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The DIBS Method... No Free Lunch continues

  • #2,361
  • Jun 20, 2008 3:10am Jun 20, 2008 3:10am
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
  • #2,362
  • Jun 20, 2008 3:12am Jun 20, 2008 3:12am
Quoting Trumpcard
Anyone catch the E/J and GBP/CHF trains? I didn't but they're also doing nicely.
hey trump,where is the ib on the e/j,i cant see one on the hr chart

cheers andrew
Survive & Preserve
  • #2,363
  • Jun 20, 2008 3:22am Jun 20, 2008 3:22am
"
There was an IB on the 4hr EUR chart from yesterday that was broken today. Free ride now up 30 pips.
__________________
Dave"

Bugger, I was looking hard for an excuse to get on using the 1h.
Thanks Dave
Good Trading
  • #2,364
  • Jun 20, 2008 3:23am Jun 20, 2008 3:23am
e/j using ibfx feed
Attached Image
  • #2,365
  • Jun 20, 2008 3:26am Jun 20, 2008 3:26am
Quoting Trumpcard
e/j using ibfx feed

cheers trump i didnt take cause it was b4 6gmt but good trade mate

thanks aud i will have to take more notice of the 4hr charts


andrew
Survive & Preserve
  • #2,366
  • Jun 20, 2008 3:27am Jun 20, 2008 3:27am
Thanks guys on UJ chart and entry info. I missed the IB which was the last bar prior to my '0700 alert'.
Still getting used to DIBS having read the threads over past 2 days. Keep up the good posts.
  • #2,367
  • Jun 20, 2008 3:28am Jun 20, 2008 3:28am
no prob Andrew! wish I'd taken the trade, didn't get home in time
  • #2,368
  • Jun 20, 2008 3:29am Jun 20, 2008 3:29am
Quoting Trumpcard
e/j using ibfx feed
Excellent setup. Remember guys what PC said: the eariler on the day we get in the better are our chances. So both this and UJ has been textbook so far.
  • #2,369
  • Jun 20, 2008 3:30am Jun 20, 2008 3:30am
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
  • #2,370
  • Jun 20, 2008 3:32am Jun 20, 2008 3:32am
Quoting Naijafx
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
Just one thing here brother: I know what you mean by DZ but I think a lot of other on this thread don't, so maybe mention the fib levels instead just so people won't wonder what you mean and think that it's part of this strategy and get confused? Cheers!
  • #2,371
  • Jun 20, 2008 3:39am Jun 20, 2008 3:39am
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
  • #2,372
  • Jun 20, 2008 3:51am Jun 20, 2008 3:51am
Quoting attictrader
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?
My daily open is from the hour before. It won't matter much in the long run, and so what if you missed one trade? No biggie mate. I have the same daily open as PC, how do I know? Check out the link to one of my posts on the first post of this thread, look under the question "Opening time"
  • #2,373
  • Jun 20, 2008 3:52am Jun 20, 2008 3:52am
Quoting NowAndLater
Excellent setup. Remember guys what PC said: the eariler on the day we get in the better are our chances. So both this and UJ has been textbook so far.
thanks nal,obviously this is a awesome trade,so where is ur open for the day.is it 0gmt.

thanks for all ur answers guys

andrew
Survive & Preserve
  • #2,374
  • Jun 20, 2008 3:53am Jun 20, 2008 3:53am
perhaps the e/j trade is also helped by price being up on the week's open and the month's open and in fact in a strong uptrend...
  • #2,375
  • Jun 20, 2008 4:11am Jun 20, 2008 4:11am
which leads me to think whether it would be helpful to have some little indicator thing simply stating where price is, something like:
Day: UP
Week: DOWN
Month: DOWN

so that when you have day and at least week in agreement, perhaps you have a stronger trade....who knows!
  • #2,376
  • Jun 20, 2008 4:15am Jun 20, 2008 4:15am
Quoting andrewb7
thanks nal,obviously this is a awesome trade,so where is ur open for the day.is it 0gmt.

thanks for all ur answers guys

andrew
I never use 0:00GMT for the daily open, although this has been tested for the JPY-pairs with some good results I believe. I'm in the UK so I'm happy with PC's daily open, wouldn't get much sleep otherwise...
  • #2,377
  • Jun 20, 2008 4:16am Jun 20, 2008 4:16am
hourly IB on USD/CAD, price sitting on support and day's open, forming a symmertrical triangle last few hours, price could break either way, but I'm leaning to the downside as the 4hr trend is down and the daily uptrend has been broken.

Have a good weekend everybody, I'm outta here! Happy trading
  • #2,378
  • Jun 20, 2008 4:17am Jun 20, 2008 4:17am
GU IB straddling the 6am open.
Attached Image (click to enlarge)
Click to Enlarge Name: GU 20th Jun 08 (1).GIF Size: 194 KB
  • #2,379
  • Jun 20, 2008 4:20am Jun 20, 2008 4:20am
hi all,
speaking about hot hands, I would say that the chf pairs and particularly usdchf today and in fact the last couple of days would be our star player...I took that short usdjpy...also long aussie, but from a Jacko AH trade Im in, and was nice to see an IB break up which confirmed my entry and gave me a new possible stop area. My entry on jpy was 107.84, stop at 107.98.
Cant really see what people dont get about this strat to be honest, it seems very straight forward to me. Im trading this with no indicators but I like the strength meter, although since it only gives the strength at a given moment in time you cant rely on it for overall strength as in for longer periods of time. I would really emphasize the point others have made that everyone should pick their favourite say 4 pairs and stick with those or you can go crazy trying to keep up with things...you also get a feel for how these four pairs move and for me thats important, as I have been watching only eur and more recently aussie as well and you kind of forget how volatile the different pairs you arent as used to trading can be. Once you get a feel for how they move sharp pullbacks are not as worrying. Happy trading all, and TGIF! Raz
Never say never.
  • #2,380
  • Jun 20, 2008 4:23am Jun 20, 2008 4:23am
Quoting Trumpcard
which leads me to think whether it would be helpful to have some little indicator thing simply stating where price is, something like:
Day: UP
Week: DOWN
Month: DOWN

so that when you have day and at least week in agreement, perhaps you have a stronger trade....who knows!
This is generally how you would find the hot hand, read PC's post on this. I have this little thing (made it myself ) that helps me with that. Here you go. It shows (amongst other things) how much price is up/down on the daily open, weekly open and monthly open. Just change "OpenTime" to your dailyopen hour.
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