing like risking your own money to focus the mind! Now im not saying put money in and go for it...far from it, just pointing out you'll see/feel a difference when/if you go live. thats when "letting a trade run" will become hard.

when people say things like "find a system that suits you" often new traders will think "anything that makes me money will suit me fine" lol or breeze over the comment without a second thought! but there's never been a truer word spoken.
  • #7,753
  • Apr 23, 2009 8:26am Apr 23, 2009 8:26am
The straddler was the 6AM candle on my setup. Not exactly 50/50 above and below, but close enough for a DIBS trade either way.

About going live. Yes, I imagine it will be a different ballgame, mentally!

I'd like to be consistently profitable on paper first, then that would be the next step. I'd open a micro account and trade cents per pip initially and see how I get on before going further.



...
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  • #7,754
  • Apr 23, 2009 8:33am Apr 23, 2009 8:33am
Quoting takingthepip
The straddler was the 6AM candle on my setup. Not exactly 50/50 above and below, but close enough for a DIBS trade either way.

About going live. Yes, I imagine it will be a different ballgame, mentally!

I'd like to be consistently profitable on paper first, then that would be the next step. I'd open a micro account and trade cents per pip initially and see how I get on before going further.



...
whats charts/broker are you using?
  • #7,755
  • Apr 23, 2009 8:55am Apr 23, 2009 8:55am
Quoting takingthepip
The straddler was the 6AM candle on my setup. Not exactly 50/50 above and below, but close enough for a DIBS trade either way.

About going live. Yes, I imagine it will be a different ballgame, mentally!

I'd like to be consistently profitable on paper first, then that would be the next step. I'd open a micro account and trade cents per pip initially and see how I get on before going further.



...

looks like your broker is set to gmt time so you should use the open at 6 gmt (the bar b4 the 1 you used) seems you've accounted for bst when you didn't need to.

regards
  • #7,756
  • Apr 23, 2009 9:01am Apr 23, 2009 9:01am
Quoting fxnoob08
took a short IB yesterday of usd/chf got stopped out almost as soon as i entered. this method hasn't done so well for me the past couple of days. barely any breakouts of IB in the right direction.

what pairs are you guys trading with this method?

to the person that pm'ed me. sorry i didn't get to you yet, will do so soon.
It has been a tough week. Ive traded 3 times (weekly for 300 Daily still running and an hourly -58) but the weeks where the market has some chop the smaller timeframe will eat you up as there is no trending momemtum.

At the moment you look at the daily candles for the EUR. Big bearish day on Monday, great momemtum stopped by a bullish IB on Tuesday, if you took it you were knocked out Wednesday with a Bullish Outside bar and now today you have a bearish Pin forming (it may change latter in the day) so on the daily you have nothing going which in turn is causing smaller timeframes to be choppy with little on offer.

You will have weeks like this, where markets will be unsettled. We will resume to a more trend friendly market soon and that is where our cream is at. Patience, discipline and understand that there will be numerous weeks where nothing will go your way. Stick will it and when the trends resume we get back on board (you can trade the swings too for small profits aswell if you are daring enough
  • #7,757
  • Apr 23, 2009 9:11am Apr 23, 2009 9:11am
Quoting takingthepip
The straddler was the 6AM candle on my setup. Not exactly 50/50 above and below, but close enough for a DIBS trade either way.

About going live. Yes, I imagine it will be a different ballgame, mentally!

I'd like to be consistently profitable on paper first, then that would be the next step. I'd open a micro account and trade cents per pip initially and see how I get on before going further.



...
Im playing with an Oanda account at the moment (only demo there platform is a major difference to Dealbook and I am find that tough to work with, also the demo ONLY comes with 100000 USD which is Fing rediculous) but they offer trades from as little as 1 unit. SO a mini account is the equivlent of 10000 Units which is 1 pip = $1 (Or there abouts) so 1 unit is less than 1/2 a cent per PIP (bit small really but hey its on offer).

I hate demoing and as far as I know Oanda is the only broker to offer this. You could easily open a $100 account and trade it properly, set a goal to double it then increase the amount as you see fit.

It is something I might consider until I have enough coin to get back on properly with Dealbook as I love there setup. Its easy as and you can run multiple workstations with whatever you want in them. Makes it easy switching from Currency to currency or run set TF in 1 workstation etc.

Food for thought
  • #7,758
  • Apr 23, 2009 9:40am Apr 23, 2009 9:40am
Quoting icarusfx
looks like your broker is set to gmt time so you should use the open at 6 gmt (the bar b4 the 1 you used) seems you've accounted for bst when you didn't need to.

regards
My setup is just the generic software downloaded from the metatrader site as far as I can work out. The time is 3 hours ahead of GMT, so currently 2 hours ahead of BST. The chart I posted of USD/JPY's straddler, shows that IB at 9AM, or 6AM GMT or 7AM BST/DST.

And, sadly, I think that now qualifies me to use the NERD emoticon.

(NERDicon?)

:nerd:
  • #7,759
  • Apr 23, 2009 10:07am Apr 23, 2009 10:07am
Quoting Razor_trader
Im playing with an Oanda account at the moment (only demo there platform is a major difference to Dealbook and I am find that tough to work with, also the demo ONLY comes with 100000 USD which is Fing rediculous) but they offer trades from as little as 1 unit. SO a mini account is the equivlent of 10000 Units which is 1 pip = $1 (Or there abouts) so 1 unit is less than 1/2 a cent per PIP (bit small really but hey its on offer).

I hate demoing and as far as I know Oanda is the only broker to offer this. You could easily open a $100 account and...
Just worked out how to remove the rediculous starting balance from 100K to a more logical amount lol
  • #7,760
  • Apr 23, 2009 10:31am Apr 23, 2009 10:31am
Quoting takingthepip
My setup is just the generic software downloaded from the metatrader site as far as I can work out. The time is 3 hours ahead of GMT, so currently 2 hours ahead of BST. The chart I posted of USD/JPY's straddler, shows that IB at 9AM, or 6AM GMT or 7AM BST/DST.

And, sadly, I think that now qualifies me to use the NERD emoticon.

(NERDicon?)

:nerd:
well your quite right.... after speaking with alpari uk they use CET time + 2 gmt + 1 bst
turns out i've been working off 5 am gmt open (bst as i thought they were on), so that quality's me for the doh! i've traveled more than enough than to be up on my time zones!? omg lol on the up side it looks like that hour makes very little difference?!
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