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The DIBS Method... No Free Lunch continues

  • #2,981
  • Jun 25, 2008 9:53am Jun 25, 2008 9:53am
Quoting Archiphage
Stop and reverse on e/u... now short from 1.5571. At least the long had hit the b/e.

A,

We are still in a up day for the e/u eventhough price penetrated the open price by a few pips....be careful you dont become the string in a YOYO market.

Good luck
Unus pro omnibus, omnes pro uno
  • #2,982
  • Jun 25, 2008 10:01am Jun 25, 2008 10:01am
Quoting NowAndLater
Excellent post HT! I'm not in any trades either today, but that's mostly because I'm away from my computer. Just stopping by to catch up on the thread. How are those patients dear friend?
an image of the waiting room worths thousands words, my brother...

http://news.bbc.co.uk/nol/shared/spl...tion/img/1.jpg




Cheers!

Many share my views with me. But I don't share them with them...
  • #2,983
  • Jun 25, 2008 10:03am Jun 25, 2008 10:03am
Quoting moneda
A,

dont become the string in a YOYO market.

Good luck
Nice call, Moneda... That's how I felt today.... fortunately it was on demo
Many share my views with me. But I don't share them with them...
  • #2,984
  • Jun 25, 2008 10:03am Jun 25, 2008 10:03am
Hi. It's been about 3 months since Jaroo took this initiative to re-open Peter Crown's can of forex trick, a gesture which has attracted a very good following (has anyone counted the number of views and replies?). Thumbs up Jaroo.Please allow me to ask a very simple question here. I sincerely hope to get willing and honest responses:Is anyone using this method for Real Trading yet?What is the failure percentage anyone has recorded? These answers will help me a great deal.Thanks to all from whom i have learnt a lot here
  • #2,985
  • Edited 12:12pm Jun 25, 2008 10:04am | Edited 12:12pm
By HouseTrader

The perfect DIBS trade is when the big money pushes the market (an impulsive start), takes a breathe (the IB, exactly when we quietly jump in...) and then pushes strongly again, hiting our entry order and taking the price away, hitting our Free Trade TP without ever looking back. This kind of move needs a lot of fuel (the big guys decided) to work, and, IMO, that's what we don't have in a day like today.

Great post, HT. If everyone took a little time to think about what is actually happening when the price goes flat just before our day starts, what is happening to give us the IB, and what happens when the IB breaks, then the discretionary aspects of this would become much clearer.
A quick refresher study of inside bars (or inside day methods) and consolidation would go a long way toward illustrating why this system works and how trading it in its simplest form is best.
  • #2,986
  • Jun 25, 2008 10:04am Jun 25, 2008 10:04am
Quoting moneda
A,

We are still in a up day for the e/u eventhough price penetrated the open price by a few pips....be careful you dont become the string in a YOYO market.

Good luck
Yeah, maybe, but up days turn into down days all the time. This started out as a down day anyway, didn't it? This is now trip #4 across the open line. It's going to break eventually, and I intend to be there when it does. I'll take small losses and breakevens until the cows come home. Or at least until London close.
  • #2,987
  • Jun 25, 2008 10:42am Jun 25, 2008 10:42am
Hey guys, the 4 pm eod deadline has come and gone for dibs, so just something a little different, but for anyone whos looking to grab back some lost pips from today, myself included, nice reverse pin bar with s&r confluence, set up on Looney 4Hr... 20 mins till end of bar left...
  • #2,988
  • Edited 1:55pm Jun 25, 2008 10:51am | Edited 1:55pm
The smell of burnt fingers wafts gently through the corridors of my office.
  • #2,989
  • Jun 25, 2008 11:07am Jun 25, 2008 11:07am
Quoting Andigho
Hi. It's been about 3 months since Jaroo took this initiative to re-open Peter Crown's can of forex trick, a gesture which has attracted a very good following (has anyone counted the number of views and replies?). Thumbs up Jaroo.Please allow me to ask a very simple question here. I sincerely hope to get willing and honest responses:Is anyone using this method for Real Trading yet?What is the failure percentage anyone has recorded? These answers will help me a great deal.Thanks to all from whom i have learnt a lot here
I hope someone will reply to this soon?
  • #2,990
  • Jun 25, 2008 11:29am Jun 25, 2008 11:29am
Quoting Andigho
I hope someone will reply to this soon?
Would this help? http://www.forexfactory.com/showpost...1&postcount=16

Not intending to be mean...

Cheers!
Many share my views with me. But I don't share them with them...
  • #2,991
  • Jun 25, 2008 11:35am Jun 25, 2008 11:35am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting Andigho
I hope someone will reply to this soon?

I don't think it is possible to give such a rate. DIBS seems to be played in a somewhat discretionary style by most here (including myself - on demo).

Everyone will have different tolerances for risk and so will have different failure rates. Different ways in which they play a trade once it is entered. Even before all that you would have to define exactly what you mean by 'failure percentage'...

Is this a losing trade?
Is it a scratched trade?
Is it a positive trade that is less than a particular number of pips or percent profit?

It really is irrelevant if you think about it...

An example given earlier by Jarroo: 758 pips profit from an initial SL of 18 pips... that is around 42:1... there are further complexities such as the fact it was probably a BE trade after entry... and so it goes on...

You really have to start trading it and find what you are comfortable with.


Magnus
  • #2,992
  • Jun 25, 2008 12:02pm Jun 25, 2008 12:02pm
Just droppin by to say great work on putting this out... I'd rate it as one of the best trading methods... I knew about IB's before I got into DIBS but it just gave me a better understanding... The best thing I liked in here is the indicator... just saves you so much work drawing the lines on every chart every day

Aslam
  • #2,993
  • Jun 25, 2008 12:02pm Jun 25, 2008 12:02pm
Quoting Archiphage
Yeah, maybe, but up days turn into down days all the time. This started out as a down day anyway, didn't it? This is now trip #4 across the open line. It's going to break eventually, and I intend to be there when it does. I'll take small losses and breakevens until the cows come home. Or at least until London close.

A,

You can not argue the fact that "what comes up..must come down"... My wish for you and those of us that try trading today's market is that when the cows come home they have milk in them!

Good luck
Unus pro omnibus, omnes pro uno
  • #2,994
  • Jun 25, 2008 12:07pm Jun 25, 2008 12:07pm
Quoting Andigho
I hope someone will reply to this soon?

Andigho,

If you want an answer...I will give you mine....yes, Iam trading live with microlots....no...I am not in the positive pips yet..... At this point and for the rest of my trading years I will focus more on risk control ... the rest will take care of itself... The simplicity of this method does not equal immediate success... you have to practice... change old habits...look at your monthly results instead of daily and/or hourly results... and so on....

Unus pro omnibus, omnes pro uno
  • #2,995
  • Jun 25, 2008 12:56pm Jun 25, 2008 12:56pm
WOW I just read the entire Peter Crown zip Where is this guy he's brilliant!!!

Kudos for you all for keeping the thread going after he left....and to me for finally reading it.
  • #2,996
  • Jun 25, 2008 1:09pm Jun 25, 2008 1:09pm
Quoting moneda
Andigho,

If you want an answer...I will give you mine....yes, Iam trading live with microlots....no...I am not in the positive pips yet..... At this point and for the rest of my trading years I will focus more on risk control ... the rest will take care of itself... The simplicity of this method does not equal immediate success... you have to practice... change old habits...look at your monthly results instead of daily and/or hourly results... and so on....

Here, here...!
  • #2,997
  • Jun 25, 2008 1:41pm Jun 25, 2008 1:41pm
Quoting HouseTrader
Why I don't trade heavy fundamental news days... huh... like this one

I took some DIBS today (on my demo, once I personally do't feel comfortable trading those days live) and all of them got stopped out by SL or by Breakeven. Then I got to work and missed some action that could be nice, but still in a very bouncing market....And I realized that most of my losing trades were on "heavy weight" news days... Why would that happen?
Some of us are looking for back door approach to DIBS trading, a very amateur approach. If u take few DIBS trade, ur profit will reduce compared 2 ur loses, but if u take all DIBS setup, according 2 d rules, as given by Peter Crown, you will hav more profit compared to your loses.

Losing is part of trading. Using filter or whatever, only prevents u 4rm taking trades with great potentials. Keep this system simple. Some of us came out with profit 2day, simply following d RULEs.
  • #2,998
  • Jun 25, 2008 2:06pm Jun 25, 2008 2:06pm
Quoting timex83
Some of us are looking for back door approach to DIBS trading, a very amateur approach. If u take few DIBS trade, ur profit will reduce compared 2 ur loses, but if u take all DIBS setup, according 2 d rules, as given by Peter Crown, you will hav more profit compared to your loses.

Losing is part of trading. Using filter or whatever, only prevents u 4rm taking trades with great potentials. Keep this system simple. Some of us came out with profit 2day, simply following d RULEs.
Yep... I took 4 DIBS trades today. 3 on Euro, 1 on Cable, all 4 stopped out for breakeven. Frustrating, yes... but sustainable indefinitely.

(Actually, make that 5, since I'm also long USD/JPY from early this morning. b/e has been locked in, and from the looks of things is likely to be hit for the 5th scratch of the day!)
  • #2,999
  • Jun 25, 2008 2:14pm Jun 25, 2008 2:14pm
Quoting Andigho
Hi. It's been about 3 months since Jaroo took this initiative to re-open Peter Crown's can of forex trick, a gesture which has attracted a very good following (has anyone counted the number of views and replies?). Thumbs up Jaroo.Please allow me to ask a very simple question here. I sincerely hope to get willing and honest responses:Is anyone using this method for Real Trading yet?What is the failure percentage anyone has recorded? These answers will help me a great deal.Thanks to all from whom i have learnt a lot here
I'm trading this live. Giving you any figures will not help you, because you and me will never trade the same - never. Why? This is not a mechanical system. Exits are discretionary, as are which DIBS entries to take. I can say that I've had more wins than losses in term of the ratio of opened trades, but that is not what I'm interested in. Instead I'm interested in perfecting my exits so my winning trades are much much bigger than my losing trades, and so far I'm doing pretty good. That is where your focus should be on. People have to start understanding that this is what PC was telling us. He is not even interested in having a 50:50 win:loss ratio, he'll take less because overall he knows he will be a winner anyway. Risk:Reward ratio is what its all about. Start to think longterm my friends. Read PC's posts again and again.
  • #3,000
  • Jun 25, 2008 2:18pm Jun 25, 2008 2:18pm
Quoting jarroo
aahhhh that's better.
Not seeing an IB in the circle Vf. There is one at 1600 EST but that one is too late in the day.
Just got 50 pips from that trade.
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