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  • #521
  • May 22, 2008 10:21pm May 22, 2008 10:21pm
Quoting bogus
Thanks Robin. I think Jim takes 5gmt(please correct me Jim if Im wrong) I think I might concentrate on trading London and NY rather than Asia. Its probably fair enough that todays quiet after such a big night.Im now taking trades off the inside break, not as I said I was with waiting for the previous bar to be taken out.
Yes, I use the 0500 GMT (InterbankFX) on the majors (Pound, Euro, Yen & Swissy). Opening day for the Yens pairs is where the Open can vary between 0000 GMT and 0500 GMT.
Indicators show the past. Price Action "Indicates" the future.
  • #522
  • May 22, 2008 10:34pm May 22, 2008 10:34pm
Bogus, if successful traders use the london open price as refence point then that is just that.
Every thing else can be argued until the cows come home.


http://fxtrade.oanda.com/tools/marke...kethours.shtml
http://en.wikipedia.org/wiki/List_of..._opening_times
  • #523
  • May 22, 2008 10:43pm May 22, 2008 10:43pm
Quoting bogus
Thanks Robin. I think Jim takes 5gmt(please correct me Jim if Im wrong) I think I might concentrate on trading London and NY rather than Asia. Its probably fair enough that todays quiet after such a big night.Im now taking trades off the inside break, not as I said I was with waiting for the previous bar to be taken out.


All you have to note is WHEN the big traders come to the market, cause they move it. They begin in Frankfurt open, which is 1 hour before London open, and the movers slow down at the last 3 hours of the NY session, what gives us about 9 - 10 hour of good movement, if you are trading the "big four". If you setup your open daily price at London, you'll get the Frankfurt movement already set, and the beginning of London's. Just be sure to set your Daily's Open never BEFORE Frankfurt, the best to me is still London open time. By now it is GMT +1.

Tip: If you use Firefox, download FoxClocks add-on an set it to show in the status bar the GMT, London and NY time. Or use Oanda's FxMarketHours.

Hope that helped...

Cheers
Many share my views with me. But I don't share them with them...
  • #524
  • May 22, 2008 10:55pm May 22, 2008 10:55pm
Hi have just created a live trading room for our lovely DIBS. Just sign up @ tradingrooms dot com and download the software ( all free). Our room is under "Community trading rooms" - "DIBS". As free service, only 50 places are available. Now only 49 as I am the first one!

I think it gonna be good if we just use this thread for posting charts and discuss live trading in the trading room.
  • #525
  • May 22, 2008 11:18pm May 22, 2008 11:18pm
Quoting robincys
Hi have just created a live trading room for our lovely DIBS. Just sign up @ tradingrooms dot com and download the software ( all free). Our room is under "Community trading rooms" - "DIBS". As free service, only 50 places are available. Now only 49 as I am the first one!

I think it gonna be good if we just use this thread for posting charts and discuss live trading in the trading room.
hope more people will be there in 2 hrs time. .....currently only me there.
  • #526
  • May 22, 2008 11:21pm May 22, 2008 11:21pm
Quoting Pipo
~~
Every thing else can be argued until the cows come home.
Nobody wants to do that they just want clarification.
Unfortunately many well intended post just add to the confusion, especially when people post links without looking at what they contain.

The wiki link is an example. It gives the stock exchange hours which are not the same as the FX session hours. For my local stock exchange it tells me the time is now 4.18am when it's 2.18 pm. The other link gives the same London opening time as the FF home page, ie 0700GMT. None of which explains why Peter and Jim post charts with the day starting at 0500GMT.

Those like myself and bogus are just wanting to synchronise are charts and trades with what's being posted here.
Good Trading
  • #527
  • Edited 11:52pm May 22, 2008 11:42pm | Edited 11:52pm
Quoting aud
Nobody wants to do that they just want clarification.
Unfortunately many well intended post just add to the confusion, especially when people post links without looking at what they contain.

The wiki link is an example. It gives the stock exchange hours which are not the same as the FX session hours. For my local stock exchange it tells me the time is now 4.18am when it's 2.18 pm. The other link gives the same London opening time as the FF home page, ie 0700GMT. None of which explains why Peter and Jim post charts with the day starting at 0500GMT.

Those like myself and bogus are just wanting to synchronise are charts and trades with what's being posted here.
I see the 05:00GMT confusion as a broker specific issue, when it's 06:00GMT London some brokers use GMT+1/+2 or the actual 00:00GMT like IBfx (they don't use DST/daylight savings time).

So when you see me, Jarroo, etc., posting charts with the 05:00GMT as our open. That's because we might use IBfx (Interbank FX) or a similar broker.

To recap:
When it's 05:00GMT on our (IBfx) charts it is actually 06:00GMT London time do to the current (GMT+1) daylight savings time issue. Once the daylight savings time ends our charts will match 06:00GMT London time...
  • #528
  • May 22, 2008 11:43pm May 22, 2008 11:43pm
Quoting robincys
hope more people will be there in 2 hrs time. .....currently only me there.
Just signing up. Do not know the pros and cons of trading room but it seems like a good idea on your part.

To me there are two parts to what Peter has provided. One is the "dibs" which in it self is not that new in that this type of chart pattern is discussed elsewhere on FF and also has a few variations ie shark fin, triangles, pennants etc. However something so simple is not always that simple when come to do it in real time with all the questions that can arise. The chat room should be good for this.

The eye opener for me is how Peter trades it so successfully. There has been little discussion on this aspect with most people preferring to post dib set-ups.
Good Trading
  • #529
  • May 22, 2008 11:45pm May 22, 2008 11:45pm
Quoting aud
Just signing up. Do not know the pros and cons of trading room but it seems like a good idea on your part.
just download the chatting room software, install, login and play.
  • #530
  • May 22, 2008 11:46pm May 22, 2008 11:46pm
Quoting HouseTrader
I also had a very "bed" day ... gone to bed, went out a little and no trading at all. (just kidding, for you to relax with your bad day...) I think tomorrow will be a better day on early morning. Today there were too much counter-trend to my stomach, but now I see there were also good potential trades on JPY, EUR and CHF... As you said, tomorrow is another day . The market will ALWAYS be there, so, don't ever, NEVER chase it... It is stronger, and always right.

You're in the right way... testing, loosing some, re-testing, winning some, in other words refining your trading style.

I am trading the method just like Peter Crowns taught. Not caring about S/R lines, Fibs, Stochs, all that funny stuff that makes our charts looks like a Picasso... but I prefer to trade... kind of "naked" , but it's my style. If you like some indicators, no problem at all, they can be excellent tools, just don't put them all on the chart, you may miss the big picture...

Don't hurry, but also don't over-analyze... It's a delicate balance... Remember, always study your loosing trades, try to figure out what was wrong.

Cheers,

and a better day tomorrow!

HT
Good Morning HT and every body else.

There is a sentence saying: "When the monkey does not know to dance, he says the floor is not good enough" (maybe there is an English expression for that?).
I mentioned it, because yesturday I was checking the charts from about month ago till now. I got the impression that the DIBS by itself can not be accurate enough, at least for me, although I belive there are people who can make profits from DIBS only/mainly. Correct me if I am wrong, but I remember that Peter himself wrote that when the IB is formed, he crosses it with other informations he has, and then decide whethere to take the trade, or not.
We did not get the details of all those "other infirmations", and I am not complaining about it. On the contrary, I thanks him for all the help he gave us. B U T, I think it is our job, now, to find a group of "other informations" that will help us to improve our decisions. As we do not have the connections for "inside information", we can make advantages of "outside" ones, like indicators of any kind.
THis is what I did yesturday, trying to keep it as simple as possible, and I will check it today.
I wish a successful day for all of us,

Shefa.
  • #531
  • May 22, 2008 11:54pm May 22, 2008 11:54pm
Small question, I basically understand the concept...but can someone please tell me which price is trigger...is it the top or bottom of the inside bar that is violated that triggers trade, or the top or bottom of the bar that proceeds the inside bar...cheers
  • #532
  • May 22, 2008 11:57pm May 22, 2008 11:57pm
Quoting robincys
just download the chatting room software, install, login and play.
Sorry for the ignorence, but the blue lined adress in the post give me "The page can not be found". is this the right one ?
Thanks for your help,
Shefa.
  • #533
  • May 23, 2008 12:01am May 23, 2008 12:01am
Quoting usdivers
Small question, I basically understand the concept...but can someone please tell me which price is trigger...is it the top or bottom of the inside bar that is violated that triggers trade, or the top or bottom of the bar that proceeds the inside bar...cheers
Top or bottom of the inside bar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #534
  • May 23, 2008 12:03am May 23, 2008 12:03am
Aad, thanks.

Shefa, delete the full stop that appears at the front of the link in the address bar.
Good Trading
  • #535
  • May 23, 2008 12:10am May 23, 2008 12:10am
Quoting Shefa
Sorry for the ignorence, but the blue lined adress in the post give me "The page can not be found". is this the right one ?
Thanks for your help,
Shefa.
just tradingrooms dot com
  • #536
  • May 23, 2008 12:16am May 23, 2008 12:16am
Quoting TradeStar
Top or bottom of the inside bar
cheers
  • #537
  • May 23, 2008 12:19am May 23, 2008 12:19am
Hi Jarro,

I see your chart below. Notice there is IB bar in GMT 02:00. Why you not take that ?

Pls advise

Thanks,
MS
Quoting jarroo
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. May 14th 2008
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.
  • #538
  • May 23, 2008 12:55am May 23, 2008 12:55am
Quoting robincys
just tradingrooms dot com
Thank you Aud and Robincys, for your replies, but it still give me "the page can not be found". May I ask you, please, to send the rifgt link again ?
Thanks, Shefa.
  • #539
  • Edited 1:27am May 23, 2008 1:07am | Edited 1:27am
I think it is now 06:00 GMT. There is an IB in USD/CAD, but I shell not take it now, as signs have different directions.
Also, there was an IB in USD/CHF at 05:00 GMT. it is on a very significant level I think, as it is almost 1.0300, DPP 1.0297, and 23% fib at 1.0288.
Let's see after the T.B. news, in a few minutes to come.
Shefa.
  • #540
  • May 23, 2008 1:19am May 23, 2008 1:19am
Quoting Shefa
I think it is now 06:00 GMT. There is an IB in USD/CAD, but I shell not take it now, as signs have different directions.
Also, there was an IB in USD/CHF at 05:00 GMT. it is on a very significant level I think, as it is almost 1.0300, DPP 1.0297, and 32% fib at 1.0288.
Let's see after the T.B. news, in a few minutes to come.
Shefa.
UC 1.0300 is a very strong support/resistance area looking back in time (look for instance at D1), and as you said DPP but also weekly s2. Cad strong resistance at 9872.
For today the majors are all in a tight range. Awaiting a clean breakout which might happen at London open in 40 min.
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