Interesting setup on EG... 4Hour Dibs currently in play and possible 1hr Dibs setting up.
Lets see what happens.
Z
Lets see what happens.
Z
Attached Image(s) (click to enlarge)
The DIBS Method... No Free Lunch continues
- #8,343
- Jul 14, 2009 4:11am Jul 14, 2009 4:11am
Not showing as a Dibs on my 4 hour. Different closing times I guess. I am using the longer timeframes to confirm direction but have only been taking Dibs on 1 hour. This has been working well for me if I check that the trade has clear space to run for 1:1. If it doesn't then I pass.
Best,
Matt
Z
- #8,345
- Jul 14, 2009 4:20am Jul 14, 2009 4:20am
Yes, current market conditions testing my patience though
Often the hardest thing to do is the right thing to do. Part of being a good trader is learning to wait and wait and wait. There should be no time limit.
Happy trading
Z
As long as the conditions are only testing your patience then that is fine.
Often the hardest thing to do is the right thing to do. Part of being a good trader is learning to wait and wait and wait. There should be no time limit.
Happy trading
Z
Back to the market
Best,
Matt
- #8,347
- Jul 14, 2009 6:21am Jul 14, 2009 6:21am
My account's fine Z - I think that is what you may be refering to - I am just keen to get on with trading. I must admit that sitting and waiting does not come naturally to me, but I am having to learn this. Generally I am very picky with my trades and this has kept my profitable trades over 70% for the last couple of months. I paid for impatience yesterday but I view this as part of the ongoing investment necessary to make me a better trader.
Back to the market
Best,
Matt
Z
Hi all!
Have to throw a question, have you found H4 DIBS more reliable and valuable long term? I mean get stopped out less when trading higher timeframes?
Thanks in advance, good trading
Check out razors journal. He trades 4hr dibs. just look back the last day or 2 and you will find one of his posts, there is a link on it.
Trade well
perry
- #8,354
- Jul 16, 2009 4:54am Jul 16, 2009 4:54am
- Joined Mar 2009 | Status: Getting closer to ...... | 1,787 Posts
Hi all!
Have to throw a question, have you found H4 DIBS more reliable and valuable long term? I mean get stopped out less when trading higher timeframes?
Thanks in advance, good trading
4 hourly and dailys (with weekly and monthly trend and price action) give me more reliable trades, but you need to be patient with them and really let them mature. In the current environment I also take off 2/3rds of my trade at 1:1, but I lock in 1:1 after the market has moved through that zone, so if the market continues to breakout you can net greater reward on that first limit. This gives you profit at 1:1 regardless and in this environment taking some off the table is much better than giving it back. Until the weekly and monthly chop finishes we wont see clear direction on the 4 hourlys and hourlys and I will continue this way.
I havent traded the IBs as much these past 2 months based on that last line, there is little need to try to get just small bits and pieces here and there when your risk can quite easily give it back, and in the current market state that may be more often than you like.
If you need any more info PM and I would be glad to help.
Sorry the journal hasnt been update much, as I mentioned I havent traded nearly as much as previous months. This will change when the market starts back on a more stable (if one can say that) course.
Razor
- #8,359
- Jul 16, 2009 8:48am Jul 16, 2009 8:48am
- Joined May 2009 | Status: step into liquid | 3,460 Posts
