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The DIBS Method... No Free Lunch continues

  • #2,801
  • Jun 24, 2008 3:07pm Jun 24, 2008 3:07pm
Quoting attictrader
Trailing stop hit at 1.5585 for 13 pips on second lot....had entered at 10am BST with two lots - PT1 @ 22 pips, other to run free. Saw price go up to 1.5622 late this afternoon hitting PT1 on the way, but held finger off the close button as I am trying to discipline myself to allow trades to run....did move stop up to 1.5585 to garner some additional defensive pips against the losing trades in future.

Entries are not really my problem......besides sound money management, I reckon good trading is about developing good exit strategies and managing free runners to extract good rewards. As exits are my problem area, if anyone can point me in the direction of good advice in this matter, I'd appreciate it.
thanks,
AT
Hey, AT... Then you found out the beauty of this system.... dealing with the profits....

This system gives us one of the most important things in trading... cut the losses. As often we got a free ride, "all" we had to do is, surprise... manage our profits!

I admit i was a little annoyed with today early moves, so I just entered the EUR in the 2nd chance, got my free ride and also saw it hit the sky (1.5622), then come down in a way I really don't like... IF i had pulled the trigger at the top, I could have banked some pips... now I'm watching it probably hit me to breakeven... Man I could deal with such problems my entire life....

We are in a narrowing market, ready to break. When, and what direction will the market take, is the million pip question... So I tend to make almost all my trades intraday by now, until a definition comes. So when I see a pair reaching a strong S/R level, or close to the average daily range, I'm getting out (which I did not today, cause I was at work.....). but that's a totally personal matter, we must choice the way we feel more comfortable .

Cheers!

Ht
Many share my views with me. But I don't share them with them...
  • #2,802
  • Jun 24, 2008 3:48pm Jun 24, 2008 3:48pm
i don't think it was posted before here or on the other thread.

has anyone here an indicator to show the weekly open line?

hmmm, writring this i can't remenber if Peter uses weekly open or previous close. In this case a big difference. Any thoughts?
  • #2,803
  • Jun 24, 2008 4:03pm Jun 24, 2008 4:03pm
Quote
We are in a narrowing market, ready to break. When, and what direction will the market take, is the million pip question... So I tend to make almost all my trades intraday by now, until a definition comes. So when I see a pair reaching a strong S/R level, or close to the average daily range, I'm getting out (which I did not today, cause I was at work.....). but that's a totally personal matter, we must choice the way we feel more comfortable .

Cheers!

Ht

I think that makes so much sense and goes almost exactly with my exit point using fib as chowclown described earlier.

good thinking!
makes sense
  • #2,804
  • Jun 24, 2008 4:40pm Jun 24, 2008 4:40pm
Do you count sundays as inside bars being it is only a few hours??

Dale
  • #2,805
  • Jun 24, 2008 4:44pm Jun 24, 2008 4:44pm
hello every one! through with DIBS readings (what a loooomy lesson).
First, Thanks PC for opening my eyes (just a lil ib can change lives) and bemac and jaroo .....great job .i promise to contribute my part in this never fading thread.PEACE
Respect a man, and he will do all the more.
  • #2,806
  • Jun 24, 2008 5:20pm Jun 24, 2008 5:20pm
hello, guys. found this interesting thread. i guess i am a little slow but i am still a little confused when we are actually looking for the IB. does it has to be when the market is active (after 6 gmt)? or at 2, 3, 4 gmt? sorry, i have read the first page several time, but still didnt get it

tonny
  • #2,807
  • Jun 24, 2008 5:29pm Jun 24, 2008 5:29pm
If a DIB forms between 5 - 6 gmt, you can take the break when the market opens at 6 gmt.

Note the opening price at 6GMT and only take long trades if above opening price and short trades if below.

This is how I understand the system - hope it helps.
  • #2,808
  • Jun 24, 2008 5:35pm Jun 24, 2008 5:35pm
Time to give up...

Nah joke...

You are ideally looking for setups from 6:00 GMT ( i think jarro watches from 5:00 GMT - i do as well now ).

However, if you see an inside bar BEFORE the new 'line in the sand' @ 6:00GMT, you can play it, but your reference point for direction of trade will be the previous days open price at 6:00 GMT. So, if price is below the open of the previous day (@6:00 GMT) you can play the bar short.

Maybe to start with you can just draw a vertical line @ 6 GMT each day (or use the DIBS indicator found on this thread) and only look for inside bars for the next 8-9 hours. When you have developed a feel for the strategy you can maybe think about being a little more flexible.

Cheers,
MM
"If it bleeds ... we can kill it"
  • #2,809
  • Jun 24, 2008 5:45pm Jun 24, 2008 5:45pm
thanx for the quick reply . i am still not sure what is better/more profitable though. when i checked trades made before 6 gmt i would be stopped out quite often i guess, and the target profits are bit lower. what is the latest IB you are able to accept though?

tonny
  • #2,810
  • Jun 24, 2008 5:50pm Jun 24, 2008 5:50pm
are u tamster and mmdealer trading this system live? if so what currencies?
  • #2,811
  • Jun 24, 2008 6:17pm Jun 24, 2008 6:17pm
Quoting tonny47
are u tamster and mmdealer trading this system live? if so what currencies?
Tonny - yes I am trading this system live but only for the past week. It seems to be a very good system but you need to practise it first, either with demo or small lots, as you learn which dibs most likely to be successful. This is a great thread to gain knowledge from and the traders here are very helpful.

I would not recommend taking dibs before the 6gmt open, as the markets lack volume. I trade mainly EUR/USD, GBP/USD, CHF/USD, AUD/USD and USD/JPY. However, I will consider a dibs in any pair if it looks good.
  • #2,812
  • Jun 24, 2008 6:38pm Jun 24, 2008 6:38pm
oh yeah... i like this method more and more, backtesting eur/usd looks not bad so far . lets see. i have read so many thread over my almost 2 years forex `career` but didnt find anything that suits me and gives some consistent profits. i admit i am not always patient though.
thanx for ur help tamster. many pips to you
  • #2,813
  • Jun 24, 2008 7:18pm Jun 24, 2008 7:18pm
Quoting Dale
Do you count sundays as a inside bar??

Any opinions welcome

Best Regards

Dale
Sunday bars are ignored.
Indicators show the past. Price Action "Indicates" the future.
  • #2,814
  • Jun 24, 2008 9:05pm Jun 24, 2008 9:05pm
Quoting MMDealer
Time to give up...

Nah joke...

You are ideally looking for setups from 6:00 GMT ( i think jarro watches from 5:00 GMT - i do as well now ).

However, if you see an inside bar BEFORE the new 'line in the sand' @ 6:00GMT, you can play it, but your reference point for direction of trade will be the previous days open price at 6:00 GMT. So, if price is below the open of the previous day (@6:00 GMT) you can play the bar short.

Maybe to start with you can just draw a vertical line @ 6 GMT each day (or use the DIBS indicator found on this thread) and only look for inside bars for the next 8-9 hours. When you have developed a feel for the strategy you can maybe think about being a little more flexible.

Cheers,
MM
Hi MMDealer,

I may have misunderstood how this works, too. From page 1:

IB on which hour?
You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.

I got the impression we could play the 2:00 - 5:00 GMT inside bars, but we wouldn't actually take the trade until after the new open price was defined at 6:00 GMT, and price started moving in the right direction. I know some prefer to only go back to 5:00 GMT, and that does seem reasonable. But to me it looked like the 2:00 - 4:00 bars could be played the same way, if we wanted, as legitimate DIBS trades after the new open.
  • #2,815
  • Jun 24, 2008 9:16pm Jun 24, 2008 9:16pm
Quoting Pips_Cruiser
Hi MMDealer,

I may have misunderstood how this works, too. From page 1:

IB on which hour?
You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.

I got the impression we could play the 2:00 - 5:00 GMT inside bars, but we wouldn't actually take the trade until after the new open price was defined at 6:00 GMT, and price started moving in the right direction. I know some prefer to only go back to 5:00 GMT, and that does seem reasonable. But to me it looked like the 2:00 - 4:00 bars could be played the same way, if we wanted, as legitimate DIBS trades after the new open.


Only after we got the Daily Open Price (the famous line) we can decide on which side our orders will be set (I hope we decide always set them to the right side....). That's the moment that the big players come with the big money and start to really move the market, and we are silently waiting to an opportunity to jump in and enjoy the free ride...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #2,816
  • Jun 24, 2008 9:59pm Jun 24, 2008 9:59pm
Quoting HouseTrader


Only after we got the Daily Open Price (the famous line) we can decide on which side our orders will be set (I hope we decide always set them to the right side....). That's the moment that the big players come with the big money and start to really move the market, and we are silently waiting to an opportunity to jump in and enjoy the free ride...

Cheers!

HT
Good point. Thanks for the clarification!

  • #2,817
  • Jun 24, 2008 10:13pm Jun 24, 2008 10:13pm
Quoting HouseTrader


Only after we got the Daily Open Price (the famous line) we can decide on which side our orders will be set (I hope we decide always set them to the right side....). That's the moment that the big players come with the big money and start to really move the market, and we are silently waiting to an opportunity to jump in and enjoy the free ride...

Cheers!

HT
Well said House.
Indicators show the past. Price Action "Indicates" the future.
  • #2,818
  • Jun 24, 2008 10:26pm Jun 24, 2008 10:26pm
Quoting andrewb7
thanks guys,

does anyone else use gft dealbook 360 for there charts.
seems to me there is no option to share charts

Andrew I use Dealbook and you are right - no option for uploading charts.
but you can do it if you have program mwsnap or similar. pm me if you need further help so we don't clutter thread.

joy
  • #2,819
  • Jun 24, 2008 11:48pm Jun 24, 2008 11:48pm
Hmmm... pretty full calendar for today.... I'm truly lookin forward to our placing a number of good DIBS trades in d right direction, and not get thrown off b4 d gravy train really starts runnin.

I'm a Christian, but in case u got hang-ups wiv dat, u could try D'Alembert... although goin his style could be ruinous 2 ur heart...

Good luck guyz. We r goin' 2 need it.
...learning Wisdom!!!
  • #2,820
  • Jun 24, 2008 11:55pm Jun 24, 2008 11:55pm
Do you trade the one hour inside bars only when you have a diaily inside bars

or do you trade the one hour inside bars daily following the rest of the

guidlines?


Thanx

Dale
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