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The DIBS Method... No Free Lunch continues

  • #221
  • May 20, 2008 1:22am May 20, 2008 1:22am
I have DIBS on both the aud/usd and usd/cad but it's still early for me to be taking them. waiting on my ADX(4) to break the 25 line.
  • #222
  • Edited 3:24pm May 20, 2008 1:31am | Edited 3:24pm
I took a late entry on the Aud/Usd .9589
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #223
  • May 20, 2008 1:33am May 20, 2008 1:33am
Quoting jarroo
Ozzie I don't know where to begin. Please don't take this the wrong way. It's just my point of view.

I think you can clean up you charts a bit to see more clearly whats going on.

What is your Open of the day? Like CHECKstar said, is it the Black line?

I think you used the 0000GMT for the Open. I guess that's fine, but we are using the 0500 GMT for the Euro and Pound.

It still looks like there was profits to be made. Just show the DIBS method can be played in different ways and still be profitable.
Hi Jarroo,

I've cleaned up my chart a bit. The black line is my open of the day and now is set to 5:00 GMT.
  • #224
  • May 20, 2008 1:38am May 20, 2008 1:38am
Quoting ozziedave
Hi Jarroo,

I've cleaned up my chart a bit. The black line is my open of the day and now is set to 5:00 GMT.
You can have two charts. One with and one without. Glad to see it was still profitable.
Indicators show the past. Price Action "Indicates" the future.
  • #225
  • May 20, 2008 1:38am May 20, 2008 1:38am
looks like the cad trade is working out, but was still setting up charts and support/resistance areas. So I'll wait for next set up. I'm sure there will be a few more tonight and the aud trade is starting to move too, nice trade
Both are free trades now
  • #226
  • May 20, 2008 1:39am May 20, 2008 1:39am
Quoting f4mnect
looks like the cad trade is working out, but was still setting up charts and support/resistance areas. So I'll wait for next set up. I'm sure there will be a few more tonight and the aud trade is starting to move too, nice trade
Yeah I saw that too (cad). Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #227
  • May 20, 2008 1:53am May 20, 2008 1:53am
only trade I've taken tonight was a jpy short off of a wick that broke thru the pivot, 50% fib and 365 ma but closed below, quick 20 pips. just wanted a little in the bank to start my night. puts me in a better trading frame of mind.
  • #228
  • May 20, 2008 1:54am May 20, 2008 1:54am
Nice going people. Haven't been able to watch the screen today so have missed the opening action. Hopeful that one of the other pairs gives me something to do later

At least my main system has me in positive pips today
Leonardo Follower
  • #229
  • May 20, 2008 2:01am May 20, 2008 2:01am
Took half off A.$ at .9605
FF journal: Peaks and Troffs
  • #230
  • May 20, 2008 2:04am May 20, 2008 2:04am
Quoting bogus
Took half off A.$ at .9605
My trade risk is a bit bigger due to my late entry.
Indicators show the past. Price Action "Indicates" the future.
  • #231
  • May 20, 2008 2:08am May 20, 2008 2:08am
I should have taken $/ cad as well
Quoting jarroo
My trade risk is a bit bigger due to my late entry.
FF journal: Peaks and Troffs
  • #232
  • May 20, 2008 2:09am May 20, 2008 2:09am
Quoting bogus
I should have taken $/ cad as well

LOL Yeah. We'll get better at this. We're doing great.
Indicators show the past. Price Action "Indicates" the future.
  • #233
  • May 20, 2008 2:54am May 20, 2008 2:54am
lol now I get grumpy when after watching a bar for 50 minutes, I'm thinking were going to get a inside bar. only to have it in last few minutes break thru. lol I need to work on that and not be a cheer leader for inside bars
  • #234
  • May 20, 2008 2:58am May 20, 2008 2:58am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting f4mnect
lol now I get grumpy when after watching a bar for 50 minutes, I'm thinking were going to get a inside bar. only to have it in last few minutes break thru. lol I need to work on that and not be a cheer leader for inside bars
You wouldn't be referring to the USDJPY hourly chart would you?
  • #235
  • May 20, 2008 2:58am May 20, 2008 2:58am
Hello, this is my first post in FF.
Also, I am new to that strategy, so I would like to receive your comments on what I think ( see if I misunderstand something):
There is a chance to have an inside bars with GBP/JPY. So, at the end of that hour, I am suppose to put a SELL order at the low of that bar ?
I could not understand the take profit of that strategy, from what I have read so far. Can someone explain it with numbers, for example ?
Thanks for a reply,
Shefa.
  • #236
  • May 20, 2008 3:01am May 20, 2008 3:01am
Quoting bogus
I should have taken $/ cad as well
Did you take the long trade on the cad?
Indicators show the past. Price Action "Indicates" the future.
  • #237
  • May 20, 2008 3:06am May 20, 2008 3:06am
Quoting CHECKstar
You wouldn't be referring to the USDJPY hourly chart would you?
LOL yup but the gbpjpy did just have a IB on my charts....and my entry would be 202.74 short if I were to take it with me placing my stop at 203.16...hope that helps
  • #238
  • May 20, 2008 3:08am May 20, 2008 3:08am
Quoting Shefa
Hello, this is my first post in FF.
Also, I am new to that strategy, so I would like to receive your comments on what I think ( see if I misunderstand something):
There is a chance to have an inside bars with GBP/JPY. So, at the end of that hour, I am suppose to put a SELL order at the low of that bar ?
I could not understand the take profit of that strategy, from what I have read so far. Can someone explain it with numbers, for example ?
Thanks for a reply,
Shefa.
It's best to keep reading about the DIBS method and studying the charts. You'll get there.
Indicators show the past. Price Action "Indicates" the future.
  • #239
  • May 20, 2008 3:12am May 20, 2008 3:12am
Quoting jarroo
Did you take the long trade on the cad?
I'm watching the cad, but it's going to have to make me a believer. it's the only currency that for the last 3 years just drives me batty. guess thats why they call it the loonie. usd/cad kills me, but the cad/jpy I love and trade well( the best 2 dibs yesterday I feel, perfect longs. on the 2 long trades my total draw down less spread was 2 pips)
  • #240
  • May 20, 2008 3:32am May 20, 2008 3:32am
I've been away. No, i decided to leave it. At this early stage of learning this system I thought I'd just take the clean ones.
Quoting jarroo
Did you take the long trade on the cad?
FF journal: Peaks and Troffs
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