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The DIBS Method... No Free Lunch continues

  • #1,821
  • Jun 16, 2008 5:05am Jun 16, 2008 5:05am
I took this trade today, 26pips of average locked in, removed the 1:1 tp and left 50% running with a tight stop.
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  • #1,822
  • Jun 16, 2008 5:11am Jun 16, 2008 5:11am
Quoting moneda
Hi CC,

First time on this thread...just wanted to say that B Complex Vitamins can help with the stress, while you deal with the process of making a lot of pips! ....by the way the IB after the 2am (est/sorry dont know how to post charts on FF using Oanda) candle on the e/u...would that have been a long?

Thanks for this great thread

Hi Moneda, thanks for the tip

EU IBs i've spotted so far this session, above the 5am(gmt) open longs, below the 5am open, shorts. I'm using the MAs for trend reference too, particularly the SMA(60)....trying to stick as closely as possible to Peter C's ideas on intraday trend though.
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  • #1,823
  • Jun 16, 2008 5:20am Jun 16, 2008 5:20am
Quoting ChowClown
Hi Moneda, thanks for the tip

EU IBs i've spotted so far this session, above the 5am(gmt) open longs, below the 5am open, shorts. I'm using the MAs for trend reference too, particularly the SMA(60)....trying to stick as closely as possible to Peter C's ideas on intraday trend though.

Ops, I have used the Fri evening close as reference. I knew I would get confused on a Monday morning....
All good anyway, I might add on this IB if it breaks north!
  • #1,824
  • Jun 16, 2008 5:20am Jun 16, 2008 5:20am
Quoting Trumpcard
oh well, the USD/JPY proved me wrong - broke to the downside instead! WOnder if it will stop and reverse. I'm still in a 4hr IB long from Friday but it hasn't done much. Cable looking good for those who took it! A nice fast break.
Is that an IB at 0500 EST for the Usd/Jpy (long only)?
Indicators show the past. Price Action "Indicates" the future.
  • #1,825
  • Jun 16, 2008 5:25am Jun 16, 2008 5:25am
yes it is imo
  • #1,826
  • Jun 16, 2008 5:26am Jun 16, 2008 5:26am
Quoting cesare76fx
Ops, I have used the Fri evening close as reference. I knew I would get confused on a Monday morning....
All good anyway, I might add on this IB if it breaks north!
Yes, EU is undecided for me....above the day's open suggesting longs only, but a nice retrace to the SMA(60), where it consistently found resistance last session(s)...I have both long and short orders in place for this one
  • #1,827
  • Jun 16, 2008 5:31am Jun 16, 2008 5:31am
Quoting jarroo
Is that an IB at 0500 EST for the Usd/Jpy (long only)?
Hi Jim, sorry for late reply, yep it is. Hasn't been broken yet.
  • #1,828
  • Jun 16, 2008 5:39am Jun 16, 2008 5:39am
Quoting Trumpcard
Hi Jim, sorry for late reply, yep it is. Hasn't been broken yet.
No problem my friend. It just that I can't view my regular charts right now. (and it sucks).
Indicators show the past. Price Action "Indicates" the future.
  • #1,829
  • Jun 16, 2008 5:39am Jun 16, 2008 5:39am
Quoting ChowClown
Yes, EU is undecided for me....above the day's open suggesting longs only, but a nice retrace to the SMA(60), where it consistently found resistance last session(s)...I have both long and short orders in place for this one
EU long, swissy short now.
  • #1,830
  • Jun 16, 2008 5:47am Jun 16, 2008 5:47am
Quoting ChowClown
Yes, EU is undecided for me....above the day's open suggesting longs only, but a nice retrace to the SMA(60), where it consistently found resistance last session(s)...I have both long and short orders in place for this one
Added Long at 1.5443.
  • #1,831
  • Jun 16, 2008 5:47am Jun 16, 2008 5:47am
Quoting jarroo
Yes, there will be some losses, but the will be relatively small compared to the gains that we will catch.
great day shaping up....haven't had a 5%+ day for a while
  • #1,832
  • Jun 16, 2008 5:47am Jun 16, 2008 5:47am
Quoting jarroo
With that being said, I'm looking at a possibility of placing entries 4 to 6 pips above/below the IB. This may be a good quailifier to confirm the strength of the movement of Price. Depending on the currency pair this "buffer" would differ slightly i.e., 4 to 6 pips with the Euro and maybe 6 or 7 pips with the Cable.
I think it could be better to place the order at the breakout of the bar that contains the inside bar, instead of use a pips filter on the inside bar: this is the real resistance that price needs to broke in order to obtain a new trend.

I seem this is the kind of trading suggested from the famous trader Joe Ross (ledge breakout).
  • #1,833
  • Jun 16, 2008 5:48am Jun 16, 2008 5:48am
long eur and aussie, loving this, , Raz

ps if you look at ej there was tbh which would have done well as an add on point for the earlier IB buy... all I can say is CHA CHING!
Never say never.
  • #1,834
  • Jun 16, 2008 5:50am Jun 16, 2008 5:50am
Quoting Alberto_Jazz
I think it could be better to place the order at the breakout of the bar that contains the inside bar, instead of use a pips filter on the inside bar: this is the real resistance that price needs to broke in order to obtain a new trend.

I seem this is the kind of trading suggested from the famous trader Joe Ross (ledge breakout).
...interesting filter, thanks for the idea.
  • #1,835
  • Jun 16, 2008 6:10am Jun 16, 2008 6:10am
Is it possible for anyone who has been using this method for the last 3 or more weeks live to give some indication of statistics on the performance?

Thanks everyone
"Even if you fall down face first, you still went forward."
  • #1,836
  • Jun 16, 2008 6:17am Jun 16, 2008 6:17am
Hello,

One question that I dont remember reading....what if a breakout candle has enough momentum to start above the closed price of the previous day (potential long) but pushes through and ends up below it (potential short)..........there was the possibility of this scenario with the u/j today with the 6am est candle......... In such a case would it be better to wait for the next candle to confirm direction?

Thanks
Unus pro omnibus, omnes pro uno
  • #1,837
  • Jun 16, 2008 6:21am Jun 16, 2008 6:21am
Quoting juicyt
Is it possible for anyone who has been using this method for the last 3 or more weeks live to give some indication of statistics on the performance?

Thanks everyone
Good morning all, missed todays action due to personal reasons but I'm glad for the pips made by you guys so keep up the good work! Seems we hit the great support on EU and GU without breaking through we are now rebounding this week.

@juicyt: this system was given to us by an experienced trader (PeterCrowns). He has been using it forever (or close hehe). That's all the stats you really need. All you need to do is to understand it and apply it, and it's really simple as well. Please go back to the original thread and make sure to read all of his post (which sadly aren't too many). Personally (without giving any numbers) it's been absolutely great!
  • #1,838
  • Jun 16, 2008 6:23am Jun 16, 2008 6:23am
Quoting moneda
Hello,

One question that I dont remember reading....what if a breakout candle has enough momentum to start above the closed price of the previous day (potential long) but pushes through and ends up below it (potential short)..........there was the possibility of this scenario with the u/j today with the 6am est candle......... In such a case would it be better to wait for the next candle to confirm direction?

Thanks
No, in this case you would consider a break to both sides as they both are valid
  • #1,839
  • Jun 16, 2008 6:26am Jun 16, 2008 6:26am
Quoting Alberto_Jazz
I think it could be better to place the order at the breakout of the bar that contains the inside bar, instead of use a pips filter on the inside bar: this is the real resistance that price needs to broke in order to obtain a new trend.

I seem this is the kind of trading suggested from the famous trader Joe Ross (ledge breakout).
It's a way to go, but the DIBS method is about giving a good R:R and then letting profits ride. Most of the time if you take the prior bar the risk will increase and it will take longer time to reach the free ride. But you have to do what you feel fits your own trading personality. Thats what trading is about: you have to find your own way and your own understanding of things. Any method that you'll take on must feel comfortable for you so if you change it and are profitable with it so it suits you then go for it.
  • #1,840
  • Jun 16, 2008 6:30am Jun 16, 2008 6:30am
Quoting NowAndLater
@juicyt: this system was given to us by an experienced trader (PeterCrowns). He has been using it forever (or close hehe). That's all the stats you really need. All you need to do is to understand it and apply it, and it's really simple as well. Please go back to the original thread and make sure to read all of his post (which sadly aren't too many). Personally (without giving any numbers) it's been absolutely great!
Thanks for your fast reply. I have read all but the last few weeks and just thought someone might give a general update on progress. The real reason I ask is because Peter only trades 4 pairs and almost everyone by the sounds of it are trading any pair, so I thought I'd try and find out how that has been going.
"Even if you fall down face first, you still went forward."
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