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The DIBS Method... No Free Lunch continues

  • #2,541
  • Jun 23, 2008 2:20am Jun 23, 2008 2:20am
Quoting HouseTrader
Nice trade, Jim....

I wasn't able to be an early bird on EUR today.... but still got a free ride on Swissy (on 30m...) let's see how it goes...

Cheers!
HT

I wasn't able to catch any trade tonight. Damn real job. Hot hands look like the Euro,Swissy and Loonie. DIBS loves Mondays.
Indicators show the past. Price Action "Indicates" the future.
  • #2,542
  • Jun 23, 2008 2:26am Jun 23, 2008 2:26am
Quoting jarroo
Damn real job
Oh, that one I must agree 200% with you...

Last week I lost 2 good DIBS days cause I had some hard time at job and simply couldn't wake up

But that's OK... DIBS is here to stay.... and Mr. Market will always be there... we can alway catch the next bus, if we don't get burned chasing the lost ones!

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #2,543
  • Jun 23, 2008 2:26am Jun 23, 2008 2:26am
Quoting Scot Pippin'
I thought he used 06 GMT as the open of his session and looked back to the opening of the day to judge whether he is up/down and shud be lookin buy/sell...still little confused
Scot,
Go to timeanddate.com/worldclock and you can see the current gmt time as well as just about every other major city. GMT is currently four hours ahead of est in the U.S. (New York City time) and one hour behind London time. If you look at Peter Crown's post from May 1 titled "Dibs trade of the month" and look at the line in the sand for the start time, it is clearly 1 am est, 5 gmt. That's what I did. I just compared my chart to his. Simple enough. I hope this helps.

Cheers!
  • #2,544
  • Jun 23, 2008 2:31am Jun 23, 2008 2:31am
Thanks Davema,
Yea when I look at 0500 GMT and compare to 04 IB it makes sense . I knew there was some reason i had to wake up at 1 EST.
"Whether you think you can or can't, you're right." Henry Ford
  • #2,545
  • Jun 23, 2008 2:36am Jun 23, 2008 2:36am
Quoting Scot Pippin'
Thanks Davema,
Yea when I look at 0500 GMT and compare to 04 IB it makes sense . I knew there was some reason i had to wake up at 1 EST.
You're welcome. Good trading.http://www.forexfactory.com/images/icons/icon7.gif

Dave
  • #2,546
  • Jun 23, 2008 2:41am Jun 23, 2008 2:41am
Thats what I did too.
Quoting davema
Scot,
Go to timeanddate.com/worldclock and you can see the current gmt time as well as just about every other major city. GMT is currently four hours ahead of est in the U.S. (New York City time) and one hour behind London time. If you look at Peter Crown's post from May 1 titled "Dibs trade of the month" and look at the line in the sand for the start time, it is clearly 1 am est, 5 gmt. That's what I did. I just compared my chart to his. Simple enough. I hope this helps.

Cheers!
FF journal: Peaks and Troffs
  • #2,547
  • Jun 23, 2008 2:52am Jun 23, 2008 2:52am
what a perfect IB in the GBP .
I hope you were awake to take it, i didnt
where are the good old days when those big moves occured during the london session?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 13 KB
  • #2,548
  • Jun 23, 2008 2:58am Jun 23, 2008 2:58am
Which IBs that mate?
Quoting HUnter123
what a perfect IB in the GBP .
I hope you were awake to take it, i didnt
where are the good old days when those big moves occured during the london session?
FF journal: Peaks and Troffs
  • #2,549
  • Jun 23, 2008 3:05am Jun 23, 2008 3:05am
Quoting bogus
Which IBs that mate?

of 03:00 AM GMT .
short at 197.30
  • #2,550
  • Jun 23, 2008 3:07am Jun 23, 2008 3:07am
Quoting davema
Scot,
Go to timeanddate.com/worldclock and you can see the current gmt time as well as just about every other major city. GMT is currently four hours ahead of est in the U.S. (New York City time) and one hour behind London time. If you look at Peter Crown's post from May 1 titled "Dibs trade of the month" and look at the line in the sand for the start time, it is clearly 1 am est, 5 gmt. That's what I did. I just compared my chart to his. Simple enough. I hope this helps.

Cheers!
Hi Davema!

I like the discussion about the open time in this forum. Why, because many traders say they use the 06.00 gmt open, but that's wrong!!!! Everybody uses the 05.00 gmt open as line in the sand. And that's ok, but it's 06.00 london open and I think that most newbees have problems because they read gmt instead of london time. I think that it is important to look at the london open because thats the start of the biggest currency market. DST or not!
But how PC said that's also not so important.
Erkro
  • #2,551
  • Jun 23, 2008 3:09am Jun 23, 2008 3:09am
Quoting moneda
Hello,

There are several economic news releases between 3:30-4:00 est with the euro...we will see how it will affect this trade.
Looks like we were on the right side of the news!


Bogus: I was just glancing at your profile at the very moment "Kentucky Rain" was playing.
  • #2,552
  • Jun 23, 2008 3:11am Jun 23, 2008 3:11am
ok. I've got a 2 pip difference on my charts. Different feeds maybe. You're taking them off 00GMT I take it?
Quoting HUnter123
of 03:00 AM GMT .
short at 197.30
FF journal: Peaks and Troffs
  • #2,553
  • Jun 23, 2008 3:13am Jun 23, 2008 3:13am
LOL. Great song, but the photos bogus.
Quoting billflet
Looks like we were on the right side of the news!


Bogus: I was just glancing at your profile at the very moment "Kentucky Rain" was playing.
FF journal: Peaks and Troffs
  • #2,554
  • Jun 23, 2008 3:13am Jun 23, 2008 3:13am
Quoting bogus
ok. I've got a 2 pip difference on my charts. Different feeds maybe. You're taking them off 00GMT I take it?

indeed 0:00 GMT is the daily open .
i trade according to this level "short below the openning, long above it"
  • #2,555
  • Jun 23, 2008 3:15am Jun 23, 2008 3:15am
fair nuff
Quoting HUnter123
indeed 0:00 GMT is the daily open .
i trade according to this level "short below the openning, long above it"
FF journal: Peaks and Troffs
  • #2,556
  • Jun 23, 2008 3:21am Jun 23, 2008 3:21am
Quoting erkro
Hi Davema!

I like the discussion about the open time in this forum. Why, because many traders say they use the 06.00 gmt open, but that's wrong!!!! Everybody uses the 05.00 gmt open as line in the sand. And that's ok, but it's 06.00 london open and I think that most newbees have problems because they read gmt instead of london time. I think that it is important to look at the london open because thats the start of the biggest currency market. DST or not!
But how PC said that's also not so important.
Erkro
Exactly my friend. http://www.forexfactory.com/images/icons/icon7.gif
  • #2,557
  • Jun 23, 2008 3:40am Jun 23, 2008 3:40am
Quoting erkro
Hi Davema!

I like the discussion about the open time in this forum. Why, because many traders say they use the 06.00 gmt open, but that's wrong!!!! Everybody uses the 05.00 gmt open as line in the sand. And that's ok, but it's 06.00 london open and I think that most newbees have problems because they read gmt instead of london time. I think that it is important to look at the london open because thats the start of the biggest currency market. DST or not!
But how PC said that's also not so important.
Erkro
A worthy discussion which some have tired of without actually making the point you have. All that is written is the day starts at 06:00 gmt. However many charts posted here start at 05:00 gmt as indeed are many trades taken, like the eur/usd today.

If London opens at 8.00 o'clock their local time and they now have bst, would that not make the open 07:00 gmt? Frankfurt opens an hour earlier. As to who opens at 05:00 gmt I have no idea, but we all need to draw the same line in the sand. Those who keep posting links to world clocks have not comprehended these discrepancies, (no offence) but confusion will continue.
Good Trading
  • #2,558
  • Jun 23, 2008 3:45am Jun 23, 2008 3:45am
Seems like this time issue is a problem in most every thread. I know it certainly confuses me!

What seems to be the point of contention here is whether or not we use the time at 00 GMT or at 5 or 6 GMT as the opening price. I could be wrong but I got the impression that PC considered 00 GMT as the 'line in the sand' but did not start looking for IB's until 5 or 6 hours later. My reasoning for this is the following quote from PC in the old thread:

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close.

Likewise, I am only interested in selling a downside breakout (red line) if the breakout is below the previous close.
If I am way off-base here, please let me know so we can put this to rest once and for all.
  • #2,559
  • Jun 23, 2008 3:53am Jun 23, 2008 3:53am
Quoting aud
A worthy discussion which some have tired of without actually making the point you have. All that is written is the day starts at 06:00 gmt. However many charts posted here start at 05:00 gmt as indeed are many trades taken, like the eur/usd today.

If London opens at 8.00 o'clock their local time and they now have bst, would that not make the open 07:00 gmt? Frankfurt opens an hour earlier. As to who opens at 05:00 gmt I have no idea, but we all need to draw the same line in the sand. Those who keep posting links to world clocks have not comprehended these discrepancies, (no offence) but confusion will continue.
Bottom line is everyone is responsible for their own trading decisions and must decide what is best for themselves. All I know is that P.C. uses 1 am est/ 5 gmt for the opening as per his charts. The Real Thing, who is another professional trader that P.C. mentioned also uses the same open time. I learned this by reading his blog. It can be found at infiniteyield.com. They have decades of experience, and if this is what they use, it's probably not a bad idea if we use it. But as I said before, use what suits you best.

Cheers!
  • #2,560
  • Jun 23, 2008 3:54am Jun 23, 2008 3:54am
Quoting orion70
Seems like this time issue is a problem in most every thread. I know it certainly confuses me!

What seems to be the point of contention here is whether or not we use the time at 00 GMT or at 5 or 6 GMT as the opening price. I could be wrong but I got the impression that PC considered 00 GMT as the 'line in the sand' but did not start looking for IB's until 5 or 6 hours later. My reasoning for this is the following quote from PC in the old thread:

The white dotted lines, which are 24 hours long, start at the close of the previous day, at Midnight. I am only looking to go long on a breakout (blue line) of an inside bar if that breakout is above the previous close.

Likewise, I am only interested in selling a downside breakout (red line) if the breakout is below the previous close.

If I am way off-base here, please let me know so we can put this to rest once and for all.
Peter C:

"...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...."

...plain as day!! 6am GMT.
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