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The DIBS Method... No Free Lunch continues

  • #1,461
  • Jun 10, 2008 3:52am Jun 10, 2008 3:52am
thanks for the thumbs up Jim! Missed tonight's cable trade coz I got home an hour late (coz of people blocking buses where I live)

On another note Take a look at the USD/JPY for all this year on daily timeframe and look at each IB. The break of every one of them would have given a return of 1:1.
  • #1,462
  • Jun 10, 2008 3:54am Jun 10, 2008 3:54am
Quoting Trumpcard
thanks for the thumbs up Jim! Missed tonight's cable trade coz I got home an hour late (coz of people blocking buses where I live)

On another note Take a look at the USD/JPY for all this year on daily timeframe and look at each IB. The break of every one of them would have given a return of 1:1.
Good eye Trump. DIBS on higher time frames is a great approach.
Indicators show the past. Price Action "Indicates" the future.
  • #1,463
  • Jun 10, 2008 3:55am Jun 10, 2008 3:55am
Euro DIBS are looking good.
Indicators show the past. Price Action "Indicates" the future.
  • #1,464
  • Jun 10, 2008 3:55am Jun 10, 2008 3:55am
Also taken the USD/CHF about 20 minutes ago on the retrace after the initial break - entered where I would have initially - looking good now!
  • #1,465
  • Jun 10, 2008 3:58am Jun 10, 2008 3:58am
Quoting Trumpcard
Also taken the USD/CHF about 20 minutes ago on the retrace after the initial break - entered where I would have initially - looking good now!
Yeah I caught that one too
  • #1,466
  • Jun 10, 2008 4:08am Jun 10, 2008 4:08am
Great trading today so far. Only trade I've taken so far is the Cable. Didnt take UJ becaue of the hawkish USD at the moment thanks to Bernakes speaches and it's strongly against the trend. EURUSD and USDCHF also had some nice IB breaks which I didnt take because they were inside a tight range, and a break from the IB didnt mean a break from the range. I like IB's that forms after a small move which makes them a retracment and Iwill then enter in favour of the move, which will give me small risk trade and not get whipsawed as can happen when the IB forms inside of a range. This is why my only trade has been on the Cable.
  • #1,467
  • Jun 10, 2008 4:09am Jun 10, 2008 4:09am
cool stuff RRothschild!
  • #1,468
  • Jun 10, 2008 4:12am Jun 10, 2008 4:12am
Quoting NowAndLater
Great trading today so far. Only trade I've taken so far is the Cable. Didnt take UJ becaue of the hawkish USD at the moment thanks to Bernakes speaches and it's strongly against the trend. EURUSD and USDCHF also had some nice IB breaks which I didnt take because they were inside a tight range, and a break from the IB didnt mean a break from the range. I like IB's that forms after a small move which makes them a retracment and Iwill then enter in favour of the move, which will give me small risk trade and not get whipsawed as can happen when the IB forms inside of a range. This is why my only trade has been on the Cable.
Nice NAL.

The Cable is the only one that met all the qualifiers, i.e., moving after the Open, hard break, etc.

Smart trading my friend,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,469
  • Jun 10, 2008 4:23am Jun 10, 2008 4:23am
Very good advice NowandLater. Wish I hadn't taken that USD/JPY trade now - stopped out!.

Looking at the cable IB, one sees that the IB itself is a bearish pin bar with the low and the close falling very near the low of the preceding bar. I wonder if this would add extra weight? Peter Crowns hinted in the other thread about various inside bars with some having more success than others... Has anyone here also looked at the nature of the specific inside bar? Position, type of PA, previous PA. For example, wouldn't it be an even stronger signal to short if the bar prior to the IB was a BEOB? just some thoughts...
  • #1,470
  • Jun 10, 2008 4:41am Jun 10, 2008 4:41am
usdjpy broken resistance 10679
gbpusd broken resitance 19573
  • #1,471
  • Jun 10, 2008 4:49am Jun 10, 2008 4:49am
Quoting Trumpcard
Very good advice NowandLater. Wish I hadn't taken that USD/JPY trade now - stopped out!.

Looking at the cable IB, one sees that the IB itself is a bearish pin bar with the low and the close falling very near the low of the preceding bar. I wonder if this would add extra weight? Peter Crowns hinted in the other thread about various inside bars with some having more success than others... Has anyone here also looked at the nature of the specific inside bar? Position, type of PA, previous PA. For example, wouldn't it be an even stronger signal to short if the bar prior to the IB was a BEOB? just some thoughts...
I'm using the DIBS method along with a few other things that I find work for me: pivot points (daily, weekly and monthly), fibs, support/resistanse lines, round numbers and some fundamental analysis. Here's what my EURUSD looked like at the time of the IB (which I didnt take). As you can see a lot of heave support just below that IB (daily s1, monthly pp a support line and round number == HEAVY) and a break from it would only mean that we are still inside the range. Instead I took the break of that heavy support and have just closed half my position at weekly s1 and the round number and will let the rest run with stop moved to BE.
I hope I'm not complicating things because afterall we should really try to keep it simple. I just like my way of doing things together with this wonderfull method.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.JPG Size: 153 KB
  • #1,472
  • Jun 10, 2008 4:58am Jun 10, 2008 4:58am
People who went with the EUR and CHF IBs should be well and truly free carried by now
Leonardo Follower
  • #1,473
  • Jun 10, 2008 5:02am Jun 10, 2008 5:02am
Quoting rod30
usdjpy broken resistance 10679
gbpusd broken resitance 19573

Hi Rod30,

Can you plz put up the chart to show how USDJPY resistance was @ 106.79.

I am a newbie to this system and just went long using Dibsmethod @ 106.75 and made profits.

Thanks
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #1,474
  • Jun 10, 2008 5:21am Jun 10, 2008 5:21am
Quoting Trumpcard
thanks for the thumbs up Jim! Missed tonight's cable trade coz I got home an hour late (coz of people blocking buses where I live)

On another note Take a look at the USD/JPY for all this year on daily timeframe and look at each IB. The break of every one of them would have given a return of 1:1.

Thats true take a look at the GJ 4H time frame: more than +120 pips in a very short time & a confirmation of an IB on the 1H TF.

BK
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 33 KB
  • #1,475
  • Edited 6:11am Jun 10, 2008 5:58am | Edited 6:11am
UJ forming an IB, it's above the daily open, its with the trend and its at the fib 38% level (range of 107.14 - 106.42). It might also come down to test todays highs before continuing up @ 106.82 which is close to the 50% fib. This could be good up to daily r2 and weekly r2 and fib 162% @ about 107.60, which should justify this IB and give it nice R:R ratio. Just watch out for daily m4 at 107.29 (also fib 118%) which might make it a bit tough to reach 1:1 for the free ride to begin with.

GU, EU and UCHF aslo looking as IB's but they have already moved a lot of their daily average range (or more) so I'm out of them (still short in EU and GU since before).
  • #1,476
  • Jun 10, 2008 6:14am Jun 10, 2008 6:14am
Quoting bkoori
Thats true take a look at the GJ 4H time frame: more than +120 pips in a very short time & a confirmation of an IB on the 1H TF.

BK
bkori...
question on MIG broker,
what is the broker daily opening time ? GMT 0 or else?
it is because tf 4hr gives us a lot different when broker start at GMT 0, GMT 1 or GMT 2

if GMT 0, 4, 8, 12, 16, 20, 24(0)
if GMT -1, 3, 7, 11, 15, 19, 23.....
the count continues.....

but i like tf 4hr n 1hr...less hassle.
i try to figure out the interbank chart of 4hr and didnt find it like yours....
  • #1,477
  • Jun 10, 2008 6:24am Jun 10, 2008 6:24am
Quoting bujal38
bkori...
question on MIG broker,
what is the broker daily opening time ? GMT 0 or else?
it is because tf 4hr gives us a lot different when broker start at GMT 0, GMT 1 or GMT 2

if GMT 0, 4, 8, 12, 16, 20, 24(0)
if GMT -1, 3, 7, 11, 15, 19, 23.....
the count continues.....

but i like tf 4hr n 1hr...less hassle.
i try to figure out the interbank chart of 4hr and didnt find it like yours....

It's GMT+1.

BK
  • #1,478
  • Jun 10, 2008 6:44am Jun 10, 2008 6:44am
Quoting rpasupathy
Hi Rod30,

Can you plz put up the chart to show how USDJPY resistance was @ 106.79.

I am a newbie to this system and just went long using Dibsmethod @ 106.75 and made profits.

Thanks
i know wrong time frame
now is retesting 106.79 with the previous Ib bar
im a newbie tooo or not
Attached Image (click to enlarge)
Click to Enlarge Name: jarro will blame me.gif Size: 28 KB
  • #1,479
  • Jun 10, 2008 6:47am Jun 10, 2008 6:47am
Quoting NowAndLater
UJ forming an IB, it's above the daily open, its with the trend and its at the fib 38% level (range of 107.14 - 106.42). It might also come down to test todays highs before continuing up @ 106.82 which is close to the 50% fib. This could be good up to daily r2 and weekly r2 and fib 162% @ about 107.60, which should justify this IB and give it nice R:R ratio. Just watch out for daily m4 at 107.29 (also fib 118%) which might make it a bit tough to reach 1:1 for the free ride to begin with.

GU, EU and UCHF aslo looking as IB's but they have already moved a lot of their daily average range (or more) so I'm out of them (still short in EU and GU since before).
US Trade balance in about 45 minutes, no trades until then. UJ now looking like one of HT's perverted IB's. Will see what happens in about an hours time, lets hope for some good figures in the trade balance so the free ride trades can continue.
  • #1,480
  • Jun 10, 2008 8:20am Jun 10, 2008 8:20am
I've taken the EUR/JPY break. USD/CHF doing well
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