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The DIBS Method... No Free Lunch continues

  • #2,621
  • Jun 23, 2008 8:25am Jun 23, 2008 8:25am
Hello,


Jump off the e/u , u/chf and u/j ... maybe when I am in a better place as a trader I would let this situations ride until the market takes me out but for now I am happy with my results and will be looking for more tomorrow.. I want to thanks you all for helping me stay "on track".

Unus pro omnibus, omnes pro uno
  • #2,622
  • Jun 23, 2008 8:28am Jun 23, 2008 8:28am
Quoting HUnter123
yes' i've seen this.
do you take all the DIBS ? because taking short EUR/USD and long USD/CHF is basicly trading the same move.
BTW ' the second DIBS on EUR/USD short 1.5513 was very close to the SL (23 pips of the DIB) but still a good trade and a free ride.
glad for you.
No I don't take all DIBS trades. It's up to the individual trader.
Indicators show the past. Price Action "Indicates" the future.
  • #2,623
  • Jun 23, 2008 8:32am Jun 23, 2008 8:32am
Quoting kimmy
hi jaroo

sorry if this dumb question but what exactly do you mean OFF the open ?

thanks to everyone for your replies
cheers
kim

The prior IB(s) have to be within the Open of the day. Usd/Cad Open of the day was 1.0146.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #2,624
  • Jun 23, 2008 8:34am Jun 23, 2008 8:34am
Swissy 4hr. Risk to reward 1:4 and 1:5
Attached Image
  • #2,625
  • Jun 23, 2008 8:55am Jun 23, 2008 8:55am
Quoting jarroo
The prior IB(s) have to be within the Open of the day. Usd/Cad Open of the day was 1.0146.

oh sure ...i am with you now .....thanks !
  • #2,626
  • Jun 23, 2008 9:02am Jun 23, 2008 9:02am
Quoting HUnter123
ok. like i said the first DIB was too early for me although it was a perfect one, it is not common the big move starts long time before the european banks open.
the second one from an hour ago refers to my question about daily average on EUR/USD.
there was a DIB no doubt but the trade was much riskier after such a big move.
dont you take the daily average under consideration when you enter such a trade?
thx.
I tend to watch for DIBS setups that occur in relation to the 21 EMA. If price is near the EMA, the setup seems to have further to run. Even better is when I see a short/long signal when the price is significantly above/below the 21 EMA. I already have the 21 on my charts as a trailing stop aid, so it was natural to notice how it related to the entries too.
There are several ways to arrive at the same conclusions. Anything that consistently keeps you on the right side of the market will work... as long as you apply it consistently and don't go 'method shopping' just because you take a few whacks.
As far as taking a setup on EUR versus CHF, I tend to favor the one that is farther away from its weekly open, as that is the 'hotter hand'. If there is some notable difference in their relations to their respective 21 EMAs, that gets considered too. Also, I tend to favor the EUR a bit because its spread is generally 60% lower, and there is far more open interest. The moves, however, aren't always strictly opposite. One need only peek at the EUR/CHF cross to convince oneself of that.
Happy trading! (Sure is shaping up to be a nice day... I could use it after last week!)
  • #2,627
  • Jun 23, 2008 9:04am Jun 23, 2008 9:04am
seems to have been a great day for the dibs, some nice trades today.

Cant wait for trading tomorrow to see what the market holds for everyone. Thanks once again Jaroo!
  • #2,628
  • Jun 23, 2008 9:25am Jun 23, 2008 9:25am
It appears this thread is the fastest growing thread in fx factory. I want to thank those that brought this system to our view and the promoters. U are touching lives in many ways.

It is said that "wherever the carcase is, there the eagles will be gathered"
  • #2,629
  • Jun 23, 2008 9:38am Jun 23, 2008 9:38am
Euro hourly DIBS trade shaping up, 3rd one today
  • #2,630
  • Jun 23, 2008 9:40am Jun 23, 2008 9:40am
I've not traded this method for a while but I thought some people might find the last version of the indicator I was using useful.

I think the only difference to the ones I've already posted is this one shows the weekly opening.

Hope it helps.

Lux

PS: I am not supporting this indicator at the present time.
Attached File(s)
File Type: mq4 DIBS_TriggerLines1.2.mq4   10 KB | 1,392 downloads
MT4 EA, Indicator and Alert Coder Since 2006
  • #2,631
  • Jun 23, 2008 9:51am Jun 23, 2008 9:51am
Quoting luxinterior
I've not traded this method for a while but I thought some people might find the last version of the indicator I was using useful.

I think the only difference to the ones I've already posted is this one shows the weekly opening.

Hope it helps.

Lux

PS: I am not supporting this indicator at the present time.
Thanks Lux as always.
Indicators show the past. Price Action "Indicates" the future.
  • #2,632
  • Jun 23, 2008 10:22am Jun 23, 2008 10:22am
Hi Luxinterior, many thanks for you indicator!

I use 6.00 GMT as opening time, but I’m trying to edit your code to plot IB when they are formed before the 6.00 GMT.

To do this, the program can ignore the opening line (because is formed not yet) and plot the lines when an IB is formed on 1.00 GMT, or 2.00 GMT, or 3.00 GMT, or 4.00 GMT, or 5.00 GMT.

Then, if during the 6.00 GMT bar the price triggers these lines, we can open a trade. I seem that these trades are often profitable!

Are you able to update your indicator? To me is quite difficult!

Thank you
Alberto
  • #2,633
  • Jun 23, 2008 11:20am Jun 23, 2008 11:20am
Lux...

Hey, thanks for the indicator, its really helpful. I might be setting it up wrong, but it seems to update one bar after an inside bar is made. In other words, if 9:00-10:00 is an inside bar, then it will show the line at 11:00. Also, I can't seem to get the sound alert to work. Is anybody else having the same issue, or am I doing something wrong?

Caleb
  • #2,634
  • Jun 23, 2008 11:41am Jun 23, 2008 11:41am
Quoting hxcjf
EUR/USD: Only trade long DIBS setups and with long term holding. DIBS often form at important levels of support and resistance, and I'll be watching for long DIBS setups at 1.5640, 1.5550, and 1.5500. 1:1 on half, let the other half ride. COT slightly bullish. EUR/USD is like a beach ball being held under water by mean reversion traders who just can't seem to believe that it could go any higher...watch them run for cover (literally) on the next challenge of 1.6000.
...liked the look of the IB around 4hr support, so long EU now (despite being below the 5/6am open ).
  • #2,635
  • Jun 23, 2008 11:49am Jun 23, 2008 11:49am
Quoting luxinterior
I've not traded this method for a while but I thought some people might find the last version of the indicator I was using useful.

I think the only difference to the ones I've already posted is this one shows the weekly opening.

Hope it helps.

Lux

PS: I am not supporting this indicator at the present time.
Thanks, Lux...
Many share my views with me. But I don't share them with them...
  • #2,636
  • Jun 23, 2008 12:57pm Jun 23, 2008 12:57pm
what is the est usa hours, you guys trade this system ? please anyone
thanks
  • #2,637
  • Jun 23, 2008 1:31pm Jun 23, 2008 1:31pm
Quoting poliforex
what is the est usa hours, you guys trade this system ? please anyone
thanks
I take trades on the hourly timeframe from 2am edt until 12pm edt. That's 1am est to 11 am est. This means I'll initiate new trades until just before the London close. On longer term setups (H4 and up), I don't worry much about the time of day, just the price.
  • #2,638
  • Jun 23, 2008 1:53pm Jun 23, 2008 1:53pm
Much aprecciate.
  • #2,639
  • Jun 23, 2008 3:55pm Jun 23, 2008 3:55pm
Anyone can explain to me this strange orders?
As you can see from the picture, the high of the last bar is 1.0156 but the orders were placed @ 1.0159. How is it possible? The order price is higher then the bar's high.
Attached Image (click to enlarge)
Click to Enlarge Name: error.gif Size: 58 KB
  • #2,640
  • Jun 23, 2008 4:23pm Jun 23, 2008 4:23pm
Quoting Alberto_Jazz
Anyone can explain to me this strange orders?
As you can see from the picture, the high of the last bar is 1.0156 but the orders were placed @ 1.0159. How is it possible? The order price is higher then the bar's high.
When you buy you have to add the spread. Same thing when you set the stoploss (since you are buying back after a sell).

I wasn't around FF today but I've been trading (less than usuall) and had a good day. Just in now to check up on the progress of the thread - great job today DIBS'ers! I will be on FF less time the coming two weeks and my trades will be less, so in the mean time hope you guys have a great time and when I do comeback fulltime I'll start to contribute to this great thread again.

To all new guys. Please read through the first post on this thread. It has all the information for you to get started, and do read the entire thread. But to start of focus on the first post and EVERYTHING there, make sure to not miss ANYTHING. It'll answer 99% of your answers.

Cheers
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