a gap in EUR/USD after an ??? INSIDE BAR
Attached Image (click to enlarge)
The DIBS Method... No Free Lunch continues
the daily open is GMT 0 = the previous bar close (the difference is who plays in demo) Its ok Peters says : the open i look is also translated in 6:00 GMT now if you want to declare another time official open of the day its is your choice ????? so the dotted line is GMT = 0 open or also GMT = 6 open ???
i know on his chart the dotted line is GMT = 0 open bar but why he also give a look to GMT 6 bar open ??
another Peter gift is: watch round numbers
Thanks Made about the Gap i ve watched Oanda no Gap there
and about Mat idea to watch +-% pips variations its good
best regards Rod
i know on his chart the dotted line is GMT = 0 open bar but why he also give a look to GMT 6 bar open ??
another Peter gift is: watch round numbers
Thanks Made about the Gap i ve watched Oanda no Gap there
and about Mat idea to watch +-% pips variations its good
best regards Rod
- #934
- May 28, 2008 3:19pm May 28, 2008 3:19pm
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 913 Posts
I went Short on UJ and EJ. Could have gone Short on GJ as well but left ithis pair out because:
(i) Spread on GJ is high for my broker.
(ii) Based on DIBS (using 00:00 GMT as day's opening for JPY pairs), we should Short all 3 JPY pairs of UJ, EJ and GJ. If I Short all 3 pairs and is right, then of course I make profit on all 3 pairs. But if I am wrong, then it will be losses across all 3 pairs. I think risking on 2 pairs is enough.
Nice approachI personally like this system a lot. And even with 6 IBs forming, I prefer take only 2 pairs, usually the ones that are in the "hot hand" and with lower spreads... This sounds like.... Money Management! (of course one could take smaller lots, it's still valid, but I prefer watch the trades closer... so, less is more, for me)
Cheers!
HT
Many share my views with me. But I don't share them with them...
- #935
- May 28, 2008 3:27pm May 28, 2008 3:27pm
- Joined May 2007 | Status: Ozziedave | 1,344 Posts | Online Now
- #936
- May 28, 2008 3:54pm May 28, 2008 3:54pm
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 913 Posts
Hello HT,
I like your perverted DIBS setup. As you pointed out, getting in at the upper limit of the second bar gets you an earlier entry with a better risk/reward ratio than waiting for the original IB to break. Thanks for your input!http://www.forexfactory.com/images/icons/icon7.gif
Thanks,
Dave
I've been too busy today at office, so didn't traded. I see now I missed some good ones
... Hope you all got some pips from Mr. Market today!I see also that there has been some valuable discussion on the system. Everybody trying to add some filter, and that's a good trading exercise.
I came from stock market some years ago (home broker, remember, I'm still just a bored doctor....
), and all I had for trading was price, some charts with trendlines, and 52 week high and low. But I traded based on fundamentals, which play a huge role in stocks... So, I consider that I was trading almost naked. The DIBS is an amazingly simple almost-naked method, and that's why I feel so comfortable with it. But WE ALL must trade at our own discretion. Automation seems to me like stop thinking. If I have a reasonable motivation to DON'T take some IB, I just skip it. Another one will come soon. For luck or discretion (who knows?), I got a few (not all) DIBS trades since the start of the thread, and had only 2 losses. Last week I traded 3 days and my equity rose 3.7% (I know, Itīs not a huge profit, but for starting a new system looked good to me... and in the long run, sounds nice! It's just an example, never intending to flatter myself on!)
My "perverted" setup is exactly what I mentioned so far. I use it some times, trying to filter the market action and give a better R/R ratio. But in 90% of time I use strictly the classic DIBS setup.
Thinking, filtering, is part of the trading evolution... Don't ever resign of doing it.
Cheers!
HT
Many share my views with me. But I don't share them with them...
- #937
- May 28, 2008 4:22pm May 28, 2008 4:22pm
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 913 Posts
Fellows, I know it may be traumatic to your coronaries... But here we go...
That's me, trading naked! (some humor never hurts!
)
That's me, trading naked! (some humor never hurts!
)
Many share my views with me. But I don't share them with them...
- #938
- May 28, 2008 4:25pm May 28, 2008 4:25pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Fellows, I know it may be traumatic to your coronaries... But here we go...
That's me, trading naked! (some humor never hurts!
Indicators show the past. Price Action "Indicates" the future.
- #939
- May 28, 2008 4:28pm May 28, 2008 4:28pm
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
much confusions rest here. lets end this
Open of the 00:00cst 01:00est 06:00gmt candle
Top corner of this page is Forex Factory icon - this takes you to the home page, there you will find the opening times of each zone, for me london opens at 08.00, i'm in the uk and the uk is GMT+1, therefore the london open is 07.00GMT - so therefore use the Bar 1hr before your london open time.
as an alternative visit Time and Date .com for a conversion table, enter 06/6am and select your location and convert.
add to this you can also set the FF clock to GMT, this will give you all the details as GMT including the calendar information.
you can then buy a really cheap watch/clock and set this to GMT so no matter where you travel or what happens to zones for summer time GMT/UTC will always be in your face.
Hope this helps
P.S. enclosed a bar clock, this tells you how many minutes we are into the candles and also if selected will show your brokers time. (MT4 indicator)
Open of the 00:00cst 01:00est 06:00gmt candle
Top corner of this page is Forex Factory icon - this takes you to the home page, there you will find the opening times of each zone, for me london opens at 08.00, i'm in the uk and the uk is GMT+1, therefore the london open is 07.00GMT - so therefore use the Bar 1hr before your london open time.
as an alternative visit Time and Date .com for a conversion table, enter 06/6am and select your location and convert.
add to this you can also set the FF clock to GMT, this will give you all the details as GMT including the calendar information.
you can then buy a really cheap watch/clock and set this to GMT so no matter where you travel or what happens to zones for summer time GMT/UTC will always be in your face.
Hope this helps
P.S. enclosed a bar clock, this tells you how many minutes we are into the candles and also if selected will show your brokers time. (MT4 indicator)
- #940
- May 28, 2008 5:01pm May 28, 2008 5:01pm
- | Joined Mar 2008 | Status: ... I was aiming at the horse! | 913 Posts
much confusions rest here. lets end this
Open of the 00:00cst 01:00est 06:00gmt candle
Top corner of this page is Forex Factory icon - this takes you to the home page, there you will find the opening times of each zone, for me london opens at 08.00, i'm in the uk and the uk is GMT+1, therefore the london open is 07.00GMT - so therefore use the Bar 1hr before your london open time.
So much confusion!
I do as you mentioned. Look at the FF box at left upper corner (It gives you the remaining time to the market open to... no math skills needed...
) and draw a vertical line at the London Open. I use too (cause I like those Firefox add-ons...) FoxClocks . It displays any place's time in the status bar. I have Tokyo, London and NY on it.Please fellows... Just draw the vertical line...
Cheers
HT
Many share my views with me. But I don't share them with them...