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The DIBS Method... No Free Lunch continues

  • #3,001
  • Jun 25, 2008 2:25pm Jun 25, 2008 2:25pm
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.
Hey Timex, that's the beauty of the system. We don't have 2 traders that use them the same way. That's because it is a discretionary system (this is clearly stated on PC's posts and Bemac's). I guess this is the #1 rule of this system.

I feel more comfortable not using it on heavy fundamental days like today, but that's my humble opinion. Peter himself told that not all breakouts are the same, so I understand that he doesn't take all DIBS...

I never wanted it to be a flawless system without losing rows... that's too naive. Or amateur, as you said.

If you got profit today, great job! Some of us just had losses, some are at breakeven, some just traded it demo (huh.... me!)

And, finally, using it with my discretionary way, live, I'm positive on pips. (or %, whatever you prefer...)

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,002
  • Jun 25, 2008 2:56pm Jun 25, 2008 2:56pm
Those that have been trading this system for a while....
What have you found to be the most reliable Pair?
or what pairs should one avoid at least
please let us new to this style of trading know

thanks
M4X............ Hedging My Way To Profits!
  • #3,003
  • Edited 3:22pm Jun 25, 2008 3:03pm | Edited 3:22pm
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.
Pips Cruiser,

My understanding was obviously flawed! On inside bars occuring in the dead zone, i WAS referring backward for my line in the sand, rather than waiting for the NEXT open to make a play. Seems stupid in retrospect! Thanks for clarifying this point guys.

Cheers,

MM
"If it bleeds ... we can kill it"
  • #3,004
  • Jun 25, 2008 3:51pm Jun 25, 2008 3:51pm
One thing, I know all of you guys are very kind to newbies and I respect you guys for your politeness.

If an inside bar is formed between 0:00 GMT and 6:00GMT, I can use buystop and sellstop on the hourly candle bar(6:00GMT)? Or can I use buy whenever an inside bar is formed below the daily open line before 6:00GMT and sell whenever an inside bar is formed above the daily open line before 6:00GMT?

Beside, how do you guys on the eastern side of the United States manage sleep? I can hardly do this method.
  • #3,005
  • Jun 25, 2008 3:57pm Jun 25, 2008 3:57pm
Quoting M4X
Those that have been trading this system for a while....
What have you found to be the most reliable Pair?
or what pairs should one avoid at least
please let us new to this style of trading know

thanks
4 a start, you may want to restrict urself 2 d majors (usdchf, usdjpy, gbpusd and eurusd). It works very well on d majors. It also works well on other pairs like usdcad, eurjpy, ............

With time, u will find it works well on all pairs. By then, u must hav developed ur own way of identifying high probability setups. Best of luck!
  • #3,006
  • Jun 25, 2008 4:00pm Jun 25, 2008 4:00pm
Quoting Vfforexlee
One thing, I know all of you guys are very kind to newbies and I respect you guys for your politeness.

If an inside bar is formed between 0:00 GMT and 6:00GMT, I can use buystop and sellstop on the hourly candle bar(6:00GMT)? Or can I use buy whenever an inside bar is formed below the daily open line before 6:00GMT and sell whenever an inside bar is formed above the daily open line before 6:00GMT?

Beside, how do you guys on the eastern side of the United States manage sleep? I can hardly do this method.
If at 0600GMT price breaks below the IB and price is below the daily open, sell. If you get stopped out, and it breaks up above the IB and price now is above the daily open, you buy. I don't undestand what you are trying to say here: "Or can I use buy whenever an inside bar is formed below the daily open line before 6:00GMT and sell whenever an inside bar is formed above the daily open line before 6:00GMT?"
Ask HouseTrader the last question about the sleep, he's in Brazil and he'll tell you how he manages.
  • #3,007
  • Jun 25, 2008 4:28pm Jun 25, 2008 4:28pm
Quoting NowAndLater
Ask HouseTrader the last question about the sleep, he's in Brazil and he'll tell you how he manages.
I just set my cellphone to wake me up at 3am everyday and turn on the screen...

I call it the "zombie time management system"

Sometimes I forget to turn off the alarm on weekends, and the MTF (aha, this is not Multi-Time-Frame.... guess...) rings on sacred Saturday morning... Damn it! (mea culpa...I know)

that's how I do.... As the title says, there's "No Free Lunch...."

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,008
  • Jun 25, 2008 4:32pm Jun 25, 2008 4:32pm
Quoting HouseTrader
I just set my cellphone to wake me up at 3am everyday and turn on the screen...

I call it the "zombie time management system"

Sometimes I forget to turn off the alarm on weekends, and the MTF (aha, this is not Multi-Time-Frame.... guess...) rings on sacred Saturday morning... Damn it! (mea culpa...I know)

that's how I do.... As the title says, there's "No Free Lunch...."

Cheers!

HT
MTF means "More To Forum" right? No free lunch and no sleep... Anyone in need of that free coffee that was all over the first thread?

Hope you had a great weekend HT!
  • #3,009
  • Jun 25, 2008 4:39pm Jun 25, 2008 4:39pm
Quoting NowAndLater
Hope you had a great weekend HT!
Ohhhhh, yeahhhh..... I had a flashback of someone (guess who?) when I was grilling my barbeque, holding my beer, and watching the amazing lake !

Hey! You started this barbeque thing!

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,010
  • Jun 25, 2008 4:45pm Jun 25, 2008 4:45pm
3 am, what time of the arvo do you see your last patient?
Good Trading
  • #3,011
  • Jun 25, 2008 4:49pm Jun 25, 2008 4:49pm
im off to sleep after an extra smooth trade Long live DIBS.....LONG live every for the moneyflow. E/U may sleep to 1.5655 and continues from there 2morrow bye.







________________________________
It is about the hard earn ca$h every...time
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Respect a man, and he will do all the more.
  • #3,012
  • Jun 25, 2008 5:01pm Jun 25, 2008 5:01pm
Quoting aud
3 am, what time of the arvo do you see your last patient?
Around 05:00pm... office work begins at 08:00am...
Many share my views with me. But I don't share them with them...
  • #3,013
  • Jun 25, 2008 5:08pm Jun 25, 2008 5:08pm
Quoting urchman
im off to sleep after an extra smooth trade Long live DIBS.....LONG live every for the moneyflow. E/U may sleep to 1.5655 and continues from there 2morrow bye.
Hi urchman,
what indicator do you use for your nice drawings on your chart?

thx
cash4u2
  • #3,014
  • Jun 25, 2008 6:03pm Jun 25, 2008 6:03pm
Quoting jarroo
A true DIBS trade , according to Peter, is to keep the free trade going and turn it into a long term trade by catching the long term trend.

Now you can move your SL to BE or you can TS. It's up to you.
This is a link to a TP/TS method that I have used for quite some time now BUT That's what works for me.

http://www.forexfactory.com/showpost...6&postcount=28

GL & HTH

Bill
  • #3,015
  • Jun 25, 2008 6:08pm Jun 25, 2008 6:08pm
Quoting HouseTrader
Ohhhhh, yeahhhh..... I had a flashback of someone (guess who?) when I was grilling my barbeque, holding my beer, and watching the amazing lake !

Hey! You started this barbeque thing!

Cheers!

HT
Sounds awesome mate
  • #3,016
  • Jun 25, 2008 6:19pm Jun 25, 2008 6:19pm
Quoting NowAndLater
If at 0600GMT price breaks below the IB and price is below the daily open, sell. If you get stopped out, and it breaks up above the IB and price now is above the daily open, you buy. I don't undestand what you are trying to say here: "Or can I use buy whenever an inside bar is formed below the daily open line before 6:00GMT and sell whenever an inside bar is formed above the daily open line before 6:00GMT?"
Ask HouseTrader the last question about the sleep, he's in Brazil and he'll tell you how he manages.
I think you pretty much answered my hard-to-read question.

EDIT: Now I know how this works, all I need to do is to understand what a true IB is. I know what they are, but I want to know what a strong IB looks like.
  • #3,017
  • Jun 25, 2008 6:23pm Jun 25, 2008 6:23pm
Quoting HouseTrader
(mea culpa...I know)

HT
mea maxima culpa {no fish happy face.}
  • #3,018
  • Jun 25, 2008 6:28pm Jun 25, 2008 6:28pm
Here's something that I've thought about (this is when there's no major news):
When price forms an overnight range that we eventually break out from when London session opens, I like it when the range is at the bottom of a bear move or at the top of the bull move, meaning after a bear day the overnight range is formed close to the low of the day and vice verse. To me this gives more powerfull breaks and an IB here is nice to see. Think about it and you might end up at the same conclusion. When the overnight range forms after a day that moves first up and then down (or the other way around) and the range is formed somewhere in the middle of the up and down move, the trend (or what could be a trendreversal) is not so clear to see. Now all majors are at "ideal" postion and just waiting for a "clean" break. No major news untill the US session tomorrow, and we might see a reaction from the Europeans to the US interest rate statement, so I'm looking forward to tomorrow.
Good luck, but as PC said, you won't need it now that you have DIBS
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  • #3,019
  • Jun 25, 2008 6:30pm Jun 25, 2008 6:30pm
Quoting Vfforexlee
I think you pretty much answered my hard-to-read question.

EDIT: Now I know how this works, all I need to do is to understand what a true IB is. I know what they are, but I want to know what a strong IB looks like.
Just practice, practice and practise.
  • #3,020
  • Jun 25, 2008 7:39pm Jun 25, 2008 7:39pm
Quoting HouseTrader
I just set my cellphone to wake me up at 3am everyday and turn on the screen...

I call it the "zombie time management system"

Sometimes I forget to turn off the alarm on weekends, and the MTF (aha, this is not Multi-Time-Frame.... guess...) rings on sacred Saturday morning... Damn it! (mea culpa...I know)

that's how I do.... As the title says, there's "No Free Lunch...."

Cheers!

HT
Huh, that's why they called that thread. I was wondering about that.
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