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The DIBS Method... No Free Lunch continues

  • #1,841
  • Jun 16, 2008 6:33am Jun 16, 2008 6:33am
Quoting juicyt
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.
I trade only the majors as well (EU, GU, UJ and UC) and I have been doing very nice. Now I have my own filter as well so I'm not doing it 100% by the book so to speak and I'm conservative, but I've had far more winners than losers and the account have increased along with the results.
  • #1,842
  • Jun 16, 2008 6:50am Jun 16, 2008 6:50am
Quoting NowAndLater
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.

Well said NAL.

Learning and studying a method is one thing, applying consistently is another. This is why we practise this method and fit it in with our own style of trading. Over time, we will develop confidence and "feel" to make it our own (or your own).

Let me say again "Over time". Remember this method is not new, but we have only been practising it for less then two months.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,843
  • Jun 16, 2008 6:50am Jun 16, 2008 6:50am
Quoting Oksana17
Hello traders!!!
I've made the indicator better, I hope. Oksana17.

Hi Oksana, could you kindly insert 2 external variables to you indicator?

1. The number of bars on which to draw the lines, after the inside bar (not to the next inside bar).
2. A pip filter to up or down shift the lines, as support or resistance to broke.

Thank you!
  • #1,844
  • Jun 16, 2008 6:52am Jun 16, 2008 6:52am
Quoting razldazl
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!
Mondays have been great for the DIBS trades.
Indicators show the past. Price Action "Indicates" the future.
  • #1,845
  • Jun 16, 2008 7:14am Jun 16, 2008 7:14am
nyone thinks this vlid DIBBS?
Attached Image (click to enlarge)
Click to Enlarge Name: 7.gif Size: 9 KB
  • #1,846
  • Jun 16, 2008 7:15am Jun 16, 2008 7:15am
Quote
I trade only the majors as well (EU, GU, UJ and UC) and I have been doing very nice. Now I have my own filter as well so I'm not doing it 100% by the book so to speak and I'm conservative, but I've had far more winners than losers and the account have increased along with the results.
AND WOT IS THE FILTER FRIEND. CAN'T STOP LEARNING NEW THING
  • #1,847
  • Jun 16, 2008 7:19am Jun 16, 2008 7:19am
Quoting trustGod1234
nyone thinks this vlid DIBBS?
No it's not . Can you tell me why?
Indicators show the past. Price Action "Indicates" the future.
  • #1,848
  • Jun 16, 2008 7:20am Jun 16, 2008 7:20am
Right,
Ive been up since the crack of dawn today...have moved my stop on eur to the low of this last IB so I will no doubt be knocked out in a min...but I think with news coming out best to protect profits now, what do you guys usually do, move stops with the new IBs or does it depend on the day...I just dont trust this move up on eur to be honest , mind you I guess I just dont trust eur altogether these days...hehe, speak soon, Raz
Never say never.
  • #1,849
  • Jun 16, 2008 7:22am Jun 16, 2008 7:22am
Quoting jarroo
No it's not . Can you tell me why?
thanks. got to adjust quickly.
happy pips...still learning anyway
  • #1,850
  • Jun 16, 2008 7:24am Jun 16, 2008 7:24am
Quoting trustGod1234
nyone thinks this vlid DIBBS?
TG,

Looks like an upday and that would be a short trade....
Unus pro omnibus, omnes pro uno
  • #1,851
  • Jun 16, 2008 7:27am Jun 16, 2008 7:27am
Quoting moneda
TG,

Looks like an upday and that would be a short trade....
Correct.
Indicators show the past. Price Action "Indicates" the future.
  • #1,852
  • Jun 16, 2008 7:28am Jun 16, 2008 7:28am
Quoting razldazl
Right,
Ive been up since the crack of dawn today...have moved my stop on eur to the low of this last IB so I will no doubt be knocked out in a min...but I think with news coming out best to protect profits now, what do you guys usually do, move stops with the new IBs or does it depend on the day...I just dont trust this move up on eur to be honest , mind you I guess I just dont trust eur altogether these days...hehe, speak soon, Raz
...i'll also be out on any break south (EU) of the latest IB. Happy to take the profit and wait for the next setup if 'red' news bangs into an open trade.
  • #1,853
  • Jun 16, 2008 7:31am Jun 16, 2008 7:31am
Quoting moneda
TG,

Looks like an upday and that would be a short trade....
yep
thanks

already scalped that one and left. will be watching

news in few minutes...right?
  • #1,854
  • Jun 16, 2008 7:41am Jun 16, 2008 7:41am
How pretty is that.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #1,855
  • Jun 16, 2008 7:43am Jun 16, 2008 7:43am
Quoting jarroo
How pretty is that.

Very.....i missed the early ibs but got in on this one
  • #1,856
  • Jun 16, 2008 7:56am Jun 16, 2008 7:56am
Quoting Naijafx
AND WOT IS THE FILTER FRIEND. CAN'T STOP LEARNING NEW THING
That filter is not one per say. Fundamentals is one thing. The dollar was strong last weak mostly because the Feds been talking about interest rate hikes, and that will improve the USD. Because the overall trend on the majors was in favour of the USD I stayed out of the trades on wedsnesday when there were a correction (but there were still some pips to be made, but none of the trades could run too long). Another filter is support and resistance. On Friday the GU and EU was close to their major support levels and thats why I didnt enter any trades (I was already in those trades from previous day and "riding"), beacuse I wanted to wait for the break or bounce of those levels to get a more "risk-free" trade. As you saw the correction due to those supports started already on Friday and has continued today.
I also use fibs and pivot points (daily, weekly and monthly) and also look at the average daily ranges. I will usually not take a DIBS that is after a big move on a day (close or above the daily average range) or if it's to close to or above daily pivots such as m0, s2, r2 and m5 which I consider to be intraday takeprofit levels. Often we reach these points and the average daily range many hours after the daily open and since we are only looking for DIBS in the first 6-9 hours, the time of the day is another good filter. I use the fibs from yesterday to determine where we could see a continuation or a reverasal point in the short-term trend, and looking at bigger fibs for the big overview. Last I will look at how much each pair has moved in %-age compared to the daily and weekly open to determine which currency is the "hot hand".

Today (missed the first vital hours) I would have been looking for a continuaiton of the reverse from the big EU and GU supports, and although its against the short-term trend I would've gone with what price would have given me along with my technicals.

Too much rambling I feel, and I'll give it a rest for now.
  • #1,857
  • Jun 16, 2008 7:57am Jun 16, 2008 7:57am
WOW, that looks fantastic.

Can't wait until next week, get to trade all day long, no more work!!!
The customer is always right!
  • #1,858
  • Jun 16, 2008 8:15am Jun 16, 2008 8:15am
nice day so far
  • #1,859
  • Jun 16, 2008 8:22am Jun 16, 2008 8:22am
Hi People,

Been looking at ya thread over the last week and it looks very interesting.
Im very impressed by todays realatively "stress free" trading results and wish Good Luck to one and all.

I also had a good read over at the other thread yesterday: http://www.forexfactory.com/showthread.php?t=56907 and collated quite a few of Peters excellent posts.

Please find them attached here and feel free to add or modify.
Just hope they help everyone here.

Take care,

Doubletop
Attached File(s)
File Type: zip Peter Crowns.zip   479 KB | 1,358 downloads
  • #1,860
  • Jun 16, 2008 8:29am Jun 16, 2008 8:29am
Quoting doubletop
Hi People,

Been looking at ya thread over the last week and it looks very interesting.
Im very impressed by todays realatively "stress free" trading results and wish Good Luck to one and all.

I also had a good read over at the other thread yesterday: http://www.forexfactory.com/showthread.php?t=56907 and collated quite a few of Peters excellent posts.

Please find them attached here and feel free to add or modify.
Just hope they help everyone here.

Take care,

Doubletop
Doubletop,

Nice work, thanks for taking the time to do this.
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