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The DIBS Method... No Free Lunch continues

  • #3,101
  • Jun 26, 2008 7:51am Jun 26, 2008 7:51am
Swissy in 10 Mins anyone....?
  • #3,102
  • Jun 26, 2008 7:53am Jun 26, 2008 7:53am
Nice play Archiphage!
"Whether you think you can or can't, you're right." Henry Ford
  • #3,103
  • Jun 26, 2008 8:06am Jun 26, 2008 8:06am
TODAY IS A LIL UP AND DOWN 4 THESE 2 CRAZY PAIRS BUT WE WON AS USUAL...THANKS TO DIBS. U FELLAS ARE GREAT!





________________________________
....IT ALL ABOUT THE BENJAMINES
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Respect a man, and he will do all the more.
  • #3,104
  • Jun 26, 2008 8:07am Jun 26, 2008 8:07am
Quoting Scot Pippin'
Nice play Archiphage!
Thanks, but I'm not going to celebrate until it gets off its @** and hits 1.5759.
  • #3,105
  • Jun 26, 2008 8:09am Jun 26, 2008 8:09am
Quoting tigertrader
Hey Alberto, better invest in a new watch. It is currently only 12:25 GMT = 13:25 London time.
:nerd:

Thank you Tiger!

Only now I have realized that yesteday I turned on Alpari demo version and this broker is set on GMT+1... I have to change my expert...
  • #3,106
  • Jun 26, 2008 9:19am Jun 26, 2008 9:19am
Quoting Scot Pippin'
I like it Dan, I was late today so I wasn't taking trades but looking at the charts last night I was planning to only take Long on EU and GU. Dibs is great for your entry but lets not forget basic Price Action. ie checking the higher time frames the day before then use Dibs to get ur position in the direction you want. This may help eliminate some early whipsaws.

PC mentioned in particular there were days going in where he was only looking for long/short on a pair.
Right, Scot!

I usually use MT4 for charting, and OANDA for trading. This morning I'm trying to use OANDA in higher TF, but they offer 3H instead of 4H.. I got 1 lose on each pair I'm trading (EUR and CHF), and took the stop and reverse, EUR at 1.5684 and CHF at 1.0343... got the free ride soon...

This MTF (not WTF) approach is a very good filter, I'm trying to adapt it to the 3H TF at OANDA, after all, the market doesn't have TimeFrames... it has Price Action... And an IB means the same on all TFs... Maybe I was too sleepy to think about only taking long at EUR, or short on CHF... that would be very discretionary. Good point!

Cheers!

HT

PS: Looks like our mood is becoming better again, early morning everybody was a little depressed....... nothing like taking some Vicodin...er... pips to stay happy again.... Just kidding, fellows!
Many share my views with me. But I don't share them with them...
  • #3,107
  • Jun 26, 2008 9:58am Jun 26, 2008 9:58am
Thankyou



With the Dibs method it is easy to do something consistently, so it is safe and valid to think this way.

Best regards

Dale


////////////////////////////////////////////////////////



Originally Posted by Dale http://www.forexfactory.com/images/buttons/viewpost.gif
Now there is one less trade between you and a winner

WOW! That's a nice call, Dale!

Never thought this way...

Cheers!

HT
__________________

... Excuse me... Is this Vicodin

  • #3,108
  • Jun 26, 2008 9:58am Jun 26, 2008 9:58am
Quoting moneda
Hello,

I have taken the time to put into eleven pages what DIBS is about according to Peter Crowns. After over 200 pages and more than 3000 posts this summary may be what the doctor ordered! If you read these pages and still have questions....well do what others committed to this method are doing ....Read...Read....Read... Practice...Practice...Practice

These are excerpts of Peter Crowns original posts. Beware that the readings of these excerpts are meant to give you the foundation to his method. There are “gems” of information not directly related to “nuts and bolts” of trading this method that I purposely omitted to make this as condensed as possible for those who are new or looking for a quick review. Hope this helps those who are looking for clarity and a return to the original message.
Upate Alert on the 1st post.

I have put this "Peter Crowns Summary", put together by Moneda, on the 1st post. It is required reading. I don't care if you read it before, re-read it.

It's the coolest thing to do. Once you practise this method and get more familiar with it and then go back and read the Summaries (and threads) again, you pick up so much that you never knew existed.

Thanks Moneda.

Nice work my friend.

Jim
Attached File(s)
File Type: doc PeterCrowns Summary.doc   69 KB | 1,697 downloads
Indicators show the past. Price Action "Indicates" the future.
  • #3,109
  • Jun 26, 2008 10:05am Jun 26, 2008 10:05am
thanks jarro.

but the folder Dibs experts is empty.
  • #3,110
  • Jun 26, 2008 10:07am Jun 26, 2008 10:07am
Any chance that the indicator DIBS triggerlines 1.1 would work on other TF's as well ?

plus, is it possible to code the alert the way it goes to the cell phone ?


btw does anybody use stop-loss below or above the previous bar of the IB not just the IB ? stop-loss is a little bigger but prevents some of the fake stops.

Sometimes when an IB has formed and the it clear that the day is either up or down (not in between) i take the trade in the direction of the day and don't wait until price breaks the IB. It's a little riskier but stop-loss is way smaller too...

thanks,

regards,

lumesh
  • #3,111
  • Jun 26, 2008 10:11am Jun 26, 2008 10:11am
Which candle...?
Dale, I thought I understood the method. Guess I am confused. Which candle triggered your trade?? Pippo




No need for confusion, the entry was not based on a inside bar.

I have clarified frurther in post 3079

Best regards


Dale
  • #3,112
  • Jun 26, 2008 10:18am Jun 26, 2008 10:18am
Quoting lumesh
Any chance that the indicator DIBS triggerlines 1.1 would work on other TF's as well ?

plus, is it possible to code the alert the way it goes to the cell phone ?


btw does anybody use stop-loss below or above the previous bar of the IB not just the IB ? stop-loss is a little bigger but prevents some of the fake stops.

Sometimes when an IB has formed and the it clear that the day is either up or down (not in between) i take the trade in the direction of the day and don't wait until price breaks the IB. It's a little riskier but stop-loss is way smaller too...

thanks,

regards,

lumesh

It's up to you, lumesh.... Peter Crowns uses the limits of the IB. Setting your SL on the limit of the previous bar, maybe you can avoid some losses/whipsaws, but then you cut your R/R and widen you Free Trade TP, and that's a huge advantage of DIBS...

Imagine a huge impulsive move followed by an IB that is 1/3 the length of the previous bar... your SL will be twice bigger (not a little bigger...), if set at the limit of the previous bar, and so will be your TP to the free ride....

If you feel comfortable doing that, no problem, but that's not the DIBS setup...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,113
  • Jun 26, 2008 10:40am Jun 26, 2008 10:40am
Quoting HouseTrader
It's up to you, lumesh.... Peter Crowns uses the limits of the IB. Setting your SL on the limit of the previous bar, maybe you can avoid some losses/whipsaws, but then you cut your R/R and widen you Free Trade TP, and that's a huge advantage of DIBS...

Imagine a huge impulsive move followed by an IB that is 1/3 the length of the previous bar... your SL will be twice bigger (not a little bigger...), if set at the limit of the previous bar, and so will be your TP to the free ride....

If you feel comfortable doing that, no problem, but that's not the DIBS setup...

Cheers!

HT
You beat me to it House.

We're looking for low risk/ high return, not high risk/high return.

Nicely explained House.
Indicators show the past. Price Action "Indicates" the future.
  • #3,114
  • Jun 26, 2008 11:09am Jun 26, 2008 11:09am
Im Getting Too Much Of This Dibs....it's Really Great! Thanks Jaroo











___________________________________________
U Can Be It.....open Your Eyes To See The Light
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Respect a man, and he will do all the more.
  • #3,115
  • Jun 26, 2008 1:19pm Jun 26, 2008 1:19pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting urchman
Im Getting Too Much Of This Dibs....it's Really Great! Thanks Jaroo


___________________________________________
U Can Be It.....open Your Eyes To See The Light
looks like that trade was on nitro - sweet
  • #3,116
  • Jun 26, 2008 2:28pm Jun 26, 2008 2:28pm
Hello all

input in the dollar amount you want to risk in this indicator and it will tell you
the:

high of the previous bar + spread + 1 point
low of the previous bar - 1 point
will calculate your lot size on a mini account,
show you the spread


Use at your own risk,

Best regards

Dale
Attached File(s)
File Type: mq4 Entryinfo.mq4   2 KB | 1,000 downloads
  • #3,117
  • Edited 8:46pm Jun 26, 2008 3:10pm | Edited 8:46pm
I don't post much... Like to say thanks to PeterCrowns and Jarroo. Because my lot size is so small here I just used a regular trailingstop and re-entered the GU trade after it rebrok previous candle.
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  • #3,118
  • Edited Jun 27, 2008 2:59am Jun 26, 2008 3:30pm | Edited Jun 27, 2008 2:59am
I am not sure why we keep getting the question about the start of the day time. The one constant in this equation is that 6:00 GMT never changes. The variables in the equation are your time zone, if you have daylight savings time and what your brokers time feed is. As I see it there are 3 possibilities for setting your start of day time.

1. Just find out what time on your trading platform corresponds to 6:00 GMT and adjust your start of day time on your trading platform to reflect 6:00GMT.
2. Change the DIBs start of day time based on the London open, which is currently GMT +1. The big money doesn't start trading until the open of the EUR session (currently GMT +2) and really kicks in when London (GMT +1) comes on line. Keep in mind you may always have to adjust your trading platform due to it's time feed. For example, some platforms are always set at GMT +2.
3. Find a broker with a time feed that is GMT = 00:00 such as Interbank. So 6:00 GMT will always be 6:00GMT on your trading platform. Then you only have to adjust the time you sit in front of your computer based on daylight savings time.

Peter Crowns charts have a time feed of 00:00 CST/USA. When he wrote his posts 6:00GMT corresponded to 00:00 CST/USA. So on his charts he would have had to adjust his start of day time once per year to account for daylight savings time in the USA. The actual start of the 24 hour period on his charts (the time feed from his broker) never changes. The thing that changes is when he decides to start his trading day based on using 6:00GMT as the start of his day. I believe all of the options I have described will provide you with many chances to take quality DIBs trades. As PC himself said, if your an hour off due to daylight savings time it really won't matter that much. Let's face the fact that not everyone on this forum will choose the start of day time as 6:00GMT.

The only reason I have posted this is because I find reading the same question over and over again page after page distracts from the overall quality of this thread. Can you image a teacher who every day would come into class and have to repeat everything he said on the first day of class. That would be really annoying to the teacher and the rest of the class. I don't think most of us mind answering questions but enoughs enough with the start of day time! It's been covered 20 times over in this thread. All you need to do is put in a few hours of your time and read the thread.
  • #3,119
  • Jun 26, 2008 4:32pm Jun 26, 2008 4:32pm
Hi guys,
have found an interesting threat here http://www.trade2win.com/boards/firs...tml#post436978.
That would be a great foundation for an EA ;-)

thx
cash4u2
Attached File(s)
File Type: pdf NR4-IB.pdf   574 KB | 1,944 downloads
  • #3,120
  • Jun 26, 2008 4:45pm Jun 26, 2008 4:45pm
I have read this and the previous thread now and I would like to say, we should get little arm bracelets that say, WWPCD , what would peter Crown do.
I just love the way he is referred to as some sort of higher being
God bless Peter Crown for giving us our daily DIBS.

This is meant to be taking as a joke. I have no intention of offending anyone, so if you are offended then get over it.

And on another note, thanks everyone for your efforts, I am new to this type of breakout so I am going to begin my adventure trading this coupled with my normal price trading methods.

Right, time to earn my way and make some mistakes , thank goodness for proper position sizing and risk management so I can afford to do some trial runs with a tiny size, who says size doesnt matter


I.PC.W.T
Survive and Preserve
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