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The DIBS Method... No Free Lunch continues

  • #141
  • May 19, 2008 3:00am May 19, 2008 3:00am
Valid entry on the Usd/Jpy.
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Indicators show the past. Price Action "Indicates" the future.
  • #142
  • May 19, 2008 3:05am May 19, 2008 3:05am
Quoting jarroo
Weekly Open is the same as today's Open.
I don't know about that... After looking at the W1 chart, I realized that I had the weekly opening in the wrong spot. The weekly bar opened at the price at 00:00 GMT. The daily open is at 05:00 GMT. So I'm pretty sure that the Daily open and the Weekly open would, out of necessity, be different.

Granted, the weekly open is not in the right spot on the chart I posted, but even after correcting it, it is still different from the Daily open, as they are 5 hours apart from each other...
  • #143
  • May 19, 2008 3:09am May 19, 2008 3:09am
Quoting Tommy_C
I don't know about that... After looking at the W1 chart, I realized that I had the weekly opening in the wrong spot. The weekly bar opened at the price at 00:00 GMT. The daily open is at 05:00 GMT. So I'm pretty sure that the Daily open and the Weekly open would, out of necessity, be different.

Granted, the weekly open is not in the right spot on the chart I posted, but even after correcting it, it is still different from the Daily open, as they are 5 hours apart from each other...
We are establishing the day at 0500 GMT this also the 1st day of the week. Weekly open and today's Open are the same.
Indicators show the past. Price Action "Indicates" the future.
  • #144
  • May 19, 2008 3:12am May 19, 2008 3:12am
Quoting jarroo
We are establishing the day at 0500 GMT this also the 1st day of the week. Weekly open and today's Open are same.
Well, again, I think this is just one of those details that each person works out for his/herself. Ultimately, the weekly and monthly opens aren't of tremendous importance anyway. The only mention Peter every really made of them was that when the daily IB triggered in the direction of the weekly or monthly open, then the profits could be substantial. But all trading decisions were made off the daily.
  • #145
  • May 19, 2008 3:14am May 19, 2008 3:14am
Quoting jarroo
Valid entry on the Usd/Jpy.
Also a sell on GJ at 203.45 - although cable's spoiling that one for now.
Trading Levels with WRBs
  • #146
  • May 19, 2008 3:15am May 19, 2008 3:15am
Quoting Islander
Also a sell on GJ at 203.45 - although cable's spoiling that one for now.
That's "Ok". I played the Daily Pin Bar on the cable days ago.
Indicators show the past. Price Action "Indicates" the future.
  • #147
  • May 19, 2008 3:16am May 19, 2008 3:16am
Euro and USDJPY 1/2 positions taken off the table...
  • #148
  • May 19, 2008 3:16am May 19, 2008 3:16am
Both Eur and Jpy trades just hit 1:1 and eur long from friday is up 110 pips.
  • #149
  • May 19, 2008 3:17am May 19, 2008 3:17am
Quoting Tommy_C
I don't know about that... After looking at the W1 chart, I realized that I had the weekly opening in the wrong spot. The weekly bar opened at the price at 00:00 GMT. The daily open is at 05:00 GMT. So I'm pretty sure that the Daily open and the Weekly open would, out of necessity, be different.

Granted, the weekly open is not in the right spot on the chart I posted, but even after correcting it, it is still different from the Daily open, as they are 5 hours apart from each other...
Hi,
There are many different possible weekly opens, for example, do you take the Sunday prices into account - or include them in the previous week? Fom a logical point of view, I would say that the Sunday prices belong in this week rather than last week because of the Weekend gap.
Do any weekly bar players have an opinion here?

Ian
  • #150
  • May 19, 2008 3:18am May 19, 2008 3:18am
1st half of USD/JPY closed with 1:1 risk/reward ratio (+20 pips). 1st half of EUR/USD closed, too (+27 pips). Second half of both trades now moved to break even with no take profit to see how far they might might go...

All in all, it's been a great first night trading the DIBS method.
  • #151
  • May 19, 2008 3:18am May 19, 2008 3:18am
Quoting ianf0ster
Hi,
There are many different possible weekly opens, for example, do you take the Sunday prices into account - or include them in the previous week? Fom a logical point of view, I would say that the Sunday prices belong in this week rather than last week because of the Weekend gap.
Do any weekly bar players have an opinion here?

Ian
Sunday Bars (candles) are ignored.
Indicators show the past. Price Action "Indicates" the future.
  • #152
  • May 19, 2008 3:21am May 19, 2008 3:21am
I made 2 seperate trades both are now "free trade". Trade risks have been captured on both trades.
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Indicators show the past. Price Action "Indicates" the future.
  • #153
  • May 19, 2008 3:28am May 19, 2008 3:28am
Damn! Did anyone play the Usd/Cad. WOW.
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Indicators show the past. Price Action "Indicates" the future.
  • #154
  • May 19, 2008 3:31am May 19, 2008 3:31am
I caught that one
thanks for reviving the method , is a great thread
  • #155
  • May 19, 2008 3:32am May 19, 2008 3:32am
I think I'm a believer.
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Indicators show the past. Price Action "Indicates" the future.
  • #156
  • May 19, 2008 3:34am May 19, 2008 3:34am
Quoting jarroo
Damn! Did anyone play the Usd/Cad. WOW.
Surely CAD IBwas too early - unless you put it with JPY and start the day at 00:00GMT.
  • #157
  • May 19, 2008 3:35am May 19, 2008 3:35am
me too!
Quoting jarroo
I think I'm a believer.
  • #158
  • May 19, 2008 3:35am May 19, 2008 3:35am
Quoting ianf0ster
Surely CAD IBwas too early - unless you put it with JPY and start the day at 00:00GMT.

You can play IB prior to the 0500 GMT, as long as its with the 0500 Open.
Indicators show the past. Price Action "Indicates" the future.
  • #159
  • May 19, 2008 3:44am May 19, 2008 3:44am
Was the G/J a valid set up?
FF journal: Peaks and Troffs
  • #160
  • May 19, 2008 3:45am May 19, 2008 3:45am
Quoting bogus
Was the G/J a valid set up?
Yes. Absolutely.
Indicators show the past. Price Action "Indicates" the future.
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