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The DIBS Method... No Free Lunch continues

  • #2,181
  • Jun 18, 2008 9:50am Jun 18, 2008 9:50am
Quoting MPP
0600GMT is always 0600GMT. GMT and UTC never move all other times are +/- of GMT/UTC. ie london is currently GMT+1, your broker times are set to a GMT time and never change.
BST, DST and EST change at differrent times so can be confusing.

I believe PC uses 0600GMT at all times, this way he can set his charts up get used to where the 0600gmt open is and forget about the confusion of BST EST and so on.

set and forget, lets not make this system complicated. KISS people.
Simplicity can work both ways. I live in Texas and it's simple for me to start trading at Midnight, the year round, but I don't think that's what Crown intended. I think Crown meant that trading started at 0600 GMT- period- Winter and Summer. Both concepts are simple. The question which "simple" way are we supposed to take. I have seen every variation on this thread- from 400GMT on up. I'm going with 0600 GMT- Winter and Summer.
  • #2,182
  • Jun 18, 2008 9:52am Jun 18, 2008 9:52am
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.
oops sorry
Time hides Nothing
  • #2,183
  • Jun 18, 2008 9:56am Jun 18, 2008 9:56am
Quoting CindyXXXX
true the money management side of things is purely a personal thing I was just interested to hear how other people are interpreting this I personally would prefer to close half at a profit of 1:1 and then let it run it would bank profits in times of prolonged ranging (no trend).

And bank even more when it does trend.
Cindy,


I agree with you in that it is discretionary unless one deviates to a point that you are no longer trading Dibs... I prefer to continue using PC's mm of converting into a free trade because the main idea is to control risk and catch the trend for big profits..
Unus pro omnibus, omnes pro uno
  • #2,184
  • Jun 18, 2008 10:03am Jun 18, 2008 10:03am
Some analysis on Euro and GBP

Euro - Currently in a Bear Flag on the daily chart, and in a pennant on the hourly chart.


GBP - In a large wedge with the floor at 1.9370 from daily chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro.jpg Size: 211 KB
Click to Enlarge Name: gbp.jpg Size: 208 KB
  • #2,185
  • Jun 18, 2008 10:05am Jun 18, 2008 10:05am
Quoting MPP
Each of us have our own way of managing money, but to answer this. By closing at 1:1 you are not banking profit, you are covering the potential loss of the second half, thus making the trade a free runner - this way you will either break even or make profit, but you will not loss once a trade make 1:1.

I personnally prefer to close 2/3rds and let the last 1/3 run free. this banks a little profit.
I'm using this approach too. Guarantees some profit, especially in a choppy market very close to some strong S/R levels that we are facing. Thanks to that, I banked some profits on USD/CHF today before stop out.

Again, the "Daily Open Monster" ... I agree and use 06:00 GMT, period.

This week has not been so nice to DIBS... except for Monday... But, as we say here in Brazil, "Not every Holy Day is a holiday..." Got burned again on GBP, damn it!

As I try to aply the KISS philosophy, EUR, CHF and JPY has been kinder to me... that's all I need, so I'm going to let this GBP thing to someone else... Poor my Psychanalyst... I'm tired to chase the Pound...

That's another good point, IMO... We don't have to chase every pair available. Peter said he just trades the big ones. Why? Cause we need solid breakouts, and this has more probability to happen when the big market movers are interested...

Cheers!
Many share my views with me. But I don't share them with them...
  • #2,186
  • Jun 18, 2008 10:20am Jun 18, 2008 10:20am
Quoting HouseTrader
As I try to aply the KISS philosophy, EUR, CHF and JPY has been kinder to me... that's all I need, so I'm going to let this GBP thing to someone else... Poor my Psychanalyst... I'm tired to chase the Pound...


Cheers!

I am in total agreement and those 3 have become the go to currency's with me. With the CHF really becoming my favorite and this week the markets is a mess. but for the 3 weeks before the chf paid the bills. Yes I would love to jump into a GBP or GJ or EJ dib and bank 150 plus pips. But for me...those 3 are a mess right now and add much more risk to my trading
  • #2,187
  • Jun 18, 2008 10:26am Jun 18, 2008 10:26am
Quoting MPP
0600GMT is always 0600GMT. GMT and UTC never move all other times are +/- of GMT/UTC. ie london is currently GMT+1, your broker times are set to a GMT time and never change.
BST, DST and EST change at differrent times so can be confusing.

I believe PC uses 0600GMT at all times, this way he can set his charts up get used to where the 0600gmt open is and forget about the confusion of BST EST and so on.

set and forget, lets not make this system complicated. KISS people.
Indicators show the past. Price Action "Indicates" the future.
  • #2,188
  • Jun 18, 2008 10:29am Jun 18, 2008 10:29am
Also burned by GBP this morning......57 demo pips gained yesterday across three currencies, 81 live pips lost today on one!......only small pennies on Oanda while I build up skills in DIBS.
Tomorrow is another day!
  • #2,189
  • Jun 18, 2008 10:32am Jun 18, 2008 10:32am
Oh, and am in complete agreement with Jaroo, NAL and others.......newbies need to read, read and read again before asking questions to which they already have the answers earlier in this and the other thread.

Lets all go forward successfully!
  • #2,190
  • Jun 18, 2008 10:34am Jun 18, 2008 10:34am
Maybe some of the regular contributors to this thread could pool together some time and consolidate all those commonly asked questions and do up a post for Jarroo to post it on the first page. i would be willing to volunteer
  • #2,191
  • Jun 18, 2008 10:40am Jun 18, 2008 10:40am
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.
Guess i picked the wrong day to ask about the offside rule then, eh...?
  • #2,192
  • Jun 18, 2008 10:59am Jun 18, 2008 10:59am
Quoting eltrader
Guess i picked the wrong day to ask about the offside rule then, eh...?


  • #2,193
  • Jun 18, 2008 11:08am Jun 18, 2008 11:08am
Quoting dwkm
Maybe some of the regular contributors to this thread could pool together some time and consolidate all those commonly asked questions and do up a post for Jarroo to post it on the first page. i would be willing to volunteer

I thought doubletop had made a valiant stab at this here -

http://www.forexfactory.com/showpost...postcount=1859

posted june 16 2.22pm London time = 13.22GMT + 1 at the moment

  • #2,194
  • Jun 18, 2008 11:26am Jun 18, 2008 11:26am
Quoting **straddle**
I thought doubletop had made a valiant stab at this here -

http://www.forexfactory.com/showpost...postcount=1859

posted june 16 2.22pm London time = 13.22GMT + 1 at the moment

Well if people would only read, wonder what the world would look like?

Quoting eltrader
Guess i picked the wrong day to ask about the offside rule then, eh...?
Maybe you should ask the same question tomorrow, would that suit you better? I think the people who haven't read the thread might be back then to ask the same questions...


On a more serious note. I'm going to put together something tonight and I'll have a word with Jarroo and hopefully we can put something on the first page of this thread. Hopefully then all future questions would have been answered and we could just refer to the first page of the thread everytime someone new comes. I understand that so many are interested in this thread, and I'm glad I was there when it all began. Believe me I had the same questions as all of you, but if we are going to have the same discussions over and over again, well then... Anyway I think this will solve a lot of the issues that people are having.
  • #2,195
  • Jun 18, 2008 1:48pm Jun 18, 2008 1:48pm
Hi Guys,
there are many EA requests for me about this "DIBS" method. I can't just code all of them, and know that it's just something that wasn't tested for a long time. If You know for sure that it will help the EA, then reply here in this thread. Thanks,
Dan.
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
  • #2,196
  • Jun 18, 2008 2:17pm Jun 18, 2008 2:17pm
Just to mention.... don't try this at home

Does anybody caught the IB on EUR/USD later?

Forgive me Lord, cause I have practiced a mortal sin...

I got the trade on 30M, on a 2nd perverted IB.... shame on me...

Cheers...

HT
Many share my views with me. But I don't share them with them...
  • #2,197
  • Jun 18, 2008 2:31pm Jun 18, 2008 2:31pm
I've recently read through the original DIBS thread and all the basic rules set out by peter - haven't read any of the additions or changes made since then, because personally, if it worked for him for so many years, i'm not reinventing the wheel.

As far as the open time goes.. I'm going with 6gmt during non DST hours, and 5gmt with DST hours. the reasoning being: the reason that time is significant is because its when the european financial centers start to trade. and from what i've heard, (please correct me if im wrong), they adjust their time with DST as well. So if traders are going to work at their local time of 8am for example.. they wont show up to work at 9am or 7am after a DST shift. They'll continue going to work when their clock says 8am.. thats the point lol. So if the financial centers are shifting their clocks.. so am I.

So to summarize.. with no DST.. 6gmt = 1am EST. So i'll keep using 1am EST as the open.. whether its 6gmt or 5gmt depending on the season.

But also - if you remember peter's early posts.. one hour wont make a huge difference. Given, some days theres a big difference.. but not sure it's that important in the long run.

__
- nick andre -
  • #2,198
  • Jun 18, 2008 2:44pm Jun 18, 2008 2:44pm
Quoting HouseTrader
Just to mention.... don't try this at home

Does anybody caught the IB on EUR/USD later?

Forgive me Lord, cause I have practiced a mortal sin...

I got the trade on 30M, on a 2nd perverted IB.... shame on me...

Cheers...

HT
House,
If I understand your "perverted" method, it looks like the second perverted IB was the 11:30 est candle and you would have entered above 1.5507. It looks like you had some good confluence: It retraced about 50% of the last 30 minute swing and about 38.2% from today's low. I like your style. You use discretion and actually think and plan before you trade. Maybe you could repost that special H.S. EA for everyone's benefit.http://www.forexfactory.com/images/icons/icon7.gif
By the way, do your patients know that you practice these "perverted" methods?http://www.forexfactory.com/images/icons/icon10.gif
Cheers, Dave
  • #2,199
  • Jun 18, 2008 2:45pm Jun 18, 2008 2:45pm
Quoting Oksana17
Hi Guys,
there are many EA requests for me about this "DIBS" method. I can't just code all of them, and know that it's just something that wasn't tested for a long time. If You know for sure that it will help the EA, then reply here in this thread. Thanks,
Dan.
Hi, Oksana,
about your EA development, please see this post
http://www.forexfactory.com/showpost...postcount=2030
some suggestions and some problems during backtesting
Thank's
I don't say
  • #2,200
  • Jun 18, 2008 2:57pm Jun 18, 2008 2:57pm
Out of trading hours for the system but we had some lovely IB on the chf pairs at around 4pm UK time. I took a few pips on the usd/chf, chose this one as the eur and the gpb were strong against the $. At the end, all of them would have worked. I have closed half with 15pips and running the rest at BE.
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