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  • #9,541
  • Apr 29, 2010 10:14am Apr 29, 2010 10:14am
went long and according my mt4 alpari i was up around 220pips when i banked and then ran a 30pip stop
alpari goes to 5th decimal point and uses that as a pip
but my spread bet account only goes to 4 places(cmc markets)
so hence up 200 but i don't know if this is just how alpari run in demo or in a real account as well??
but will have to find out before i open a real account with them
Thank you J16 & Trader Dante
  • #9,542
  • Apr 29, 2010 11:26am Apr 29, 2010 11:26am
there are three

usd/cad - failed, next

eur/usd - failed, next [my short entry was something like 2 pips above day's open so this was not a DIBS. lesson learned]

gbp/jpy - successful, this time i will hold it for as long as i can

i feel bad for posting so many times in a row i might start a dibs journal?

and i use limit orders, do i still have to take spread into account? if im going short, my entry is usually 2 or 3 pips below IB and stop is 1 pip above. this method is so slow paced i love it. i only look at charts at quarter till, if there are no DIBS i move on to next pair. if there are i get my limit ready then on the hour if still valid i place the order. then i place another limit the opposite direction at 1:1 for half of the units i used. the units i use are adjusted so my stop is $1 away, oanda shows you all the info you need to see about your order just below the place where you type in what you're doing.

edit: oh yeah my limit orders to take half off at 1:1 are only left active if i can monitor price, because they will stay there if my stop is hit. once in free trade my plan is to let it run forever no matter what but that won't happen. just an experiment
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  • #9,543
  • Apr 29, 2010 4:25pm Apr 29, 2010 4:25pm
Quoting chartergas
alpari goes to 5th decimal point and uses that as a pip
.0001 = one pip

.00001 = one pipette or something like that...not a pip
  • #9,544
  • Apr 29, 2010 6:14pm Apr 29, 2010 6:14pm
i'm gonna do my best to not check on this till next week
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  • #9,545
  • Apr 29, 2010 10:09pm Apr 29, 2010 10:09pm
Quoting chartergas
went long and according my mt4 alpari i was up around 220pips when i banked and then ran a 30pip stop
alpari goes to 5th decimal point and uses that as a pip
but my spread bet account only goes to 4 places(cmc markets)
so hence up 200 but i don't know if this is just how alpari run in demo or in a real account as well??
but will have to find out before i open a real account with them
No probs, I only calculate the pip value based on 4 places not 5. On Oanda/RBS you can have the option of pipettes but I ignore them. I am therefore not clear on how they impact the setup of SL's/TP's and how they work on a pip recording scale.

Well done though
  • #9,546
  • Apr 30, 2010 6:16am Apr 30, 2010 6:16am
why are you moving stops?


what is your trailing method?


Quoting frankkn
DIBS finally

hit free trade

edit:

added second chart followup of gbp/usd

i moved my stop down above RN 1.5300

if it breaks and tests 1.5250 I may move my stop above there. i'm trying to keep in mind the low win rate but the high r:r if you exit correctly. seeing as how i'm new to DIBS i will try trailing using RNs. that can always change
  • #9,547
  • Apr 30, 2010 7:22am Apr 30, 2010 7:22am
moved my stop on that one because i was getting greedy

new to this method

the gbp/jpy stop is untouched

edit:

and im not so keen on a trailing method at this point. i was pondering maybe a time based method but i have a lot of thinking to do. possibly once 3:1 or 4:1 is reached i might lock in some but i don't know we'll see
  • #9,548
  • Edited 11:39am Apr 30, 2010 7:28am | Edited 11:39am
two 8:00 EST DIBS

aud/usd

gbp/usd

neither one is at free trade yet. cable is getting held up at RN (the same one i moved my stop to a few posts ago)

hope these get to free trade soon cuz i gotta go to campus and study for this bitch of an exam


edit:

okay back from exam i think i did alright. kept checking price during study group not a good habit..

im attaching the result of my gbp/jpy from the other day, the one i was gonna try not to check. didn't work out but oh well maybe my next one will be a black swan.

what do you guys think about this: depending on long term (weekly/daily) trend, use discretion on the exit strategy.

maybe if we're at weekly resistance in a downtrend, don't touch the stop once free trade target has been hit, and try to get a mega trade.

and if the markets have been chopping around for months maybe exit trailing stops behind 00s or maybe have a take profit at 5:1

just a thought?

forgot to mention
aud/usd - stopped, not a free trade
gbp/usd - free trade hit, now she's going sideways
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  • #9,549
  • May 3, 2010 12:13pm May 3, 2010 12:13pm
follow up from the gbp/usd on the previous post

didn't take any trades this monday morning as i was busy sleeping thru class

anyone else out there dibbin it up?
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  • #9,550
  • May 10, 2010 11:46am May 10, 2010 11:46am
price is a tease
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  • #9,551
  • May 10, 2010 1:38pm May 10, 2010 1:38pm
http://www.forexfactory.com/showpost...&postcount=504

i wonder what he means by tails?

tails like wicks on a candle? he said no pun intended

so like one or both 1h candles with long wicks? away from the direction you're trading?

free trade hit on eu a bit ago

it's nice to have sound effects for stops/limits and just turn off the chart and do something else. since i started that my girlfriend has been pleased with how clean the apartment has been. i never clean lol. it seems to be helping my school and thinking the past week or so
  • #9,552
  • May 11, 2010 7:12am May 11, 2010 7:12am
Quoting frankkn
http://www.forexfactory.com/showpost...&postcount=504

i wonder what he means by tails?

tails like wicks on a candle? he said no pun intended

so like one or both 1h candles with long wicks? away from the direction you're trading?

free trade hit on eu a bit ago

it's nice to have sound effects for stops/limits and just turn off the chart and do something else. since i started that my girlfriend has been pleased with how clean the apartment has been. i never clean lol. it seems to be helping my school and thinking the...
Long tail is a reference to being an Alpha trader, that is traders who are able to allow trades to mature well beyond the reward point that most get out at. For example- most aim for a Risk to Reward scenario of say 1:2 so they risk say 30 pips and aim for 60 pips. A long tail trader is looking to hold a trade well past 20 x risk so for a 30 pip risk they look to achieve in excess of a 600 pip reward.

It is also one of the important aspects of having a lower that 50% win rate as having a few trades that run with longer tails can maximise the growth. PC's method for achieving the mindset to allow this is to take 1/2 off at 1:1 therefore the worst case scenario on a SL being hit is Breakeven (provided you left the SL in the initial place). By having a trade that can do no damage the belief is that you should be able to ignore the trade until a future point (the long tail) is achieved. How you manage the trade is personal. So have a defined tail target others will manage the trade with a long term Moving Average.

It is very difficult and very few can do it successfully because as you will find, in order to being successful at long tail trading you need to be able to absorb some great trades for much less than a point they were at. I have in the past had trades with 600-700 pip profits only to achieve 200 pips because the market pulled back to a point where I was trailing my SL. The benefit though in hindsight is that in the past I would have aimed for 60 pip profits and would have been happy for that, so to have 200 pips for a trade which might equate to 6% or more is a great result but you have to be able to move past the whole 'damn I should have closed it with 500 pips' mentality because you never know when the trade that runs for 1000+ pips, the trade that can give you the returns for the year plus some in 1 trade.

Hope this helps clarify

Razor
  • #9,553
  • May 11, 2010 11:32am May 11, 2010 11:32am
whats up razor

i really appreciate your taking the time to write that post, i have definitely learned some valuable information from you

i would like to learn how to backtest on my own. could dibs be a way to get into a trade that you want to be in? for example if we're in a long term down trend, and price has retraced on say the daily/4h, you could use dibs guidelines for entry to try for a free trade?

or does that ruin the statistics for dibs because sometimes the big ones are against the trend.

which is why i would like to learn to backtest. any recommended starting points?
  • #9,554
  • May 11, 2010 7:39pm May 11, 2010 7:39pm
still holding that eu trade from monday, the only trade i've taken all week. up 234 pips. i did move my stop to b/e
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  • #9,555
  • May 11, 2010 7:56pm May 11, 2010 7:56pm
Quoting frankkn
whats up razor

i really appreciate your taking the time to write that post, i have definitely learned some valuable information from you

i would like to learn how to backtest on my own. could dibs be a way to get into a trade that you want to be in? for example if we're in a long term down trend, and price has retraced on say the daily/4h, you could use dibs guidelines for entry to try for a free trade?

or does that ruin the statistics for dibs because sometimes the big ones are against the trend.

which is why i would like to learn to...
You can use a higher TF for a 'bias' in terms of direction trading and there is nothing wrong with that, in fact I use daily and weekly patterns. I dont take alot of hourly Inside Bars but when I do I use more than just the position of the IB in relation to the market after London open. I will give more credit to an IB against or with the trend if the previous days PA warrants it.

For example we are in a down trend however the previous day was a very strong Pin bar. What tends to happen after a pin has formed is the market will move down the pin (with the trend) to a point of ruffly 50% before heading the other way (against the trend). So an IB that may be formed in this case may be below the london open HOWEVER the strength of the pin would have me looking at IBs in the direction the pin is taking me which would be long.

In any case the goal is to get a free trade registered. After that the trade can be managed however best suits. In terms of backtesting. DIBs can be easily backtested by either getting a program like Forex Tester, writting an EA with your parameters for MT4 or just scrolling bar by bar through history and paper trading each IB occurance.

Inside Bars are just an entry method and you are looking at them because they offer low risk (in terms of pips from High to Low). If you look at the surrounding action you can also use Inside Bars in conjuction with previous action to formulate what is happening so there are times when an IB will signal 1 direction greater than the other and this may conflict also with the initial guidelines (taking trades with regards to market position vs London open). In the end provided you do enough backtesting and you thoroughly examine each trade to learn from them you should be able to formulate your own plan for each individual Inside Bar as they occur. Some you will take long, others short and some you will leave alone.

Razor
  • #9,556
  • May 11, 2010 7:58pm May 11, 2010 7:58pm
Quoting frankkn
still holding that eu trade from monday, the only trade i've taken all week. up 234 pips. i did move my stop to b/e
it was a great trade and the next IB that formed a few bars later had your biggest confirmation with a Bearish Outside bar that followed. You now have a trade that can be managed with perhaps a longer term outlook. Considering the weakness in the EUR there is no telling how far this currency will slide but the markets can be quite irrational at times.

Razor
  • #9,557
  • May 13, 2010 7:09am May 13, 2010 7:09am
hey razor

thanks for the excellent posts, i've read and re read them.


here's a daily. she's around 275 (pips profit), i wouldn't be surprised to see a retrace. i hope it doesn't hit my stop when it does, lets see. if it does then thats fine because i've taken a little bit off to try to smooth out my equity curve
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  • #9,558
  • May 13, 2010 4:35pm May 13, 2010 4:35pm
up 357 still holding

i have taken profits twice. the profit still on the table is about 60% of the $ value of my risk if that even means anything?

what i do know for sure is that i need work on my timing of profit taking
  • #9,559
  • May 13, 2010 6:11pm May 13, 2010 6:11pm
Quoting frankkn
up 357 still holding

i have taken profits twice. the profit still on the table is about 60% of the $ value of my risk if that even means anything?

what i do know for sure is that i need work on my timing of profit taking
Its a great thought however I am not too sure what you mean by it. Do you mean that you want to work on ways to maximise your profits which in any case it is only possible to know this in hindsight or do you mean you want to make a more mechanical plan for profit taking.

It is awesome to see your up over 300 pips. I myself am up over 250 on a GBP/USD short. I took profits on half at the 1:1 point. I took more profit (1/4) at 120 pip mark and I have just taken off slightly more at the 250 pip profit mark. All in all it would be nice to say that I am up 250 pips on half my trade but realistically I like the notion that I have along the way added to my cash capital base which over time will smooth out equity. Had I not scalped off some of the position at other points then YES I would be much better off, but like I say all things are magical in hindsight.

Well Done

Razor
  • #9,560
  • May 14, 2010 10:45am May 14, 2010 10:45am
yeah i was sayin i wanna find a way to maximize profit, but i appreciate and will adopt your attitude you expressed about hindsight

just took more off at 500 pip profit
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