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The DIBS Method... No Free Lunch continues

  • #981
  • May 29, 2008 5:12am May 29, 2008 5:12am
Quoting jarroo
Come on baby bring it!
Nerves of steel!

it will come back to papa later....

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #982
  • May 29, 2008 7:03am May 29, 2008 7:03am
Seeking,

Don't unsubscribe, yet.

When you say PB, you mean to ensure there is a PB on a higher time frame or on 1 hr itself.

Thanks
TS

Quoting SeekingLight
Jarroo...in all the DIB chasing...you've overlooked that that was a PB + IB = perfect idea to go long

Take care all
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #983
  • May 29, 2008 7:19am May 29, 2008 7:19am
Quoting HouseTrader


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
thanks im GMT 1 i ve set FF calendar clock with my pc clock my broker is GMT= 0 tomorrow when London open i will draw a vertical line
and stop i need some vicodin too
  • #984
  • Edited 7:55am May 29, 2008 7:52am | Edited 7:55am
Quoting TradeStar
Seeking,

Don't unsubscribe, yet.

When you say PB, you mean to ensure there is a PB on a higher time frame or on 1 hr itself.

Thanks
TS
Hi,
I'm fairly sure that Seeking saw the swing low as a 1hr PB off the 38.2% Fib retracement of the last up swing/leg. This was followed by another IB - though of course the IB high was below the start of day line, so not valid for DIBS trading.

Edit: Oh and the PB was also off the Daily floor Pivot point - so confluence.
  • #985
  • May 29, 2008 7:59am May 29, 2008 7:59am
Quoting ianf0ster
Hi,
I'm fairly sure that Seeking saw the swing low as a 1hr PB off the 38.2% Fib retracement of the last up swing/leg. This was followed by another IB - though of course the IB high was below the start of day line, so not valid for DIBS trading.

Edit: Oh and the PB was also off the Daily floor Pivot point - so confluence.

I saw a PB on 4 hr as well around this price action. Hence my question.

Excellent. Thanks

TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #986
  • May 29, 2008 8:03am May 29, 2008 8:03am
Free ride in EUR if you took the 1st entry! (I did.)
Attached Image (click to enlarge)
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  • #987
  • May 29, 2008 8:27am May 29, 2008 8:27am
Quoting DaBuschi
Once you´re able to identify a trending market, you´ll know which trades to take and which not, although always keep in mind that, the trades you don´t take could turn out to be the biggest winners.
DaBuschi, I appreciated your reply, I didn't respond because I already know the question, it's the answer that alludes me. That is to say for a low risk entry for this method, the entry needs to be with the present trend where momentum is likely to take us to R:R 1:1 before this trend has a chance to turn.

It's just coincidence that the next post was on the subject of the opening bar.
Good Trading
  • #988
  • May 29, 2008 8:32am May 29, 2008 8:32am
Quoting Archiphage
Free ride in EUR if you took the 1st entry! (I did.)
Well done, I missed it took the 2nd one and got stopped out!
(Bet you were having second thoughts after the close of your break out bar?)
Good Trading
  • #989
  • May 29, 2008 8:37am May 29, 2008 8:37am
Quoting aud
Well done, I missed it took the 2nd one and got stopped out!
(Bet you were having second thoughts after the close of your break out bar?)
Yes and no. I knew the entry was right, so my rational side was perfectly fine with the stop getting hit... On the other hand, the Lizard Brain was definitely unhappy with the entry for several hours... and he'll be unhappy with the exit too, no matter how it happens. Luckily, that loser is not in control of my account.
  • #990
  • May 29, 2008 9:07am May 29, 2008 9:07am
Quoting SeekingLight
This thread is going to turn into yet another perfect example of the "forum phenomenon".

A simple, clear and straightforward something gets "processed" by the usual fear, filter and nonsense mongering(let's use the pair with the biggest spread instead of the one with the smallest, let's make an EA for something that works better with discretion(s/r etc), let's find a way to prevent all losers because I'm afraid of losses and don't understand that trading is about profit not winners or losers) and churned into unrecognizeable nonsense..
I totally agree, out of the 1000 post on this forum, I think that maybe 350 are worth reading, the rest is just noise. People analyze and over analyze and then critically analyze it again until they are so confused that they forget what system they are trading completely.

Example: Why are there so many post on this forum about IB setups on pairs like the cad/jpy, gbp/jpy, eur/jpy, aud/usd, nzd/usd? THIS SYSTEM IS NOT INTENDED FOR THOSE PAIRS. It is just clogging this forum with noise and false results. PeterCrowns clearly states that he trades only the 4 majors and occasionally trades the GBP/JPY.

Quoting PeterCrowns
-mbqb11-

I still watch the 4 majors (USD/JPY, USD/CHF, EUR/USD, GBP/USD), and sometimes the Pound/Yen.

I tend to focus on the ones in the best trends and then, lowest costs of trading- in that order. If a market has a better trend but worse costs, I will move up in time frame to 3 or 4 hour charts to compensate. The trend is who pays you.

-PeterCrowns-
Heres another post ..

Quoting PeterCrowns
Good question, -soso-

I don't trade the Aud/Usd that much. The Usd/Jpy trades just fine using DIBS. And yes, the European pairs seem to work better than average then. What follows is the likely explanation.

..........

Not that many people in the world care about the New Zealand or Australian currencies except as to how they may interplay with specific businesses. There are charts that deal with how much trading volume goes to specific currencies worldwide. Others who have good access to them can post them, please.

As a simple rule of thumb, look at the spreads to trade a certain pair. If it is wide there isn't as much interest. That doesn't mean that it can't be volatile, but the risk may well overwhelm the potential.

I know that the main currencies are these: Eur/Usd, Gbp/Usd, Usd/Chf, Usd/Jpy. I trade them almost exclusively.

I will occasionally plant long term trades in Gbp/Jpy to take advantage of carry, but have been out of that for months until recently, as you can easily imagine why. .....
-PeterCrowns-
I did not post the entire quote of what peter said, but please find it and read it. He explains it in even more detail to why he trades the 4 majors ALMOST EXCLUSIVELY.

As for the GBP/JPY, I presume he only takes longs when he feels that the GBP/JPY is reversing from a down trend and now has potential of a Long trend for a long time to take advantage of the Carry Trade.

These other pairs don’t work for many reasons like small volume, large spread, no interest from traders,........ (And don’t confuse the large volatility on the gbp/jpy with volume.)

I guess people don’t want to set around for a IB on the right currency so they look for IB's where ever they can find them. That’s fine, if you cant sit on your hands and you always need to find yourself in a trade, go for it. But try not to dilute this method with so many posts on different currencies that don’t apply the method.

I don’t mean to be harsh on anyone, I just feel that this is a good (SIMPLE) method and we need to regroup and focus on the facts that we have from Peter and build on those facts.
  • #991
  • May 29, 2008 9:39am May 29, 2008 9:39am
Quote
I don’t mean to be harsh on anyone, I just feel that this is a good (SIMPLE) method and we need to regroup and focus on the facts that we have from Peter and build on those facts.

Good post bro, the reason why we have all these junks in this thread is the confusionist , they don't want others to make it big like them.........

we should keep it simple and trade along the trend as peter as suggested, then the pips will roll in..............

Today's trade have been wonderful!
  • #992
  • May 29, 2008 9:41am May 29, 2008 9:41am
Anyone playing the IB forming on the 7 hour chart of the Malaysian Ringgit/Mexican Peso cross?
  • #993
  • May 29, 2008 10:00am May 29, 2008 10:00am
Quoting Archiphage
Anyone playing the IB forming on the 7 hour chart of the Malaysian Ringgit/Mexican Peso cross?




Archi, can you confirm that the blue line on your chart is a 20 EMA based on closing price?

and it is used as a sort of exit nudge or trigger.

Cheers!
  • #994
  • May 29, 2008 10:03am May 29, 2008 10:03am
Quoting Archiphage
Anyone playing the IB forming on the 7 hour chart of the Malaysian Ringgit/Mexican Peso cross?


Seriously now...

One of the rules that PC posted is almost totally ignored by far. HE ONLY TRADES THE FOUR MAJORS...

I'm doing it and the results have been nice.

For this method to work we NEED the big traders push, and for this thay must be paying attention and trading the pair...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #995
  • May 29, 2008 10:05am May 29, 2008 10:05am
Quoting rod30
thanks im GMT 1 i ve set FF calendar clock with my pc clock my broker is GMT= 0 tomorrow when London open i will draw a vertical line
and stop i need some vicodin too
... This Vicodin thing is the only EA i use....



HT
Many share my views with me. But I don't share them with them...
  • #996
  • May 29, 2008 10:46am May 29, 2008 10:46am
Quoting **straddle**



Archi, can you confirm that the blue line on your chart is a 20 EMA based on closing price?

and it is used as a sort of exit nudge or trigger.

Cheers!
Actually, it is a 21 EMA (closing), which is obviously superior to a 20 due to the fact that 21 is a Fibonacci number, the product of the 1st and 3rd odd primes (1 and 3 being Fib #s), AND the number of guns fired in certain salutes.

I use it as a trailing stop... if it gets penetrated, that's ok, but closing across it is a no-no. Feel free to use the mystical grail-like powers of the 21 for yourself! Happy trading...
  • #997
  • May 29, 2008 10:51am May 29, 2008 10:51am
Just back and have cathed up on the thread... phew! Ok guys, I think its time to celebrate! Now we can start improving by just following the simple rules. Rock on DIBS'ers! How we doing with todays trades (on the majors lol)? I haven't traded today since I had to be out. Now back and looking at the charts. I wanted to talk about the hot hand again, and once again the USD is strong.
GBPUSD: price has moved away from the daily open but come back, just like yesterday. This tells me that the cable is not to be traded on the short side. And it hasn't moved far from it's weekly open.
Other majors: Similar priceaction as they are all loosing against the USD and it's almost without any larger retracements. A few IB's here but I don't like them when their range are big (discretion here). They have moved from the weekly open.
I have been looking at the percentage move from the daily, weekly and monthly open (at 16.42 UK time).
Pair daily% weekly% monthly%
GBPUSD -0.10 -0.34 -0.62
EURUSD -0.68 -1.47 -0.60
USDCHF +0.78 +2.06 +1.19
USDJPY +0.56 +2.08 +1.45
Hope this helps in looking into which pairs are the hot hands. Right now I would probably only look at the JPY and CHF, and maybe the EUR. Is anyone looking at the hot hand in a different way?

One note: Fed Chairman Bernanke speaks later today and that might move the USD. Later all!
  • #998
  • May 29, 2008 10:55am May 29, 2008 10:55am
Quoting Archiphage
Anyone playing the IB forming on the 7 hour chart of the Malaysian Ringgit/Mexican Peso cross?
I live on the East Coast, my broker is on PST, and my data feed comes from Bolivia. I want to be sure I'm catching the open of the Malay Fish Market. Can you help me with the time conversion? I'm available to trade from 5:30 pm EST until almost 6:00 pm.
  • #999
  • May 29, 2008 11:00am May 29, 2008 11:00am
Quoting NowAndLater
Hope this helps in looking into which pairs are the hot hands. Right now I would probably only look at the JPY and CHF, and maybe the EUR. Is anyone looking at the hot hand in a different way?
Just looking at it from the weekly perspective, I came to the same conclusion. I'm already long JPY since 103.96, and CHF didn't give an IB on my chart, so I took the EUR and passed on the GBP.
  • #1,000
  • May 29, 2008 11:17am May 29, 2008 11:17am
Quoting billflet
I live on the East Coast, my broker is on PST, and my data feed comes from Bolivia. I want to be sure I'm catching the open of the Malay Fish Market. Can you help me with the time conversion? I'm available to trade from 5:30 pm EST until almost 6:00 pm.
I have written a Mexalaysian Trading Robot which averages 923 pips per week. Just 400RM per week (~$120) gives you access to the app which will automatically enter all MYR/MXN trades into your chosen platform. (First 5 weeks up front, of course.) Just one trade can pay for the whole deal!
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