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The DIBS Method... No Free Lunch continues

  • #2,341
  • Jun 20, 2008 12:22am Jun 20, 2008 12:22am
Quoting ChowClown
...yes and free riding now, so it can do what it likes

Yep... free ride now at Japan Airlines.... early birds on Friday...

Cheers!
Many share my views with me. But I don't share them with them...
  • #2,342
  • Jun 20, 2008 12:27am Jun 20, 2008 12:27am
Quoting Naijafx
Good morning all,

Anybody in UJ short? well let's see how it goes, if it will break the intra-day pivot.

happy pipping
It was a good short I believe I missed it though. UJ had been in a range between 108.06-107.84 from 1500GMT yesterday to 700GMT today (25 min ago). A nice DIBS, which also can be seen on H4.
  • #2,343
  • Jun 20, 2008 12:27am Jun 20, 2008 12:27am
Quoting ChowClown
...yes and free riding now, so it can do what it likes
it's a free ride now, but it looks it might retrace back.

BK
  • #2,344
  • Jun 20, 2008 12:30am Jun 20, 2008 12:30am
Quoting HouseTrader
Yep... free ride now at Japan Airlines.... early birds on Friday...

Cheers!

where did you enter?
below the IB at 107.85?
it didnt go down too much
  • #2,345
  • Jun 20, 2008 12:31am Jun 20, 2008 12:31am
Quoting NowAndLater
It was a good short I believe I missed it though. UJ had been in a range between 108.06-107.84 from 1500GMT yesterday to 700GMT today (25 min ago). A nice DIBS, which also can be seen on H4.
Agree, my friend... saw the 4H too... Would two minds be right this time?

Cheers!
Many share my views with me. But I don't share them with them...
  • #2,346
  • Jun 20, 2008 12:35am Jun 20, 2008 12:35am
Quote
...yes and free riding now, so it can do what it likes

I have also joined you in the free ride to bank of pips. it it eventually breaks through the decision zone, o'lboy! we are in basket full of pips i can assure you that.

thanks bro
  • #2,347
  • Jun 20, 2008 12:35am Jun 20, 2008 12:35am
chowclown could you post a chart for your UJ set up please?

I have read in the DIBS threads where you can consider a buy if the day open price is above yesterday's close price and the price is above the open after an IB. Reverse for a sell.
It appears that in many cases the difference in previous day close and new day open is only a pip or two. Is this couple of pips worthy of such a 'filter'?This is what I understood Peter to mean when he mentioned trend is up if the price is above previous day close and the trend is down if the price is below previous day close.
Any comments on this?
Cheers.
  • #2,348
  • Jun 20, 2008 12:37am Jun 20, 2008 12:37am
Quoting HUnter123
where did you enter?
below the IB at 107.85?
it didnt go down too much
My IB was 107.95-107.87, spread is 3 pips, risk is 8+2+3 = 13 pips, entry would have been 107.86, 1:1 is 107.73 and it's a free bird (too bad I missed it)
  • #2,349
  • Jun 20, 2008 12:39am Jun 20, 2008 12:39am
Quoting NowAndLater
My IB was 107.95-107.87, spread is 3 pips, risk is 8+2+3 = 13 pips, entry would have been 107.86, 1:1 is 107.73 and it's a free bird (too bad I missed it)
just now it reached 107.71 which is 1:1 if you have 2 pips spread(i dont).
  • #2,350
  • Jun 20, 2008 12:42am Jun 20, 2008 12:42am
Nice DIBS trade on the Usd/Jpy guys (and gals).

It is definitely the "hot hand" today. Other pairs are not as strong (trending wise). Well maybe the Euro but not as strong as the Yen.
Indicators show the past. Price Action "Indicates" the future.
  • #2,351
  • Jun 20, 2008 12:42am Jun 20, 2008 12:42am
Quoting HUnter123
where did you enter?
below the IB at 107.85?
it didnt go down too much
My broker's IB range was H:107.94, L:107.86.... entered at 107.85, risking 8 pips (not considering the spread...), banked 2/3 at 107.74... after all, today is Friday, better to get a free ride quick...
Many share my views with me. But I don't share them with them...
  • #2,352
  • Jun 20, 2008 12:43am Jun 20, 2008 12:43am
Quoting candyman
chowclown could you post a chart for your UJ set up please?

I have read in the DIBS threads where you can consider a buy if the day open price is above yesterday's close price and the price is above the open after an IB. Reverse for a sell.
It appears that in many cases the difference in previous day close and new day open is only a pip or two. Is this couple of pips worthy of such a 'filter'?This is what I understood Peter to mean when he mentioned trend is up if the price is above previous day close and the trend is down if the price is below previous day close.
Any comments on this?
Cheers.
The daily open is the open price of the aqua line at the 7 o'clock bar. The previous bar was an IB with the range of the two lime lines (the two yellow lines was the tight range UJ was in). Our daily open broke the IB to the downside below the daily open and it was never above the daily open, perfect DIBS!
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.JPG Size: 109 KB
  • #2,353
  • Jun 20, 2008 12:47am Jun 20, 2008 12:47am
Quoting HouseTrader
My broker's IB range was H:107.94, L:107.86.... entered at 107.85, risking 8 pips (not considering the spread...), banked 2/3 at 107.74...

nice trade guys!
i can see interbank had the worst quotes from the brokers here
do you enter from first pip? dont you give it 2-3 pips to filter noises?
  • #2,354
  • Jun 20, 2008 12:54am Jun 20, 2008 12:54am
Quoting NowAndLater
The daily open is the open price of the aqua line at the 7 o'clock bar. The previous bar was an IB with the range of the two lime lines (the two yellow lines was the tight range UJ was in). Our daily open broke the IB to the downside below the daily open and it was never above the daily open, perfect DIBS!
Nice NAL. I like when they break and never look back.

Nice chart, suitable for framing.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #2,355
  • Jun 20, 2008 12:57am Jun 20, 2008 12:57am
There was an IB on the 4hr EUR chart from yesterday that was broken today. Free ride now up 30 pips.
  • #2,356
  • Jun 20, 2008 12:59am Jun 20, 2008 12:59am
Quoting jarroo
Nice NAL. I like when they break and never look back.

Nice chart, suitable for framing.

Jim
Print it and frame it my friend!
This was a clean break. I was looking at other things (working on another system as well which looks very good) and wasn't looking at UJ at all untill I saw the break and that's when I draw the lines.
  • #2,357
  • Jun 20, 2008 1:00am Jun 20, 2008 1:00am
Missed this one due to self discipline according to the DIBS aapproach, or am I mistaken?
See Oanda chart, blue vertical line denotes the GMT 6.00 candle, by which time the earlier IB had already been broken by the GMT 5.00 candle.
My Oanda chart is BST, I have a GMT clock on my desktop.........

so, am I in error, or should I have jumped in at GMT 5.00 when I saw the IB on the 4.00-5.00 candle???

Comments? Advice?
Attached Image (click to enlarge)
Click to Enlarge Name: UJ2006.gif Size: 36 KB
  • #2,358
  • Jun 20, 2008 1:00am Jun 20, 2008 1:00am
well done dave,everyone seems to be getting pips thats awesome

andrew
Survive & Preserve
  • #2,359
  • Jun 20, 2008 1:03am Jun 20, 2008 1:03am
Quoting HUnter123
nice trade guys!
i can see interbank had the worst quotes from the brokers here
do you enter from first pip? dont you give it 2-3 pips to filter noises?

Yep, enter 1 pip from IB's limit... After you are in, the trade management is at your discretion. If I had followed the rules strictly my TP should be a little lower, and I would have banked 50%. Today is Friday, going to work later, not much time to be at screen babysitting the trade... so, I decided to bank 2/3 a little earlier, to get a quicker free ride.

From the 1st post...

Quote
Where to put the buy and where to put the sell:
First rule: We buy on a break of an IB if price is above the daily open and sell if it’s below.
Where to put the buy and sell has no where been discussed in great detail. Put the buy/sell 1 pip outside the IB range and remember to add the spread.
Example: IB range is high @ 1.5500 and low @ 1.5400. Buystop: 1.5501 + spread, SL 1.5399, BE 1.5603 + spread. Sellstop: 1.5399, SL 1.5501 + spread, BE 1.5297.
Cheers!
Many share my views with me. But I don't share them with them...
  • #2,360
  • Jun 20, 2008 1:07am Jun 20, 2008 1:07am
Anyone catch the E/J and GBP/CHF trains? I didn't but they're also doing nicely.
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