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  • #241
  • May 14, 2008 12:51am May 14, 2008 12:51am
Quoting Islander
I already did as price failed to break above the weekly pivot / yesterdays high, also I have my stop at BE +1 as I hate giving back any profits.

Now we wait whilst the dollar strength - swissy and UJ - fights euro and cable weakness - result conflict in GJ = sideways
That's the spirit.

Nice one.
Indicators show the past. Price Action "Indicates" the future.
  • #242
  • May 14, 2008 1:06am May 14, 2008 1:06am
Anybody setting up a workspaces similar to this? I leave this running at all times because I've started applying the "Up Or Down On The Day" rule to all trades--DIBS or otherwise. Buying strength and selling weakness is making a measureable difference in all my trading. This makes a real quick reference.

Cool, there goes the Geppy.
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  • #243
  • May 14, 2008 1:13am May 14, 2008 1:13am
Quoting Islander
I already did as price failed to break above the weekly pivot / yesterdays high, also I have my stop at BE +1 as I hate giving back any profits.
Broke through pretty strong Islander. Wouldn't you say?
Indicators show the past. Price Action "Indicates" the future.
  • #244
  • May 14, 2008 1:15am May 14, 2008 1:15am
Quoting billflet
Anybody setting up a workspaces similar to this? I leave this running at all times because I've started applying the "Up Or Down On The Day" rule to all trades--DIBS or otherwise. Buying strength and selling weakness is making a measureable difference in all my trading. This makes a real quick reference.

Cool, there goes the Geppy.
My exact set up billf.
Indicators show the past. Price Action "Indicates" the future.
  • #245
  • May 14, 2008 1:16am May 14, 2008 1:16am
bill,

I have a 4 square set up on one screen similar to yours but I stack my Euro chart on a square directly above the Swissy because the two charts usually look like a mirror image of each other.
trading naked.......
  • #246
  • May 14, 2008 1:17am May 14, 2008 1:17am
Quoting jarroo
Broke through pretty strong Islander. Wouldn't you say?
Agreed - cable's bounce off its 400 level is the driver - UK data in 15 mins....
Trading Levels with WRBs
  • #247
  • May 14, 2008 1:28am May 14, 2008 1:28am
Quoting piphitman
bill,

I have a 4 square set up on one screen similar to yours but I stack my Euro chart on a square directly above the Swissy because the two charts usually look like a mirror image of each other.
It's kind of funny. The first well defined IB showed the first strength. Just like the Usd/Jpy the other day.
Indicators show the past. Price Action "Indicates" the future.
  • #248
  • May 14, 2008 1:53am May 14, 2008 1:53am
Quoting billflet
Anybody setting up a workspaces similar to this? I leave this running at all times because I've started applying the "Up Or Down On The Day" rule to all trades--DIBS or otherwise. Buying strength and selling weakness is making a measureable difference in all my trading. This makes a real quick reference.

Cool, there goes the Geppy.
Yes - but I just have GU, GJ, UJ & CHF and I use a page for each TF that I watch - 4hr, 1hr, 15m and 5m.....http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #249
  • May 14, 2008 2:02am May 14, 2008 2:02am
Quoting jarroo
Enter long at 203.75
I think I'll take some off the table.
Indicators show the past. Price Action "Indicates" the future.
  • #250
  • May 14, 2008 2:05am May 14, 2008 2:05am
Quoting jarroo
I think I'll take some off the table.

Nice trading http://www.forexfactory.com/images/icons/icon14.gif
Trading Levels with WRBs
  • #251
  • May 14, 2008 2:06am May 14, 2008 2:06am
Quoting Islander
Nice trading http://www.forexfactory.com/images/icons/icon14.gif
Same to you.
Indicators show the past. Price Action "Indicates" the future.
  • #252
  • May 14, 2008 6:03am May 14, 2008 6:03am
Quoting billflet
Anybody setting up a workspaces similar to this? I leave this running at all times because I've started applying the "Up Or Down On The Day" rule to all trades--DIBS or otherwise. Buying strength and selling weakness is making a measureable difference in all my trading. This makes a real quick reference.

Cool, there goes the Geppy.
Decent setup there.
  • #253
  • May 14, 2008 11:02am May 14, 2008 11:02am
Quoting billflet
Anybody setting up a workspaces similar to this? I leave this running at all times because I've started applying the "Up Or Down On The Day" rule to all trades--DIBS or otherwise. Buying strength and selling weakness is making a measureable difference in all my trading. This makes a real quick reference.

Cool, there goes the Geppy.
yeah bill have my one charting with just that template up...great stuff
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  • #254
  • May 14, 2008 11:50am May 14, 2008 11:50am
hi, what's that red/blue line, brain stops?
I don't say
  • #255
  • May 14, 2008 1:02pm May 14, 2008 1:02pm
Quoting dragosd1
hi, what's that red/blue line, brain stops?
just a volatility based trailing stop, I don't want to clutter this thread too much, so just shoot me a PM if you want more info. It is just the BAT indicator with different settings.
  • #256
  • May 14, 2008 2:49pm May 14, 2008 2:49pm
Let's review.


This is from how I interpreted the DIBS Method. If yours is different it does not mean that it is wrong. As long as you stay with the premise that at the start of the Day ( the Open) we draw a line in the sand. This line will help us determine the trend of the day, which could lead to the trend of the next day or the next week or month or year.


When Price moves away from the Open of the day we wait until an Inside Bar (candle) is formed in the direction of the now potential forming trend. If the trend is up (above the Open) and an IB is formed we only take the break of the top of that IB. If the the trend is down (below the Open) we only take the bottom of the IB.


Today's Eur/Usd.
This pair will illustrate the importance of the money management of the DIBS method.


I used the 0500 GMT Open (1.5441) as the start of the Day. The 0500 GMT candle was also an IB (top 1.5456/ bottom 1.5440) from the 0400 GMT candle. This maybe wrong or right . . oh well . . I played it.


Price broke the top of the IB at 1.5457 and I entered long. Stop loss is placed at 1.5440. Trade risk is -17 pips.


Price moved up to 1.5475. Up 18 pips from the entry of 1.5457. I should have took half of my position off at 17 pips to cover my risk which is the amount of my stop loss. (I didn't do that . .oh well again.)
If I did that I would be in a risk free trade if my stop loss was hit. 17 pips in the bank minus -17 pips when stop loss is hit, equals Zero.


But I didn't do that so lets see what happened.


Price falls from1.5475 and takes out my stop loss at 1.5440 . -17 pips. But price also breaks the bottom of the IB which is now below the Open of 1.5441 so I entered short at 1.5438. My stop loss is now at 1.5456. -18 pips.


Price moves down and I take half of my position 1.5403 for +35 pip. +18 to cover my current stop loss (trade risk) and +17 to help reduce my previous loss. Price comes back and takes my stop loss out at 1.5456.


Price breaks the top of the IB again but I do not enter long. I determine that a defined trend is not forming and I called it a day for the Eur/Usd.


Lesson learn. Reduce or eliminate trade risk as soon as possible and give your trade a chance to run.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #257
  • May 14, 2008 5:05pm May 14, 2008 5:05pm
Hi Jarroo,

Thanks for your walkthrough. It was the final piece I needed to "lock in" this method in my head. I'll start posting some charts here if no one minds....
Leonardo Follower
  • #258
  • May 14, 2008 5:15pm May 14, 2008 5:15pm
Ahh... feel a little like a glom on parasite but I did do a re-read of the thread in search of an MT Post with the Lines coded.

Did I miss it?
OR
Would someone be kind enough to post it.

{Don't use MT much and perhaps it doesn't require a Script or whatever but I would like to know how to Plot it, at least on MT. }
TIA Guys.

btw. Jarroo, Run with it Man... As far as I can tell, You are doing an excellent job
I would be interested to know your Total Pip Gain {not a loss surely} since starting your inspection of this Method. Any Clue?
  • #259
  • May 14, 2008 5:32pm May 14, 2008 5:32pm
Quoting Bemac
Ahh... feel a little like a glom on parasite but I did do a re-read of the thread in search of an MT Post with the Lines coded.

Did I miss it?
OR
Would someone be kind enough to post it.

{Don't use MT much and perhaps it doesn't require a Script or whatever but I would like to know how to Plot it, at least on MT. }
TIA Guys.

btw. Jarroo,
I would be interested to know your Total Pip Gain {not a loss surely} since starting your inspection of this Method. Any Clue?
In a nutshell.

Pips count is very positive so far. I have traded live on the Usd/Jpy for +43 pip on half position, other half b/e. Peter I believe is still in this one and doing very well. Also live on Gbp/Jpy from this morning took off half at 108 pips and the other half I'm still in, currently at + 88. Only live loss was the Euro half position of -17 pips. Mainly I'm in demo and paper trading. All in all very positive.

The main point is really the Money Management of the method (isn't it always ). If a trend isn't established then your out with a small loss or no loss. If the trend goes well then the gains over power the small losses.
Indicators show the past. Price Action "Indicates" the future.
  • #260
  • Edited 6:19pm May 14, 2008 5:58pm | Edited 6:19pm
The Gbp/Jpy from this moring.

Again I took 0500 GMT Open which was 203.63. It just so happens that the 0400 GMT candle was an IB. So I played it off the 0500 GMT open. Right or wrong? Oh well, it looked playable to me.

Price came down and tickled the bottom of the 0400 IB. Not strong at all. Price then moved up and broke the top 0400 GMT IB pretty strong so I entered at 203.75. My stop loss was placed just below the bottom of the IB where price tickled, at 203.50 -26 pips.

Price moved up pretty strong and I didn't cover the trade risk (my stop loss amount -26). Price climbed to over 100 pips and I decided to take some off the table. Just by blind luck Price fell right after I took half off at 204.83. for +108. I am still in the trade with the other half, with the stop loss at 204.10
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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