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The DIBS Method... No Free Lunch continues

  • #2,121
  • Jun 18, 2008 4:10am Jun 18, 2008 4:10am
Thanks NAL, Jarroo, House and others for all the help........ I am sorry if I have been asking too many questions which are repetitive....

I will sit and go through the thread once again till I understand it fully ...

Cheers
The One Who Makes The Thunder Roar Also Hears A Butterfly Sigh - Ruzbeh
  • #2,122
  • Jun 18, 2008 4:11am Jun 18, 2008 4:11am
Quoting NowAndLater
To all the new guys on this thread, I understand you have questions and a lot of them. Here are my questions to all of you:
Have you read PC's posts, all of them more than one time?
Before posting a question - have you read through the this thread?

If you have answered yes to both questions - here's the next question:
Have you made sure you have understood what whas said or did you just read the pages to get through the threads and be "up-to-date"?

It's mindblowing to think that this thread has over 2100 posts, and still I see the same questions over and over again: what time, up or down, how many bars, exit strategy and so on. Just this morning I had to read through 5 pages just to keep up with the thread and most of them were not needed if you just had read and made sure you understood what you read (read again and again until you do understand). I have to commend Jarroo for all his patience but I feel that it's getting way out of hand.

I have only been trading 6 month and my journey up to now has been all about reading, looking at charts, studying and trying to understand what I was being told. Today I feel much more comfortable with my trading (of course as time and experience are my best friends), but the only reason is because I try to understand. And I'm still learning as I maybe have gained 1% (?) of PC's understanding.

Here's my last quesion: Did PC tell us why this method works, how it works and if it's succesful? If you answer "yes" to all of these questions than you have read and understood, if not please read again.
Hi NAL,

I understood everything that you have mentioned.

However I think what has confused the matter is the start time of dailiy sessions, open lines etc as everyone here is from a different time zone.

It has been confused more with daylight saving time also.

I have read through the thread a couple of time now so I can understand everything that has gone on.

The one thing that still needs clarification is this:

Peter Crown has said

The opening time is as I stated: GMT 06:00 or EST 01:00.

For anyone still reading this link for DIBS info:

If you have some extremely good reason (like tons of intraday data going back 35 years, and statistical variance maps that indicate something I haven't discovered already---) that indicates a different time for starting your trading day, please go ahead and use it. That will be your own little edge.

Otherwise, you might just want to try using the above mentioned starting time.

-PeterCrowns-

and


Fourth--

Quote:
Was that 6am London time or GMT time, as there is a 1 hr difference b/w them now due to day light savings? Also, will you take trades before the session opening bar, and after your arbitrary 9-10 hours have passed from the day before? ie say, at about 4am there is a valid entry signal, will you take that or wait till after 6am to take ur trades?
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.

Think I'm being arbitrary about being willing to trade just the first 9-10 hours? Check out the last 20 years of intraday market action. The first 10 are the hours when 90% of the trends that actually develop WILL develop.

Think about that for a few minutes. Perhaps you might figure out other strategies that might be profitable to you.

I hope some of this has been helpful to some of you.

-PeterCrowns-

This ultimately means that depending on your thoughts of what should be the opening time to trade you go only one hour back to see if it is an indside bar.

If you start at 6.00 GMT you can look at a break of the 5.00 GMT candle if it is an inside bar.

This is my understanding - please correc tme if I am wrong.

Al
  • #2,123
  • Jun 18, 2008 4:13am Jun 18, 2008 4:13am
Hello,

From what I see atm...the best thing is to sit on my hands and wait for a new IB to form between the hours suggestes by PC. Do you guys agree?

Unus pro omnibus, omnes pro uno
  • #2,124
  • Jun 18, 2008 4:14am Jun 18, 2008 4:14am
Quoting NowAndLater
To all the new guys on this thread, I understand you have questions and a lot of them. Here are my questions to all of you:
Have you read PC's posts, all of them more than one time?
Before posting a question - have you read through the this thread?

If you have answered yes to both questions - here's the next question:
Have you made sure you have understood what whas said or did you just read the pages to get through the threads and be "up-to-date"?

It's mindblowing to think that this thread has over 2100 posts, and still I see the same questions over and over again: what time, up or down, how many bars, exit strategy and so on. Just this morning I had to read through 5 pages just to keep up with the thread and most of them were not needed if you just had read and made sure you understood what you read (read again and again until you do understand). I have to commend Jarroo for all his patience but I feel that it's getting way out of hand.

I have only been trading 6 month and my journey up to now has been all about reading, looking at charts, studying and trying to understand what I was being told. Today I feel much more comfortable with my trading (of course as time and experience are my best friends), but the only reason is because I try to understand. And I'm still learning as I maybe have gained 1% (?) of PC's understanding.

Here's my last quesion: Did PC tell us why this method works, how it works and if it's succesful? If you answer "yes" to all of these questions than you have read and understood, if not please read again.
Thanks NAL.

I will start directing people to find the answer themselves. It's the best way to learn.
Indicators show the past. Price Action "Indicates" the future.
  • #2,125
  • Jun 18, 2008 4:17am Jun 18, 2008 4:17am
Quoting ACartwright
This ultimately means that depending on your thoughts of what should be the opening time to trade you go only one hour back to see if it is an indside bar.

If you start at 6.00 GMT you can look at a break of the 5.00 GMT candle if it is an inside bar.

This is my understanding - please correc tme if I am wrong.

Al
Agreed...i'm using 6am UK time, regardless of daylight savings. As PC said, it probably won't matter in the scheme of things.
  • #2,126
  • Jun 18, 2008 4:18am Jun 18, 2008 4:18am
Quoting moneda
Hello,

From what I see atm...the best thing is to sit on my hands and wait for a new IB to form between the hours suggestes by PC. Do you guys agree?

  • #2,127
  • Jun 18, 2008 4:19am Jun 18, 2008 4:19am
Quoting NowAndLater
To all the new guys on this thread, I understand you have questions and a lot of them. Here are my questions to all of you:
Have you read PC's posts, all of them more than one time?

I agree with you NAL!
My advice to you is not to waste your energy on this.
It has always been like this and it'll always be, even if you start ignoring question like: "what is an IB?"
New people will learn and go, and new people will come and ask, and the old veteran will keep re-directing to post1, in this case to another entire thread.
As you said you like to read, you probably read the most popular thread in this Forum, don't you see this everywhere?
This thread will become one of the most visited thread in the Forum, give it time.... and why? because it's genuine, raw, price action, and IT PIPS!
So, trying to re-direct already answered question would be a never ending story. That's why they have Trading Room section in this forum.
  • #2,128
  • Jun 18, 2008 4:21am Jun 18, 2008 4:21am
Quoting ChowClown
Agreed...i'm using 6am UK time, regardless of daylight savings. As PC said, it probably won't matter in the scheme of things.
Exactly!

I am only going as far back as 5.00 GMT (if it is an inside bar) and no further!

Al
  • #2,129
  • Jun 18, 2008 4:40am Jun 18, 2008 4:40am
Hi all!
Is an IB that exits the range of the big candle like the case her is valid?
should we take a short below 1.9500?
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  • #2,130
  • Jun 18, 2008 4:41am Jun 18, 2008 4:41am
Nothing like keeping simple rules simple, hay Al.
Good Trading
  • #2,131
  • Jun 18, 2008 4:46am Jun 18, 2008 4:46am
We might have an IB forming on the beast! 20 minutes to go, in that case we need a break of the 211.50 area
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  • #2,132
  • Jun 18, 2008 4:50am Jun 18, 2008 4:50am
Quoting cesare76fx
We might have an IB forming on the beast! 20 minutes to go, in that case we need a break of the 211.50 area
Cesare,

I have an IB before the current candle also.

Al

BTW how do you get your screen shots so crisp?????????
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  • #2,133
  • Jun 18, 2008 4:57am Jun 18, 2008 4:57am
4 hour IB on Cable to watch out for. Price is almost back where it was at the start of the week.
Perhaps a good opportunity to short...
Attached Image
  • #2,134
  • Jun 18, 2008 4:58am Jun 18, 2008 4:58am
Quoting ACartwright
Cesare,

I have an IB before the current candle also.

Al

BTW how do you get your screen shots so crisp?????????
I looked at the previous IB as well,just 1 or 2 pips off which doesn't worry me, but not break of that

Regarding the chart, I use MT4, when I save a picture of the chart I get multiple options and i choose to save "active chart (as is)", hope that help
  • #2,135
  • Jun 18, 2008 5:04am Jun 18, 2008 5:04am
Quoting Trumpcard
4 hour IB on Cable to watch out for. Price is almost back where it was at the start of the week.
Perhaps a good opportunity to short...
Nice one TC. I'm now short GU off the 7am(UK) IB.
  • #2,136
  • Jun 18, 2008 5:05am Jun 18, 2008 5:05am
Beast pushing down even considering a positive £ news, CBI +1.
This pair is scary, I'll keep watching
  • #2,137
  • Jun 18, 2008 5:11am Jun 18, 2008 5:11am
Quoting HUnter123
Hi all!
Is an IB that exits the range of the big candle like the case her is valid?
should we take a short below 1.9500?

anyone?
you are all talking about cable
  • #2,138
  • Jun 18, 2008 5:14am Jun 18, 2008 5:14am
Quoting ChowClown
Nice one TC. I'm now short GU off the 7am(UK) IB.
Moved stops to b/e on GU, it's had enough time to shift, so not worth risking anything on that one now, imo.

Short EU too now, stops still in the starting blocks.
  • #2,139
  • Jun 18, 2008 5:17am Jun 18, 2008 5:17am
I have been watching / reading this for a while I have taken my first (demo) shot at it, opened eur/usd short 1.5470 any other takers?? what stop loss have you guys got on this (if it is a signal).
  • #2,140
  • Jun 18, 2008 5:17am Jun 18, 2008 5:17am
Quoting cesare76fx
Beast pushing down even considering a positive £ news, CBI +1.
This pair is scary, I'll keep watching
yes, it's taking GU's lead atm.
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