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The DIBS Method... No Free Lunch continues

  • #81
  • May 16, 2008 8:45pm May 16, 2008 8:45pm
Quoting jarroo
~~
Maybe I'll change it . . thought about it . . dope, I'll keep it.
I'm another vote for "Price Action Shows the Current" otherwise you are missing the point of PeterCrowns teaching.
Good Trading
  • #82
  • May 16, 2008 8:52pm May 16, 2008 8:52pm
Quoting Bemac
I find it handy to have this up on a separate Tab in Firefox.

http://www.2008.worldmarkethours.com/Forex/index.htm
Bemac, thank you for your contributions to date and in particular for starting the "Coffee Club" thread. However I find the above site unhelpful. It shows the UK and Euro sessions starting at the same time and makes a total cockup of the Sydney hours.
Good Trading
  • #83
  • Edited 10:37pm May 16, 2008 10:12pm | Edited 10:37pm
Quoting aud
I'm another vote for "Price Action Shows the Current" otherwise you are missing the point of PeterCrowns teaching.
Come on. Don't be so short sighted.
Indicators show the past. Price Action "Indicates" the future.
  • #84
  • May 16, 2008 11:44pm May 16, 2008 11:44pm
Quoting aud
Bemac, thank you for your contributions to date and in particular for starting the "Coffee Club" thread. However I find the above site unhelpful. It shows the UK and Euro sessions starting at the same time and makes a total cockup of the Sydney hours.
Instead of just throwing out a statement as above, why don't you state the reasons why you see the item as incorrect.

Europe opens at 9AM Local Frankfurt and UK at 8AM Local London - which by coincidence is the same time.
Sydney opens at 10 Local Sydney time. The site accurately reflects that.

You seem to be experiencing a lot of trouble with time conversions. Is the time on your computer correct? How about on the wrist - on the wall? Somethings wrong.
In trading, there is no bullshit. You either make money or you don't.
  • #85
  • May 17, 2008 12:31am May 17, 2008 12:31am
Quoting mrgreen
Instead of just throwing out a statement as above, why don't you state the reasons why you see the item as incorrect.

You seem to be experiencing a lot of trouble with time conversions. Is the time on your computer correct? How about on the wrist - on the wall? Somethings wrong.
aud

A good way to eliminate the confusion is to go buy 3 or 4 identical, inexpensive wall clocks at the Dollar Store or Wal Mart. You can get all shapes and sizes. Mount them in a row and label them.

Label one London. Like Mrgreen says, it will match the Frankfurt open in real time. Label one Tokyo and one GMT. If you want, label another for your local time. For 15 or 20 bucks your problems will be over.

Or download one of those free nifty scrolling clocks like World Clock and stick it up by your menu bar. You can program any cities you want in it.

For the purpose of DIBS, I just trade the block of time Peter suggested. I don't worry too much about when the individual exchanges open.
  • #86
  • Edited 2:15am May 17, 2008 12:39am | Edited 2:15am
Quoting mrgreen
You seem to be experiencing a lot of trouble with time conversions.
Yes I am, but part of the confusion is from info posted here.

I have been assured on FF that Frankfurt opens an hour earlier than London, and most info I have come across for the Sydney hours (including the home page here on FF and the Oanda link post above) have the Sydney session opening at 7.00 am (local (Sydney) time). To quote the Aust.Stock Exchange hours for the Sydney FX session is highly misleading.

However I apologise if I have caused any distraction from the main event.
Good Trading
  • #87
  • May 17, 2008 2:07am May 17, 2008 2:07am
Quoting billflet
~~
For the purpose of DIBS, I just trade the block of time Peter suggested. I don't worry too much about when the individual exchanges open.
This is what I'm doing now, but than you, also mrgreen and others that took an interest. My difficulty was not so much with the conversion, but with knowing the various session hours to convert from and also what time zones people were using that posted charts.

My interest started when Peter stated "The first 6-9 hrs of the trading day are the most powerful, as the "money" trades then." He later clarified this "day" as starting at 0600GMT, however I then went looking to find which sessions he was referring to.

Good DIBS picking to all.
Good Trading
  • #88
  • May 17, 2008 2:24am May 17, 2008 2:24am
Quoting aud
Yes I am, but part of the confusion is from info posted here.

I have been assured on FF that Frankfurt opens an hour earlier than London, and most info I have come across for the Sydney hours (including the home page here on FF and the Oanda link post above) have the Sydney session opening at 7.00 am (local (Sydney) time). To quote the Aust.Stock Exchange hours for the Sydney FX session is highly misleading.

However I apologise if I have caused any distraction from the main event.
The Australian Market is 14 hours ahead of EST in the states. 18:00/6PM EST in the States say on Monday evening is 8AM on Tuesday morning in Australia, which is the open of the Aussie market.
  • #89
  • May 17, 2008 5:46am May 17, 2008 5:46am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
great thread Jarroo

I still need to read the link, but it's looking very interesting - here's my take on the Day start

1h before the session that suits your trading time

in essence i believe what i see so far is, that we are looking at the 1h bar before the major market opens (which ever sessions suits you) the goal then is to catch the trade in the direction that the market is taking it - secure the trade as a free one and see were we go from there.

?will Summer time changes effect this, most likely as the exchanges will open at different time.

? can i trade different day starts - most likely find that we can trade the day start of any of the exchanges.

it's also posible that price could still be moving from the previous session and we may not see an IB until the next session - so i say thanks for the indicator as this will ease our eyes while waiting.

back later - plenty of reading to do.
  • #90
  • May 17, 2008 7:47am May 17, 2008 7:47am
i have come up with some extra guidelines of my own that maybe could be of any help to someone:

1. if the open of the day is an IB it take only trades that agree with the direction of the weekly open (keeps you out of alot of bad trades, but occasionally keeps you out of good ones)

2. as for TPs and SLs i tend to close half of my position at 1:1 if its against the weekly open and the other half i move it to breakeven. if the trade agrees with the weekly open i close half at 1:1 and i keep half at my initial stoploss to give it space to breath as we are going with the weekly open. if it agrees with the monthly open and i like the price action i may not close the first half and trail it. (we are trying to ride big trends here, which peter talked about in some of his posts, that we could add to them and after weeks you could accumlate a BIG position )
and i quote him here:
Quote
The trade is simple and perverse at the same time. It also gives some of the best risk/reward trades possible and always ensures that you are with the daily trend. If you are also in tune with the weekly and monthly trends is when it gets exciting!
and here:
Quote
If you enter these trades in the direction of a longer term trend, and trail a number of them, the position you can accumulate over a few weeks and months can be tremendous. So are the profits!
there are alot of hints in peter's post, one that i have been thinking about the past days is this:
Quote
As traders we have no idea if a day will be an "up" day or a "down" day. (Actually, that isn't absolutely correct, but for the purposes of this method it is.)
hope this helps people and gives us something to think about.
  • #91
  • May 17, 2008 9:06am May 17, 2008 9:06am
I try to write a simple EA based on Inside formation.....
Must be improved:
- close all pending orders when a buy/sell stop is reached....
- insert a filter for signal
Somone can do this?

I hope this could be a base for a great EA.....

Regards
Attached File(s)
File Type: mq4 inside.mq4   9 KB | 2,411 downloads
  • #92
  • May 17, 2008 10:22am May 17, 2008 10:22am
Here's another site that can, hopefully, clear up any confusion about when certain markets open up:

http://www.marketclocks.com

It is absolutely free and it allows you to make a portfolio of all the different financial markets you want to follow. For example, my portfolio has the Tokyo Stock Exchange (for the Asian session), the Frankfurt Stock Exchange (for the German open), the London Stock Exchange (duh), and the New York Stock Exchange. The cool thing about this site is, not only does it give you a countdown clock for each market, it also reads the time on your computer and tells you, in your local time, when each market opens. It also can show you a calendar of each market to give you the days each market is closed, and it automatically takes that into account when it shows you when each market is open.

It's pretty cool. I hope this helps some others here....
  • #93
  • May 17, 2008 5:49pm May 17, 2008 5:49pm
I'm realising that part of my confusion stems from some posters giving the FX session times for various Countries as being the same as the Countries respective stock market hours. So I assume this must be common.

However this must vary from one Country to another. Mine for instance has the Australian Stock Exchange hours of 10am to 4pm, whereas the FX hours are 7am to 4pm giving the standard 9 hour session. (these times are GMT+10).
Good Trading
  • #94
  • May 17, 2008 6:38pm May 17, 2008 6:38pm
Quoting aud
I'm realising that part of my confusion stems from some posters giving the FX session times for various Countries as being the same as the Countries respective stock market hours. So I assume this must be common.

However this must vary from one Country to another. Mine for instance has the Australian Stock Exchange hours of 10am to 4pm, whereas the FX hours are 7am to 4pm giving the standard 9 hour session. (these times are GMT+10).
Hi All,

It seems we are making a big deal of market opening times. Forex runs 24/7 and we can trade 24/7 except on weekends. The point Peter was making is you should trade during the times when the biggest markets are in session, which is the London and early USD session. So what ever platform you are using determine when the London open occurs on your chart and trade from that open. When I trade the USD session I only trade until about 11:30AM EST. That is just typically my cut off time.
  • #95
  • May 17, 2008 6:55pm May 17, 2008 6:55pm
Hi Dave, yes you are right in what you say, as are other who have replied. However Peter also said that it was possible to know what the daily trend was likely to be. To that end I've been wanting to see which Countries sessions start between 00.00GMT and 05.00GMT before London opens (06.00 with London's dst). It didn't occur to me that enquiring as to session times would be such a difficult question.
Good Trading
  • #96
  • May 17, 2008 7:16pm May 17, 2008 7:16pm
Quoting aud
Hi Dave, yes you are right in what you say, as are other who have replied. However Peter also said that it was possible to know what the daily trend was likely to be. To that end I've been wanting to see which Countries sessions start between 00.00GMT and 05.00GMT before London opens (06.00 with London's dst). It didn't occur to me that enquiring as to session times would be such a difficult question.
For simplicity's sake, the only country that opens before london that you really need to worry about is japan (which starts at 00:00 GMT). The currency trading in the Japan markets dwarfs all other countries in the region.
  • #97
  • May 17, 2008 8:41pm May 17, 2008 8:41pm
Quoting aud
Hi Dave, yes you are right in what you say, as are other who have replied. However Peter also said that it was possible to know what the daily trend was likely to be. To that end I've been wanting to see which Countries sessions start between 00.00GMT and 05.00GMT before London opens (06.00 with London's dst). It didn't occur to me that enquiring as to session times would be such a difficult question.
Hi Aud,

That's what I am trying to say, the session times before London are typically not the best times to trade. I would be more concerned with the London open and/or USD open times.

Basically Japan and Australia are the 2 markets that are active before 00:00GMT and up to the London open. Frankfurt/Europe kicks in 1 hour before London. I believe London currently opens at 7:00 GMT.

The daily trend can be established by what happens after 00:00 GMT. The opening price of the day is your starting point to determining the daily trend. If price is above the opening price for the day it's up, if it's below it's down. If price is going up and down around the opening price of the day in a fairly small range then more than likely you'll see a good breakout trade. You would just need to wait to see which direction the market takes you in. You may get some false breakouts but that happens in trading. I find that checking the 4hr or daily chart and trading with the longer term trend gives me a higher probability of a positive trade.
  • #98
  • May 17, 2008 9:08pm May 17, 2008 9:08pm
Time to think outside the box. There is no rule that states that in a 24 hour market you can not make your own sessions. Notice the overlaps in this graph. Peter uses the session of 00:00CST (US Time) ~ 11:00 CST.
This 'Session" begins w/ the Aust/Tokyo markets - at 2CST we actually have 4 markets open (Europe not shown, but opens when London does) then at 11CST the Euro/UK markets drop off. Close session.
Attached Image (click to enlarge)
Click to Enlarge Name: L_022 2008-05-17, 20_50_57.jpg Size: 90 KB
In trading, there is no bullshit. You either make money or you don't.
  • #99
  • May 17, 2008 11:20pm May 17, 2008 11:20pm
My platform is Interbankfx and using the indicator posted by luxinterior, my start of the day would be one hour before Frankfurt opens.

Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 24 KB


Looking forward to trade this strategy from next week onwards.
  • #100
  • May 18, 2008 1:56am May 18, 2008 1:56am
Quoting mrgreen
Time to think outside the box. There is no rule that states that in a 24 hour market you can not make your own sessions. Notice the overlaps in this graph. Peter uses the session of 00:00CST (US Time) ~ 11:00 CST.
This 'Session" begins w/ the Aust/Tokyo markets - at 2CST we actually have 4 markets open (Europe not shown, but opens when London does) then at 11CST the Euro/UK markets drop off. Close session.
Hi Mr Green,

By all means you can create/define your own session times. Just keep in mind the market tends to move more with news events and when the majority of the big boys are trading, which is during the London session and early USA session. If you like trading the Asian session make sure you trade a yen cross since these move more during that time frame.

I know the market opening times can be confusing and if you combine that with the platform times not always being in sync with the GMT clock it can even be more confusing. I hope what I'm saying is making some sense to all of you. Time to get off this subject and move on...lol.
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