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The DIBS Method... No Free Lunch continues

  • #661
  • Edited 10:31pm May 23, 2008 9:55pm | Edited 10:31pm
Quoting TradeStar
I don't think the 0000 GMT can be changed. However, I thought the opening price reference is always 0000 GMT, even though you start considering the trading bars after 6:00 GMT.

May be I misunderstood; let me read Peter's post again.

Regards,
TS
We use the Open days's price at 0500 GMT/ 0100 EST. (0600 GMT is 0100 EST on other platforms, not mine.) We consider tradeing bars at the Open of the day which is 0500 GMT / 0100 EST.
Indicators show the past. Price Action "Indicates" the future.
  • #662
  • May 23, 2008 10:07pm May 23, 2008 10:07pm
Quoting TradeStar
I don't think the 0000 GMT can be changed. However, I thought the opening price reference is always 0000 GMT, even though you start considering the trading bars after 6:00 GMT.

May be I misunderstood; let me read Peter's post again.

Regards,
TS
I guess I may be missing something.... Are you looking for an indicator of the daily open price that can be set to any time? I use this one... you can see it on my chart, in ODL which works on GMT 00:00. Just adjust the settings the time you want... In the "Entry" menu, I put "6" on the "TimeZoneOfData" field, which is default set as "0"...

http://www.forexfactory.com/attachme...202008%2020:17


Cheers!
Attached File(s)
File Type: mq4 daily_open_line.mq4   2 KB | 1,269 downloads
Many share my views with me. But I don't share them with them...
  • #663
  • May 23, 2008 10:12pm May 23, 2008 10:12pm
Quoting HouseTrader
I guess I may be missing something.... Are you looking for an indicator of the daily open price that can be set to any time? I use this one... you can see it on my chart, in ODL which works on GMT 00:00. Just adjust the settings the time you want... In the "Entry" menu, I put "6" on the "TimeZoneOfData" field...


Cheers!

That's it! Perfect. Thanks House.

Never mind Lux. Thanks anyway.
Indicators show the past. Price Action "Indicates" the future.
  • #664
  • May 23, 2008 10:18pm May 23, 2008 10:18pm
Quoting jarroo
That's it! Perfect. Thanks House.

Never mind Lux. Thanks anyway.
You're always welcome! Glad to contribute to this awesome thread!
Many share my views with me. But I don't share them with them...
  • #665
  • May 23, 2008 11:17pm May 23, 2008 11:17pm
I agree, a perfect (if that is what you ment by true?) MM does not exist. But in many cases it seems that free runs are stopped and the result is no profit. Well, i haven't actually done any extensive studies on this, but looking at the last days this happened quite often.

Let's pick up a couple arbitrary days and compare the original and my mm proposal. Would the result prove something? No, not much really, maybe it would just give you guys something to think about

R

Quoting Bemac
Personally...I really enjoy Fibs. Not as much as I used to, but that's another story.
Anytime someone "Quotes" Today's Chart as an example intimates to me that there is {potentially} no Historical.. to support it. Maybe I'm wrong & you will fill in the Blanks.

Just my little $0.02 CAD, {Yeah that's Real Green these Days}
True MM CANNOT be posted. You {we} do not know other members Fin.Stats. All that we can do is suggest others in "The Same Boat as Us" Row with Us. {and therin lies Another Pit.}

Don't mean to sound cynical but {opposite from my sig.} It's "Your" Coin.
  • #666
  • May 23, 2008 11:19pm May 23, 2008 11:19pm
Quoting HouseTrader
I guess I may be missing something.... Are you looking for an indicator of the daily open price that can be set to any time? I use this one... you can see it on my chart, in ODL which works on GMT 00:00. Just adjust the settings the time you want... In the "Entry" menu, I put "6" on the "TimeZoneOfData" field, which is default set as "0"...

http://www.forexfactory.com/attachme...202008%2020:17


Cheers!
Thanks for the indicator, HT.

Thanks
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #667
  • May 24, 2008 12:07am May 24, 2008 12:07am
Quoting TradeStar
Is there an indicator that can draw a vertical line on the 1AM EST candle?

Thanks
TS
Hi Tradestar,

Here is an indicator that will draw a horizontal line at the opening price of the begining of the day candle. You can adjust the time the candle begins to draw the line to any time you want. I have mine set to 5:00 GMT.
Attached File(s)
File Type: mq4 daily_open_line.mq4   2 KB | 1,168 downloads
  • #668
  • May 24, 2008 1:18am May 24, 2008 1:18am
Quoting cologg
Hi,
I wonder if you could help me understand this.
My platform shows the UJ bar with a high of 103.63 and a low of 103.48
I understand the entry at 103.48, but I don't understand why the SL is 17 + 3
Why isn't it 15 + 3 (103.63 less 103.48 = 15, + 3 for the spread)
What am I missing?

Cheers
Colin.
My platform shows the same high and low of the IB as yours, but I put on 1 pip on each side. This is so it has broken out from the IB range and if it were to come back I give it one pip to the upside so I dont get stopped out when it makes a matching high. So for me it's always (high-low)+2+spread. I'm not sure how the other guys are doing it, but this is my way to do it.
  • #669
  • May 24, 2008 1:35am May 24, 2008 1:35am
Overall a very nice day yesterday, I closed all my trades just before the US housing news because I was going out and it's Friday and I never leave positions over the weekend, and came away with some nice pips.

One thing that I want to ask you guys trading this is how do you do when there's a big news coming out like say yesterdays housing report, do you leave the trade on or do you close? Yesterday, because all trades was in free ride I thought I'd might leave them (but I didn't this time) since I couldnt end up loosing, and because I thought that the housing market might (there was a possibilty) be in even worse shape than expected which would have led to some really nice profits. I'm thinking that it all depends on where a trade is in comparison to it's sl, but basically I think I will be moving the SL very close to the actual price just before the news comes out, that way I would only loose a little if it turned to the wrong side.
  • #670
  • May 24, 2008 2:01am May 24, 2008 2:01am
Quoting NowAndLater
Overall a very nice day yesterday, I closed all my trades just before the US housing news because I was going out and it's Friday and I never leave positions over the weekend, and came away with some nice pips.

One thing that I want to ask you guys trading this is how do you do when there's a big news coming out like say yesterdays housing report, do you leave the trade on or do you close? Yesterday, because all trades was in free ride I thought I'd might leave them (but I didn't this time) since I couldnt end up loosing, and because I thought that the housing market might (there was a possibilty) be in even worse shape than expected which would have led to some really nice profits. I'm thinking that it all depends on where a trade is in comparison to it's sl, but basically I think I will be moving the SL very close to the actual price just before the news comes out, that way I would only loose a little if it turned to the wrong side.
NowAndLater,

Since it was Friday I would have closed my trades also. If it were during the week and I already had locked in profit at 1:1 and I was on a free ride I would let it ride unless I was up an additional 50-60 pips over where I took my original profit. If the news goes in your favor, your in like "flint".
  • #671
  • Edited 11:32am May 24, 2008 5:59am | Edited 11:32am
Quoting jarroo
Not sure if it was a DIBS trade usdivers. Where was your Inside Bar on the Gbp/Usd?

The bar I used was just inside...on FXDD brokers site anyway....please see chart attached, let me know if i was wrong...I went long at 1.9802...

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd230508.gif Size: 73 KB
  • #672
  • May 24, 2008 3:03pm May 24, 2008 3:03pm
Quoting TradeStar
Thanks for the indicator, HT.

Thanks
TS
You're welcome!

Cheers!
Many share my views with me. But I don't share them with them...
  • #673
  • May 24, 2008 6:44pm May 24, 2008 6:44pm
Hello everyone,

I see this thread is developing like wildfire. Great, and good to see so many ppl making small and consistent profits. I agree, small and steady do add up.

I have been thinking about a few things over the weekend, and thought would put it out there for everyone to comment on.

First one is about money management. I have looked and looked at that ujpy chart that peter put up where he held his stop at the original price for the remainder half, rather than bring it to be. If it was at be, he would have been stopped out, and it did come close to being stopped out at the original price as well, but it didn't, and the end result was a lot more (way more) pips. This led me to think about one of his answers to my questions, re. treating the trading as a job. His comment that if we treat it as a job, expecting a pay packet at the end of each day, then we are not going to succeed, or at best, get what we have aimed for, a small paypacket. His comments about traders not making profit for mths, and then all of a sudden a few trades that make enough profit to sustain them for the whole year, is another thing that got me thinking.

To make the most of this trading, I think we need to look at the potential of having a quite a few net be trades, and then letting the ones that do go, really letting them go. The thing i will be experimenting with is closing the first half at 1:1.25(or 1:1.5), and leaving the remainder half at the original stop. His comment abt not treating this as the same as a job has made me think about my trading totally differently. I think that missing out on a lot of small gains(by moving stop to be) will be outweighed by the ones that really take off.

Secondly, we know that Peter trades at Oanda. Rather than trying to figure out and confirming with 2-3 different feeds on mt4, why not just open up a demo account at oanda, and use their charts to decide on any "iffy" candle. Just a suggestion.

Good trading to all, and have a good weekend.

REgards,
K.
  • #674
  • Edited 8:45pm May 24, 2008 8:29pm | Edited 8:45pm
Best Advice I can Think of;
Quit Fuc#in; with this & Just follow it.
It Fits & works with what I have been trying to get a handle on for the last two decades.
The MM part is still a little vague but I'm sure that will come.

There: If this One doesn't work, don't ask me to search for yet another "Grail"
Again..

Suck it up princess & get to work...
{I don't apologise to my Grandkids when I try to haul them back into line either.}
  • #675
  • May 24, 2008 11:30pm May 24, 2008 11:30pm
Every one must realise that their data feeds will be a little different. My charts may show an inside bar where your charts have the bar 2-3 pips higher or lower than mine. Just like the start of the session time thing. Pater stated that if you're an hour off due to daylight savings time it's not going to matter that much. The important thing is we should be striving to understand the concepts and how to apply them to our own style of trading. Every one won't have the same success rate or the same number of pips won or lost. As you can see, even if we all use the same methodology we will all have different results. What matters to me is that I am moving in a positive direction and adding equity to my account each week. IMO this methodology is very straight forward and simple to apply unlike some of the other methods that I've tried. Kudos to Peter for introducing us to this powerful but simple methodology.
  • #676
  • May 25, 2008 1:05am May 25, 2008 1:05am
Well said Ozziedave. I agree 100 percent.
  • #677
  • May 25, 2008 1:52am May 25, 2008 1:52am
Quoting Bemac
Best Advice I can Think of;
Quit Fuc#in; with this & Just follow it.
It Fits & works with what I have been trying to get a handle on for the last two decades.
The MM part is still a little vague but I'm sure that will come.

There: If this One doesn't work, don't ask me to search for yet another "Grail"
Again..

Suck it up princess & get to work...
{I don't apologise to my Grandkids when I try to haul them back into line either.}
Thank you B. This has been working great for me exactly the way Peter laid it out. Plus the original thread has a map to a few other buried treasures in it-- from the same source. "nuff said.
  • #678
  • May 25, 2008 5:09am May 25, 2008 5:09am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting kermut
Hello everyone,

I see this thread is developing like wildfire. Great, and good to see so many ppl making small and consistent profits. I agree, small and steady do add up.

I have been thinking about a few things over the weekend, and thought would put it out there for everyone to comment on.

First one is about money management.
Good trading to all, and have a good weekend.

REgards,
K.
Hi K
i posted this in brief earlier in the thread, but thought i would expand on it a little

here's my view on trade management.

we open a position with our preferred trade size based on our MM methods. this is then divided into 3 even portions (positions A, B and C), once price has reached a point that is in profit equal to our SL we close 2/3 of the trade (close A and B), locking in some profit and balancing the potential loss to a Break even point, we then trail the third position using wave lows or set number of pips or moving average (which ever feel best to you), when we enter the next position, we can do this with the same full amount as the last remaining trade is already at BE from the start and holds no risk.

Position A all profit
position B covers positions 3's risk
Position C Sl at BE and room to run

as we move up the SL on 3 it's all profit that’s added to position 1.

ie
enter 3 position(A,B,C) on EU at 1.5300, SL @ 1.5200
A tp 1.5400
B tp 1.5400
C tp open
price hits 1.5400
close 2 positions (A,B) @ 1.5400

position A gives us 100pips profit
position B covers position C’s risk and allows the trade to be a free trade with the SL @ 1.5200, 200pips below price, now considered break even with no risk
Position C is allowed to run being trailed by either the current 200pips, Ma's and/or using waves (remember every time we move the Sl up this is also now profit)

Leave the SL on position C at 1.5200 gives us 200pips of room, this is achieved because the 100pips profit on position B covers positions C potential loss.

next we look for the next IB to trade enter the 3positions again, and again close out 2/3, now we have 2 positions running as free trades with large stops being exited via a trailing stop, moving average or your prefered method

Position 3 could also be managed the Jacko way using a simple TSL of 100pips if you like and let it tend to itself, that way the trade can be forgotten about.

Hope this is clear enough
  • #679
  • May 25, 2008 5:30am May 25, 2008 5:30am
Quoting kermut
Hello everyone,
Secondly, we know that Peter trades at Oanda. Rather than trying to figure out and confirming with 2-3 different feeds on mt4, why not just open up a demo account at oanda, and use their charts to decide on any "iffy" candle. Just a suggestion.
K.
This is the last time that I will discuss this (because we need to concentrate on more important things) but here is how I found my daily open. I have looked at Peter's charts and have compared them to my charts. If everyone does this the confussion over the daily open will vanish. If you compare with his early charts its before the change to summertime (which happened last sunday in march) and that is the comparison in the top 2 pictures. My broker is on CET and in wintertime my dailyopen compared to Peter's chart should be the 6 o'clock bar (blue dotted vertical line, the green dotted horisontal line is the open price). Now comparing after the change to summertime this would be the bottom 2 pictures. Here you can see that my daily open is now the 7 o'clock bar. To anyone that is still wondering about this please just do this comparison.
One more thing that I was discussing with a member on this thread earlier is that the bar time is the OPEN time of the bar and not the close as he was saying, I had that checked with my broker. So the 7 o'clock bar starts at 7 o'clock and closes at 8.

Regarding the money management of this I think we should all find our own way. I like that people are posting their own methods which does help but in the end we have to find what best suits us.

Please do read all of Peter's posts (they are only 35 which is a shame) to understand more about his moneymanagement. I like this one http://www.forexfactory.com/showthre...18#post1980318 the best and it to me explains what he thinks is most important with this method. It also shows that he doesn't consider pips but %-return. I have read and re-read his posts and I am still looking through them for more information. This one I find very usefull about the "hot-hand" http://www.forexfactory.com/showthre...18#post1921418. As you can see he always looks at where price is in comparison to last weeks close. A lot of great info in his posts, these was just a small pick.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: attachment.JPG Size: 99 KB
Click to Enlarge Name: cable before summertime.JPG Size: 81 KB
Click to Enlarge Name: attachment2.JPG Size: 103 KB
Click to Enlarge Name: cable in summertime.JPG Size: 82 KB
  • #680
  • May 25, 2008 6:50am May 25, 2008 6:50am
"Here you can see that my daily open is now the 7 o'clock bar."

That's what I figured, but got confused by those using the open of the 5 o'clock bar.

I agree there is more to learn here than trading an inside bar.
Good Trading
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