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The DIBS Method... No Free Lunch continues

  • #241
  • May 20, 2008 3:36am May 20, 2008 3:36am
Quoting bogus
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.
I like that "clean ones".

Plus when Price keeps retracing back and forth to the Open, a definable trend is not being established.
Indicators show the past. Price Action "Indicates" the future.
  • #242
  • May 20, 2008 3:46am May 20, 2008 3:46am
Well said. The G/J has broken the top, if it doesn't break the low on this bar, does that mean we have to wait for another inside bar to set up?
Quoting jarroo
I like that "clean ones".

Plus when Price keeps retracing back and forth to the Open, a definable trend is not being established.
FF journal: Peaks and Troffs
  • #243
  • May 20, 2008 3:51am May 20, 2008 3:51am
Hi

Iknow its got 10mins to run in this hour but if nothing changes in that time, do we all the currrent usd/jpy bar an inside? (prices are equal to last hour)

Thanks

Bob
  • #244
  • May 20, 2008 3:53am May 20, 2008 3:53am
Quoting bogus
Well said. The G/J has broken the top, if it doesn't break the low on this bar, does that mean we have to wait for another inside bar to set up?
That correct. Now the Gbp/Jpy has (sort of) set a down trend. Meaning Price has stayed below the Open 0500 GMT. If you look at 0000 GMT, it really is below the Open. So, Yes, the next setup would be for another IB or play the current one (0700 GMT) short.
Indicators show the past. Price Action "Indicates" the future.
  • #245
  • May 20, 2008 3:53am May 20, 2008 3:53am
Quoting jarroo
It's best to keep reading about the DIBS method and studying the charts. You'll get there.
Hi Jarroo,
Thanks for your reply.
I did read the thread and Peter's explanations. But, I could not understand the take profit, as he mentioned the 1:1 reward/risk and exiting half of the position. Does it mean, that if the S.L. is 20 pps, then I take profit at +20 pps? If so, what about bars which are very short ?
Hope you will reply, or somebody else.

Shefa
  • #246
  • May 20, 2008 3:56am May 20, 2008 3:56am
Another qustion: how do I get to he new last post, when I am inside the thread?
Thanks again,
Sheha.
  • #247
  • May 20, 2008 4:00am May 20, 2008 4:00am
Thanks Jim Bob, I see it too, if it breaks the bottom.
FF journal: Peaks and Troffs
  • #248
  • May 20, 2008 4:03am May 20, 2008 4:03am
Quoting Shefa
Hi Jarroo,
Thanks for your reply.
I did read the thread and Peter's explanations. But, I could not understand the take profit, as he mentioned the 1:1 reward/risk and exiting half of the position. Does it mean, that if the S.L. is 20 pps, then I take profit at +20 pps? If so, what about bars which are very short ?
Hope you will reply, or somebody else.

Shefa
Peter likes to go for more longer term trades when the trade fits in to a already established trend on higher time frames. And then build positions using the DIBS method.

Many others lock in profits and let their trades run until they are stopped out, while trailing their stops.

It's up to the individual trader when to take profits, when they get a sense of how the methods fits their style of trading. Which, of course, takes time.

Hope this helps,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #249
  • May 20, 2008 4:11am May 20, 2008 4:11am
Quoting jarroo
I took a later entry on the Aud/Usd .9589
Stopped out.

Another 0 pip trade that had potiental. One of of these days it's going to break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #250
  • May 20, 2008 4:16am May 20, 2008 4:16am
Quoting jarroo
Stopped out.

Another 0 pip trade that had potiental. One of of these days it's going to break.
Let's try it again. Re-entered at .9585.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #251
  • May 20, 2008 4:25am May 20, 2008 4:25am
Sorry, had my Open (0500 GMT) in the wrong place. Anybody catch that.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #252
  • May 20, 2008 4:43am May 20, 2008 4:43am
Quoting jarroo
Peter likes to go for more longer term trades when the trade fits in to a already established trend on higher time frames. And then build positions using the DIBS method.

Many others lock in profits and let their trades run until they are stopped out, while trailing their stops.

It's up to the individual trader when to take profits, when they get a sense of how the methods fits their style of trading. Which, of course, takes time.

Hope this helps,

Jim
Hi Jim,
thanks for your reply. The 20 pps were just for the example. But, it did happen for me today: I took the Sell in the USD/CAD when the price crossed the IB down. I put TP to +20, but changed it to +40 before it was hitted. Then the price changed direction and the win trade turned to be a lose(?) one. The big trand was obviosly short, but maybe it was too early ?
Anyway, I put a SELL on USD/JPY as there was an IB last hour. Also, maybe there is a IB at Cable, at te end of the hour.
Just sharing.......

Shefa.
  • #253
  • May 20, 2008 4:46am May 20, 2008 4:46am
Quoting jarroo
Sorry, had my Open (0500 GMT) in the wrong place. Anybody catch that.
Thanks for this great thread Jarroo, but the way I see it the 0500GMT is the next bar on your charts. Im in UK and here it's GMT+1. If you look at my chart, you see that current bar is the 11:00 (yellow line) for my broker and the time is 10:40 in UK now, which means that my broker is GMT+2 and this would mean that the open of the day would be the 07:00 (red line) on my charts. Comparing that to your charts that would mean that your open is the 04:00 GMT. What am I missing?
Attached Image (click to enlarge)
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  • #254
  • Edited 8:06am May 20, 2008 4:48am | Edited 8:06am
Quoting Shefa
Hi Jim,
thanks for your reply. The 20 pps were just for the example. But, it did happen for me today: I took the Sell in the USD/CAD when the price crossed the IB down. I put TP to +20, but changed it to +40 before it was hitted. Then the price changed direction and the win trade turned to be a lose(?) one. The big trand was obviosly short, but maybe it was too early ?
Anyway, I put a SELL on USD/JPY as there was an IB last hour. Also, maybe there is a IB at Cable, at te end of the hour.
Just sharing.......

Shefa.
One of the main parts of the DIBS method is how the trade is managed. It is very important aspect of this method. Please re-read that portion of how to manage a DIBS trade. Your trade would not have ended in loss. I hope this is clear.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #255
  • May 20, 2008 4:51am May 20, 2008 4:51am
Quoting NowAndLater
Thanks for this great thread Jarroo, but the way I see it the 0500GMT is the next bar on your charts. Im in UK and here it's GMT+1. If you look at my chart, you see that current bar is the 11:00 (yellow line) for my broker and the time is 10:40 in UK now, which means that my broker is GMT+2 and this would mean that the open of the day would be the 07:00 (red line) on my charts. Comparing that to your charts that would mean that your open is the 04:00 GMT. What am I missing?
..noticed this too, NAL. From what Peter wrote he used 6am GMT (not 5am), but as he says:

"I use 00:00 CST or 06:00 GMT as my open. Believe me, if you are off 1 hour due to Daylight Savings time it is not going to be a problem."
  • #256
  • May 20, 2008 4:56am May 20, 2008 4:56am
Shefa. Please re-read this post and others like it.

http://www.forexfactory.com/showpost...2&postcount=37
Indicators show the past. Price Action "Indicates" the future.
  • #257
  • May 20, 2008 4:57am May 20, 2008 4:57am
Quoting NowAndLater
Thanks for this great thread Jarroo, but the way I see it the 0500GMT is the next bar on your charts. Im in UK and here it's GMT+1. If you look at my chart, you see that current bar is the 11:00 (yellow line) for my broker and the time is 10:40 in UK now, which means that my broker is GMT+2 and this would mean that the open of the day would be the 07:00 (red line) on my charts. Comparing that to your charts that would mean that your open is the 04:00 GMT. What am I missing?
Cheers Jaroo for a great thread.

N&L, your broker is also GMT+1 - the 11.00 bar is the CLOSE time. At 11.01 the current bar will then display as 12.00. Hope that helps.

Personally I think too much is being made of this daily open time thing, as Peter himself suggests on many occasions - keep it simple.
I've got my pips - go get yours!
  • #258
  • May 20, 2008 5:05am May 20, 2008 5:05am
Quoting BackTestDummy
Cheers Jaroo for a great thread.

N&L, your broker is also GMT+1 - the 11.00 bar is the CLOSE time. At 11.01 the current bar will then display as 12.00. Hope that helps.

Personally I think too much is being made of this daily open time thing, as Peter himself suggests on many occasions - keep it simple.

Is it really the CLOSE time? Lol, and all this time I thought it was the open. Well thanks for that! And yes lets just KISS our charts.
  • #259
  • May 20, 2008 5:18am May 20, 2008 5:18am
You're welcome - now I'm up to 29 posts in a year & a half!
I've got my pips - go get yours!
  • #260
  • May 20, 2008 5:25am May 20, 2008 5:25am
Quoting jarroo
Let's try it again. Re-entered at .9585.
Now if my 1st trade ended in a loss, I probably would have never re-enter this trade. But since it was break even (0 pips), I said let's try it again.

Now I have captured my trade risk again on the 2nd trade and I'm feeling good.
Why? because my loss will be zero if this trade falls short. (no pun intended)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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