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The DIBS Method... No Free Lunch continues

  • #10,741
  • Jun 6, 2016 9:41am Jun 6, 2016 9:41am
Yes, Great to see the thread ticking along again. Lets keep it going.

I usually am biased towards not trading following NFP specially when it has moved unidirectionally like it did this time. But then again, you never know and you just gotta take some signals.

Took GU as this pair was going against the grain. EU and UJ seems to be holding on to its gains/losses whatever. The Market seem to appreciate its value where its at and do not disagree much about it. Lets see when that equilibrium breaks and slides to one side or the other. though I have taken signals on UJ and EU both...

Meanwhile

the follow chart shows a Free Trade target achieved on GU. Now nothing to do but watch and some how exercise the art of JUST SITTING AND DOING NOTHING.

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Just realised i have a FREE TRADE on UJ as well. happy days
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and GJ is a Free Trade As well. how nice lets see where it goes next
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,742
  • Jun 7, 2016 1:16am Jun 7, 2016 1:16am
UJ keeping hot , EU tried and was a good whipsaw example touch my SL below last swing (inside the OB context, of course) but it's ok. UJ longs was also stopped (or not? )
Attached Image
"Let us strive to be more parents of our destiny than children of our past"
  • #10,743
  • Jun 7, 2016 1:45am Jun 7, 2016 1:45am
Update on Yesterday's GU and GJ long DIBS
If I was watching my GU and GJ trades, perhaps I'd have taken profits. but its still in good profit.
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,744
  • Jun 7, 2016 3:30am Jun 7, 2016 3:30am
Update: GBP/USD
There was DIBS long trade available to use as an add on or start a new structure of structure if you missed YD's longs. GY is now going back up, lets see how far up it goes.
Attached Image (click to enlarge)
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,745
  • Jun 7, 2016 3:38am Jun 7, 2016 3:38am
Quoting dustbin
Update: GBP/USD There was DIBS long trade available to use as an add on or start a new structure of structure if you missed YD's longs. GY is now going back up, lets see how far up it goes. {image}
Thought that GU today was short by rules...., maybe a bulls trap but i understand that a good FT inside your longs is ok.. mmm
"Let us strive to be more parents of our destiny than children of our past"
  • #10,746
  • Edited 4:23am Jun 7, 2016 4:12am | Edited 4:23am
Quoting dustbin
Update: GBP/USD There was DIBS long trade available to use as an add on or start a new structure of structure if you missed YD's longs. GY is now going back up, lets see how far up it goes. {image}
good stuff dustbin.......am wondering why my open line was diffrent from yours i never saw the gu long yesterday.pardon me if this question has been asked in the thread
another question do you add the spread in the pending order?
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thankyou gregwilson
  • #10,747
  • Edited 4:42am Jun 7, 2016 4:31am | Edited 4:42am
Quoting njokie
{quote} good stuff dustbin.......am wondering why my open line was diffrent from yours i never saw the gu long yesterday.pardon me if this question has been asked in the thread another question do you add the spread in the pending order? {image}
Hi Njokie

You have your open line set at midnight open. You have to work out what is 0600GMT. (with respect I say) Once you've done that basic math you'll understand where my open line is.

yes PO will have
For Longs 1 pip plus spread for long and SL 1pip below the low and 1
For Shorts 1pip (or plus spread) for shorts and SL 1pip plus spread above the high.
[above is true for mt4 brokers]

Side note:
It really fascinates me how hundreds of people (here) could not get this basic concept right. I'm not trying to insult, only expressing my thoughts as i find it interesting how people perceive things differently. Its just a simple concept for some yet a dilemma for others. This is the definition of Chaos. [Science of Chaos]

and yes, This question has been the hottest subject in this thread and many arguments and insults among members towards the start of the thread and it lingers on. lol but i'd say humbly, don't feel bad, if you don't ask, you'll never know. (ask ask ask is my mantra) so its good to ask. IMHO after all Who can read 535 pages to find the answer.

@kaltrax GU was not (just) short signal by my Frankfurt Open (wink wink Njokie) line. it was a short and a long. But I remember very well from PC's examples how he filtered a short because he was nicely long in (EU i think) trade. Yes I could have taken the short and it would technically be correct but you do learn a thing or two about markets after a few years of trading. GU was Going up, clearly. I was NOT interested in shorts.

HOpe this helps. All IMHO>

ps: UJ longs Update from Yesterday. Stopped out by a pip or so.
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,748
  • Jun 7, 2016 4:49am Jun 7, 2016 4:49am
Anyone holding any stats on success using DIBS this year so far.

I tested it on WTi 2 months ago and got Success rate of 54% and 4xR.
Thank you J16 & Trader Dante
  • #10,749
  • Jun 7, 2016 5:32am Jun 7, 2016 5:32am
Quoting dustbin
{quote} Hi Njokie You have your open line set at midnight open. You have to work out what is 0600GMT. (with respect I say) Once you've done that basic math you'll understand where my open line is. yes PO will have For Longs 1 pip plus spread for long and SL 1pip below the low and 1 For Shorts 1pip (or plus spread) for shorts and SL 1pip plus spread above the high. [above is true for mt4 brokers] Side note: It really fascinates me how hundreds of people (here) could not get this basic concept right. I'm not trying to insult, only expressing my thoughts...

dustbin thankyou for your response lol i have to workout what is 0600gmt well under inputs timezone i put 6 and this is how it looks still not like yours......well honestly i need to work out what is 0600gmt could you tell me how to set it like yours i mean the steps if you dont mind

or have you set diffrent times for diffrent pairs?
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thankyou gregwilson
  • #10,750
  • Jun 7, 2016 6:42am Jun 7, 2016 6:42am
Hi njokie,

From your chart, if you put 9 you should get the correct time. This setting depends on your broker time.
  • #10,751
  • Jun 7, 2016 8:41am Jun 7, 2016 8:41am
Quoting Hins
Hi njokie, From your chart, if you put 9 you should get the correct time. This setting depends on your broker time.




thankyou soo much Hins,
Attached Image (click to enlarge)
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thankyou gregwilson
  • #10,752
  • Jun 7, 2016 8:52am Jun 7, 2016 8:52am
Quoting njokie
{quote} thankyou soo much Hins, {image}

If you go to the Forex Factory homepage at the bottom it will tell you what time it is in London. It is not helpful to use GMT as we are on BST at the moment. Use London time.
Gone to a better place
  • #10,753
  • Jun 7, 2016 9:15am Jun 7, 2016 9:15am
Quoting smikester
{quote} If you go to the Forex Factory homepage at the bottom it will tell you what time it is in London. It is not helpful to use GMT as we are on BST at the moment. Use London time.

hi smikester i have checked its showing 3.11pm ..............lol i feel like a newbie please elaborate how i will use london time iam in gmt+3
thankyou gregwilson
  • #10,754
  • Jun 7, 2016 1:13pm Jun 7, 2016 1:13pm
Quoting njokie
{quote} hi smikester i have checked its showing 3.11pm ..............lol i feel like a newbie please elaborate how i will use london time iam in gmt+3
Sorry if I was not clear. As you probably know we are on BST in the UK, not GMT, so if you want to know the time in London it's probably best to refer to Forex Factory home page. Then you can see how your broker feed differs. This is worth exploring.
Gone to a better place
  • #10,755
  • Jun 7, 2016 2:35pm Jun 7, 2016 2:35pm
Quoting smikester
{quote} Sorry if I was not clear. As you probably know we are on BST in the UK, not GMT, so if you want to know the time in London it's probably best to refer to Forex Factory home page. Then you can see how your broker feed differs. This is worth exploring.


ok thankyou i understand
thankyou gregwilson
  • #10,756
  • Jun 7, 2016 2:55pm Jun 7, 2016 2:55pm
Quoting chartergas
Anyone holding any stats on success using DIBS this year so far. I tested it on WTi 2 months ago and got Success rate of 54% and 4xR.
Hi

I trade EU UJ and GU, recently GJ due to Cable being HOT. Would I trade other pairs sure I would but I get too many signals already. Can I handle 6 trades in one day? Can I risk 12 times on 6 signals? I don't think so. I usually "try" to choose 1 or 2 from the 4 I watch. The "subjective" analysis of which one is moving is very important to me. E.g. today was a good example. GU was HOT UJ and EU were NOT moving. We don't play catch up. We like to go with the ones that are moving. If all three are moving, jolly good. WTI, I can't say anything. But the reason I choose to reply to your post is that you mentioned win rate. I won't waste much time and words and cut straight to the point. I don't give a crap about win rate for reasons you probably know already. its about Return/Risk Ratio.

Hop this helps All IMHO>
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,757
  • Jun 7, 2016 3:38pm Jun 7, 2016 3:38pm
Do any of you trade this on the daily time frame instead of the hourly?

There is an inside bar on E/U today, and I plan on putting in an order. Should I only set my order to be valid for the first 6-9 hours after 6:00am GMT? Peter made a point to only enter trades during the hours when the market is most active. So if that inside bar is breached to the upside during the Asian hours, but before the european markets open, should I ignore it? Or should I enter my order now, and not worry about what time it actually gets hit?
  • #10,758
  • Jun 7, 2016 4:30pm Jun 7, 2016 4:30pm
Quoting relyt
Do any of you trade this on the daily time frame instead of the hourly? There is an inside bar on E/U today, and I plan on putting in an order. Should I only set my order to be valid for the first 6-9 hours after 6:00am GMT? Peter made a point to only enter trades during the hours when the market is most active. So if that inside bar is breached to the upside during the Asian hours, but before the european markets open, should I ignore it? Or should I enter my order now, and not worry about what time it actually gets hit?
Hi

I think its important to acknowledge that PC talked about trading The Hourly Charts. If you take the daily chart, and its inside bars, then you will have to use Monthly open as your trade direction. And from that perspective, it would not matter what happens "hour to hour" rather day to day because there is ONLy ONE bar/candle printed in 24hrs on a daily chart. I don't trade the daily chart but inside bars, pin bars and a few more formations are a great way to trade using the daily chart. JAMES 16 thread is great for that.

hope it makes sense.
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,759
  • Jun 7, 2016 4:47pm Jun 7, 2016 4:47pm
Quoting dustbin
{quote} Hi I think its important to acknowledge that PC talked about trading The Hourly Charts. If you take the daily chart, and its inside bars, then you will have to use Monthly open as your trade direction. And from that perspective, it would not matter what happens "hour to hour" rather day to day because there is ONLy ONE bar/candle printed in 24hrs on a daily chart. I don't trade the daily chart but inside bars, pin bars and a few more formations are a great way to trade using the daily chart. JAMES 16 thread is great for that. hope it makes...
He said that it works on the daily time frame (http://www.forexfactory.com/showthre...75#post1924375) and my schedule doesn't allow for me to trade the hourly time frame right now, so that's the best I can do. Yes, I am using weekly & monthly open for trend direction. I think you answered my question, though, so thank you for your help!
  • #10,760
  • Jun 7, 2016 8:37pm Jun 7, 2016 8:37pm
Nothing wrong with trading Mibs (Monthly inside bars) In order to be consistent it is important to trade a method you can actually do in real time.

-One hour, 4 hour, 6 hour, 8 hour, daily?


My take is that Peter traded the one hour so he could reduce risk. Yet there also the risk of not being able to follow through on you trading plan.
I would be interested to know how your daily entries work out.

Sometimes I trade Fibs(Four hour Inside Bars) Sometimes I trade Dibs for over a series of trades, just depends on what on what I have got going on in my life.


Respectfully

Dale
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