The DIBS Method... No Free Lunch continues | Page 164 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The DIBS Method - No Free Lunch Returns 13 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

Peter Crown's DIBS method revisited 14 replies

DIBS Method EA 11 replies

Problem using Dibs EA 4 replies

Attachments: The DIBS Method... No Free Lunch continues
Exit Attachments

The DIBS Method... No Free Lunch continues

  • #3,261
  • Jun 27, 2008 4:31pm Jun 27, 2008 4:31pm
Quoting moneda
Hello Rusty,

Have you considered trading the 4hrTimeframe? You can adjust your mm to fit the larger stop losses that you would have to deal with but there will be less fakeouts . You will be looking for IBs at 4, 8 and your trades could last weeks or months. DIBS works on higher timeframes according to Peter Crowns. There are people here that are trading DIBS on the 4hr...ask them to help you strategize. Someday, I may consider doing the same.

Good luck
Nice piece of advice, Moneda... That's what I thought when I saw Rusty's post. And thanks for the kind words regarding to my statement. I forgot to mention that for me is kind of easier accept a wrong move on Forex, that's just money. In my job, a "wrong move" can cost something which's value just can not be calculated. And ALL doctors make wrong moves, that's for sure. But we also have some "stop loss" tricks to fix the situation, fortunately....... Hey.... now I went waaaaaaaaay off topic!

Returning to Rusty's question. I agree with you, a higher TF would fit him. I have took some 4H/3H trades, but we must remember to consider the Week's Open as the line in the sand. A valuable trick is to trade those small IB's that forms in overnight session. We can have some good MM, cause the SL is not that bigger, and we can even play a stop and reverse. I would be more cautious trading a bigger 4H IB, cause that would need a lot of "fuel" to hit the Free Ride. That almost excludes those high volatility pairs (the GBP beasts....). And finally, i would look for a 4H IB trade maybe from Monady to Thursday only (the concept is the same as trading the earlier hours on 1H...)

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,262
  • Jun 27, 2008 5:22pm Jun 27, 2008 5:22pm
Not long up on Sat a.m. in Oz to see that overnight the only DIBster trade I was able to put on yesterday, the GU long, hit my marks.
Thanks to all other posters in here for their insights, experiences & encouragement each day. Let's see what Monday brings...........
  • #3,263
  • Jun 27, 2008 11:34pm Jun 27, 2008 11:34pm
Greetings ,

As one looking to venture into Forex from E-minis,Ive been reading PCs posts with great interest.

Regarding this chart,this is a 33 pip trade to 450% tgt from retrace entry at 1.5753?

cordially Zone
Attached Image (click to enlarge)
Click to Enlarge Name: Chart of IDEALPRO~#EUR.USD.gif Size: 25 KB
  • #3,264
  • Jun 28, 2008 1:45am Jun 28, 2008 1:45am
do u discard Ibs that dont breakout in the direction u want the next bar

what if it broke in the direction u want like 3 bars after it?
  • #3,265
  • Jun 28, 2008 5:44am Jun 28, 2008 5:44am
Hey Doc,

The points you made about trading higher tf are a sound starting point! Rusty.... listen to Doc and start practicing! Doc dont stop adding your humor and life experiences to your posts...is a great antidote to a lot of boring moments while trading.

Let us recharge our batteries and get ready for Monday..
Unus pro omnibus, omnes pro uno
  • #3,266
  • Jun 28, 2008 5:50am Jun 28, 2008 5:50am
Quoting ezz
do u discard Ibs that dont breakout in the direction u want the next bar

what if it broke in the direction u want like 3 bars after it?
That is up to you. If you read PC's posts and look at his charts, you see that he does take IBs that have broken the other way slightly. He mentions setting his stop at the extreme of the offending bar, which does make sense to me and should to you... but he doesn't mention that as a hard and fast rule. That makes for a higher-risk trade, meaning a reduction in position size, a more distant profit target, and a serious thought about whether this is really the shot you want to take. Is the pair displaying this kind of action really the 'hot hand' anymore? Is there a better setup on another pair right now? These are things I would consider. It's totally ok to miss a move. There's always another one coming soon.
  • #3,267
  • Jun 28, 2008 6:43am Jun 28, 2008 6:43am
Could you hold a trade for this long? Think about how you would have liked to have put this trade on with just 2 mini-lots and sold one at the traditional 1:1 target. We see *daily* 238+ pip ranges in this pair pretty often. I will be watching for opportunities of this kind, rare though they may be. (Oh, and how would you have trailed your stop?)
Attached Image (click to enlarge)
Click to Enlarge Name: longcable.gif Size: 18 KB
  • #3,268
  • Jun 28, 2008 7:23am Jun 28, 2008 7:23am
Archipage, what was the idea that you could see? Thanks
Quoting Archiphage
With all open ONS trades positive, and all open DIBS trades (EUR, JPY, & GBP) in risk-free status, it looks like a nice way to end the week.

I leave you with this:
http://www.forexfactory.com/showthre...78#post1984678

Reread this post. Pay particular attention to this line:


'I was not interested in taking any short positions in the market shown, and was just looking for buys.'


The market referenced is USD/CHF on May 2, 2008. I have asked myself why PC was only interested in longs that day. I believe I have the relatively simple answer, and I also believe that I could have improved my results this week by putting that idea to use. I know that I will be utilizing the idea next week. Take care all, and Viva la DIBS!
  • #3,269
  • Jun 28, 2008 7:29am Jun 28, 2008 7:29am
Quoting Archiphage
Could you hold a trade for this long? Think about how you would have liked to have put this trade on with just 2 mini-lots and sold one at the traditional 1:1 target. We see *daily* 238+ pip ranges in this pair pretty often. I will be watching for opportunities of this kind, rare though they may be. (Oh, and how would you have trailed your stop?)
would be nice to do something like that if you're a fund manager but I think you'd more than likely come out ahead trading everyday and compounding the profits. AS far as trailing goes, I guess the same as always just that it's on the monthly timeframe so you'd be in for the long haul.
  • #3,270
  • Jun 28, 2008 8:49am Jun 28, 2008 8:49am
Quoting Archiphage
That is up to you. If you read PC's posts and look at his charts, you see that he does take IBs that have broken the other way slightly. He mentions setting his stop at the extreme of the offending bar, which does make sense to me and should to you... but he doesn't mention that as a hard and fast rule. That makes for a higher-risk trade, meaning a reduction in position size, a more distant profit target, and a serious thought about whether this is really the shot you want to take. Is the pair displaying this kind of action really the 'hot hand' anymore? Is there a better setup on another pair right now? These are things I would consider. It's totally ok to miss a move. There's always another one coming soon.
Discretion is the word... Nicely said, Archiphage...

One must never follow a system blindly... it's a recipe to disaster. Even an amazingly simple one like DIBS can burn you if you're not discretionary.

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,271
  • Jun 28, 2008 8:53am Jun 28, 2008 8:53am
Quoting Archiphage
I will be watching for opportunities of this kind, rare though they may be. (Oh, and how would you have trailed your stop?)
I'm gonna try to incorporate Mike's 2 bar trail with long term holdings. So if I feel strongly about long term on the daily I'll use the daily 2 bar trail, if I really like the weekly outlook then I'll use the weekly. If the pair is just ranging then I'll TP at higher timeframe S/R.

I wanna try to stay as simple as possible with a defined plan. See how it goes... I plan to go live next week after a year of demo.
"Whether you think you can or can't, you're right." Henry Ford
  • #3,272
  • Jun 28, 2008 9:12am Jun 28, 2008 9:12am
Quoting Trumpcard
would be nice to do something like that if you're a fund manager but I think you'd more than likely come out ahead trading everyday and compounding the profits. AS far as trailing goes, I guess the same as always just that it's on the monthly timeframe so you'd be in for the long haul.
I don't disagree that you could make more by trading more actively. We all love the game, but let's face it... it often has the feel of hard work. Also, many people aren't so fortunate as to be able to devote the kind of time it takes for success on the lower timeframes. Anyone can trade on a monthly chart, no matter how busy they are.
The stop... you'd still be in if you went with a 60-month EMA closing violation, but that's just curve-fitting. I'm sure there's a better idea out there. Just something interesting to ponder.
  • #3,273
  • Jun 28, 2008 9:14am Jun 28, 2008 9:14am
Hi guys,

Here's a nice indicator that shows useful info such as "pips to open", average daily range etc.

Another one shows "time left to the candle close" - very useful when looking at a H1 candle (e.g. if it's already IB and has 5-10 min left to close, it's a good chance it will stay IB)

Enjoy!
Attached File(s)
File Type: ex4 Time+Spread_v1_2.ex4   14 KB | 726 downloads
File Type: mq4 CandleTime.mq4   2 KB | 692 downloads
One Chart is Worth Ten Thousand Words.
  • #3,274
  • Jun 28, 2008 9:20am Jun 28, 2008 9:20am
Jim, I've just PMed you
One Chart is Worth Ten Thousand Words.
  • #3,275
  • Jun 28, 2008 9:33am Jun 28, 2008 9:33am
Quoting Archiphage
Could you hold a trade for this long? Think about how you would have liked to have put this trade on with just 2 mini-lots and sold one at the traditional 1:1 target. We see *daily* 238+ pip ranges in this pair pretty often. I will be watching for opportunities of this kind, rare though they may be. (Oh, and how would you have trailed your stop?)
Nope, Arch... Unfortunately, I know I could not hold this beauty for so long . I know my trading style (without mentioning that's the GBP beast, my "trauma"), and I believe that trends are so well seen in the rear-view mirror, IMO. I prefer, for my sake, to assume that we never know when there is a pullback, when there is a true reversal. But, my friend, that's my style, I admit that someone who is able to hold this trade for so long is light-years ahead of me , and really hope that you could be able to do it!

But I understand that I must trade according to my tools, and this such long therm ability I don't have yet...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #3,276
  • Jun 28, 2008 9:38am Jun 28, 2008 9:38am
Quoting shiva
Archipage, what was the idea that you could see? Thanks
Not to do you the potential disservice of just handing you the idea...

Think about how PC tells us the big money is made in the markets.

I mean big, big payoffs. If you don't know offhand, reread his posts until you see it. He says it as plainly and openly as can be said. He pretty much explains exactly how it is done.

Looking at that market around May 2, do you notice anything as regards the idea for getting the big payday?

(I don't expect you to answer me... just to think it through for yourself.)

Hope this helps...
  • #3,277
  • Jun 28, 2008 9:47am Jun 28, 2008 9:47am
Quoting HouseTrader
Nope, Arch... Unfortunately, I know I could not hold this beauty for so long . I know my trading style (without mentioning that's the GBP beast, my "trauma"), and I believe that trends are so well seen in the rear-view mirror, IMO. I prefer, for my sake, to assume that we never know when there is a pullback, when there is a true reversal. But, my friend, that's my style, I admit that someone who is able to hold this trade for so long is light-years ahead of me , and really hope that you could be able to do it!

But I understand that I must trade according to my tools, and this such long therm ability I don't have yet...

Cheers!


HT
You'd just do it with small size and in an account that you only check once a month. I think you'd have had positive carry this whole time too, so that would have been nice. Hey, maybe that's a good rule for when to think about selling... when they stop paying you to hold the position.

Cheers, yourself... party time approaches!
  • #3,278
  • Jun 28, 2008 9:50am Jun 28, 2008 9:50am
Hello, can anybody tell me how I can thinner the triggerlines of DIBS_TriggerLines1.2.mq4?

thx cash4u2
  • #3,279
  • Jun 28, 2008 10:00am Jun 28, 2008 10:00am
Quoting cash4u2
Hello, can anybody tell me how I can thinner the triggerlines of DIBS_TriggerLines1.2.mq4?

thx cash4u2
There you go (attached)
Attached File(s)
File Type: mq4 DIBS_TriggerLines1.2.mq4   10 KB | 1,044 downloads
One Chart is Worth Ten Thousand Words.
  • #3,280
  • Jun 28, 2008 10:42am Jun 28, 2008 10:42am
Quoting Archiphage
You'd just do it with small size and in an account that you only check once a month. I think you'd have had positive carry this whole time too, so that would have been nice. Hey, maybe that's a good rule for when to think about selling... when they stop paying you to hold the position.

Cheers, yourself... party time approaches!
Nice idea my friend.... My thick medical brain just can't think simply like this sometimes....

I really liked that. Maybe I'll give it a try, with small size indeed.... Kind of a little "Forex wage" for doing nothing, just checking sometimes... loving the idea!

Thanks! Have a great weekend!

HT
Many share my views with me. But I don't share them with them...
3 traders viewing now