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The DIBS Method... No Free Lunch continues

  • #2,081
  • Jun 18, 2008 2:26am Jun 18, 2008 2:26am
Sorry to post that!

As I was writing you two guys must have been quicker.

Nothing like bringing a point home!

Al
  • #2,082
  • Jun 18, 2008 2:26am Jun 18, 2008 2:26am
or a pip or two!
  • #2,083
  • Jun 18, 2008 2:29am Jun 18, 2008 2:29am
Quoting Freewheelin
With MBT you don't have to worry about triggering SL during low liquidity times. Most of the time your order won't be filled. But if you want to be on the safe side: Under "Preferencies" ---> "Order Entry" you can choose between 2 methods of stop entries. You should change it from "first touch" to "trade through".
Check this option and what it means (attached).
Hope this helps a little.
Hey Freewheelin thanks, yeah that does help out alot. I'm going to give it a try thanks!
  • #2,084
  • Jun 18, 2008 2:30am Jun 18, 2008 2:30am
rpas

yes, with hindsight -lol- you would have gone long gbpusd at 8.00BST, but the rule is that you trade short if the price is below the day open......which it was. I have a short position on limit order....will cancel at 9.00am.
  • #2,085
  • Jun 18, 2008 2:32am Jun 18, 2008 2:32am
that have probably been posted before but may be of benefit (again)

Quoting PeterCrowns
-Freestyler-

For this question:
At the beginning of each trading session, when price is moving just under or above (sometimes both) yesterday's close, do you look for breakouts in one direction? both directions?

Yes, at this point I am looking to buy above an inside hourly bar where the breakout point is above yesterday's close (and today's open) or sell below the low of an hourly inside bar below the open of today.

These trades have the MOST potential for the day. Think TREND DAY!

- PeterCrowns -
and

"Ask yourself, when does the market open? I use 00:00 CST or 06:00 GMT as my open. Believe me, if you are off 1 hour due to Daylight Savings time it is not going to be a problem.

No, I don't take trades before the session opening bar. I will take trades within the opening session bar, if the previous hourly bar is an inside bar."

"I will use ANY true advantage I can get, inside information, perfect mathematical tipping points in the direction of where the market is destined to go (my usual edge),"

and

" I am definitely not perfect, but I do not trade on hope. Just the facts of price and statistics with no spin on them."
  • #2,086
  • Jun 18, 2008 2:32am Jun 18, 2008 2:32am
Quoting jarroo
No, not long. The IB is below the Opening Price of the day (0100 EST). So we would only take the break of the bottom of that IB not the break of the top.
Ok.... Thanks a ton for highlighting the mistake I made ....

Now feeling a bit better .....

So its a shorting candidate if it goes below 1.9500 (the low of the opening candle )

So you would have added more shorts to your previous position if it hadn't stopped out ?

So the Trade happens only if it breaks below 1.9500 ?

Thanks a lot to all here .....

Cheers
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #2,087
  • Jun 18, 2008 2:35am Jun 18, 2008 2:35am
Hi Jarroo, have you change your entry time?
I seem the Inside Bar you mentioned this morning was formed on 4.00 GMT...
  • #2,088
  • Jun 18, 2008 2:38am Jun 18, 2008 2:38am
and my favorite one which has intrigued me the most and driven me crazy trying to find answers unsuccessfully on Google is this:

..."And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills...."

So if not all breakouts are the same, does anybody (other than PC) know about different types of IB breakouts?

For example, would a bullish IB (whose close was near the top of the preceding bar AND the preceding bar was also bullish and above the day's open) be a better breakout choice?
  • #2,089
  • Jun 18, 2008 2:38am Jun 18, 2008 2:38am
hey guys,

this is not a read only thread.

You all can give us your piece of thoughts.
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  • #2,090
  • Jun 18, 2008 2:39am Jun 18, 2008 2:39am
rpas
In reply to your last post, the opening price at 6.00 BST was 1.95369 on Oanda - so only SHORT if price below this, and only LONG if price trades above this. If your post refers to the 7.00-8.00 candle, then you are correct.
  • #2,091
  • Edited 3:09am Jun 18, 2008 2:46am | Edited 3:09am

Jarroo,
I have resting limit orders for the usd/chf (long) and gbp/usd (short),
do I leave those in place for now and wait to see if IB is formed on opposite side before removing?
Thanks in advance.
  • #2,092
  • Jun 18, 2008 2:50am Jun 18, 2008 2:50am
Quoting Alberto_Jazz
Hi Jarroo, have you change your entry time?
I seem the Inside Bar you mentioned this morning was formed on 4.00 GMT...
No the Open of the day is the same 0600 GMT (0100 EST). I played that IB (0400 GMT) off the Open of the day.
Indicators show the past. Price Action "Indicates" the future.
  • #2,093
  • Jun 18, 2008 2:52am Jun 18, 2008 2:52am
Hi All!

Peter mentioned using penants also to confirm break outs.

I have spotted one on the USD/CAD.

This is more of a wedge I think but could be a good sign!

Al

It also has a couple of DIBS
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  • #2,094
  • Jun 18, 2008 2:55am Jun 18, 2008 2:55am
Quoting jarroo
No the Open of the day is the same 0600 GMT (0100 EST). I played that IB (0400 GMT) off the the Open of the day.
What about USDCHF ??

There was an IB formation in the previous bar of the opening candle ...

How do you go about it ??
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #2,095
  • Jun 18, 2008 2:55am Jun 18, 2008 2:55am
just so i m on the same page as u guys we start looking for ibs the open of the hour candle b4 the eurozone opens ,
which on the g/u would have been 1.9535,
thanks in advance
andrew
Survive & Preserve
  • #2,096
  • Jun 18, 2008 2:56am Jun 18, 2008 2:56am
Quoting Trumpcard
and my favorite one which has intrigued me the most and driven me crazy trying to find answers unsuccessfully on Google is this:

..."And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills...."

So if not all breakouts are the same, does anybody (other than PC) know about different types of IB breakouts?

For example, would a bullish IB (whose close was near the top of the preceding bar AND the preceding bar was also bullish and above the day's open) be a better breakout choice?
I believe he was talking about other breakout trading, i.e., trendline breakouts, S/R level breakouts, channel breakouts, etc. And that Inside Bar breaks give better trade risk and profit potentiial, (2-5 times the edge).
Indicators show the past. Price Action "Indicates" the future.
  • #2,097
  • Jun 18, 2008 3:00am Jun 18, 2008 3:00am
Quoting rpasupathy
What about USDCHF ??

There was an IB formation in the previous bar of the opening candle ...

How do you go about it ??
Quite difficult to take those (there are two previous on my chart) as their high is the same as open price... you would have had to jump on practically as soon as the candle opened and started upwards... but it went up 21 pips anyway
  • #2,098
  • Jun 18, 2008 3:00am Jun 18, 2008 3:00am
Quoting rpasupathy
What about USDCHF ??

There was an IB formation in the previous bar of the opening candle ...

How do you go about it ??

See judith's trade.


http://www.forexfactory.com/showpost...postcount=2049
Indicators show the past. Price Action "Indicates" the future.
  • #2,099
  • Jun 18, 2008 3:02am Jun 18, 2008 3:02am
thanks for clearing that up for me Jim. Would still be interesting to know whether there are different types of IBs...
  • #2,100
  • Jun 18, 2008 3:03am Jun 18, 2008 3:03am
for Jarroo

Quoting Trumpcard
No, I don't take trades before the session opening bar. I will take trades within the opening session bar, if the previous hourly bar is an inside bar."
So you trades the 5.00 GMT opening bar because the previous 4.00 GMT was an IB, is it right?
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