The DIBS Method... No Free Lunch continues
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
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...
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
Archiphage, thanks
A few hours of reading made me reach a conclusion that the answer lies among the following PC Gems. Now I have no idea how right I am or wrong, only trading according to these will provide me with confirmation
-------------------------
finding the low risk “place to stand” is crucial.
For me, DIBS has proven to be one currency pairs that have more money interest behind them move more. And they will move more when the locations that house the money have daylight
look at the spreads to trade a certain pair. If it is wide there isn't as much interest.
I know that the main currencies are these: Eur/Usd, Gbp/Usd, Usd/Chf, Usd/Jpy. I trade them almost exclusively.
profits are made by sitting, not trading..
"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!" - Jesse Livermore
I only like to take trades that have low risk and are in the direction of least resistance, the main trend
There are consequences for trading correctly. Exponential profits!
If the market doesn't reverse and take out the initial trade stop, I will use the 20 period moving average (displayed) as a trailing stop. I have seen just one trade like this one provide half the year's profits for a good trader, by just following it up with a trailing
stop.
Don't get too excited yet... could be another six years before we see one in a pair with an appropriate rate differential! Just something to keep an eye on and remember when you find yourself saying 'This damned pair that I'm trading with hourly DIBS has only moved in a range of 250 pips all month!'
You have a good weekend too.
ps: I still kick myself a bit whenever I think of where you are... I sold my Copel in 06 at around $11.50 after having bought it in 04 for $2.93. The ADR trades on the nyse under ELP... no idea what the bovespa symbol is or how it looks in reals, but I'm sure it was too early to sell in either currency!
That's life, it happens and we are still learning... 
That's not quite what I'm thinking of. Find the place where he talks about how traders can make thousands of pips. Not that what you are looking at isn't important in its own right.
Have you tried the First Strike method? It's a good way to condition yourself to holding trades. You hold them for a week--that's longer than I ever did. I trade FS with small size.
Thanks, Bill
And you could also throw in some benzodiazepines for good measure.
This subject of holding on to the free trades and letting them run seems to have become a favorite in this thread... rightfully so, too.
On the other hand, I see nothing wrong with taking profits more frequently.
...
In the end, and while I think that letting trades run will give you larger profits than working on a day-by-day basis, I don't know if they will be significantly larger.
If you move your SL, then you are taking "interim" profit.
In fact, Karmo (look him up on FF) said price aften retraces to SMA5 on H1 - if does indeed. So, if you look beyond one method (say, DIBS) and develop a "feel" for retracements (there are tools to help you - Guppy is one of them, and indeed a good one), you can increase the profit by 20-30% (with, albeit, equal increase in risk...). 
- e.g. take a look at QQE indicator (especially in conjunction with Momentum one) - look Auslanco's thread up on FF - as a good way to determine whether the day is "up" or "down". You then take a lot of guessing out of IBs, and improve the "winning" rate (yeh, yeh, it's not important, but doesn't hurt either )I agree with PipAdder.
If the trend reverses (say, after 3-4 days) and stops all the "free trades" out - what was the point of having them "on" and wasting those 3-4 days?
" I let each trade ride or get stopped out by the existing stop- Or the Trailing Mechanism I am using for that market. My trailing stops ultimately define my profits." p.c.
Obviously he does not simply let unrealized gains evaporate as implied by your statement.
Also, with many pairs (not even to mention "yo-yo"s like GBP/CHF) you have "retracements" of up to 100-120 pips whilst the trend (e.g. weekly) one is still "on". If you view such large retracements as "trends" in their own right, that's extra 100pips+ for you.
" The thing you need to be thinking of, if you are interested in doing something like this- is to find some robust method for trailing your longer term positions." p.c.
Also makes it obvious he does not normally trade the gbp/chf.
Don't limit yourself to just what was said by PC - he is a GREAT trader (judging from the knowledge he so kindly shared with us all), but he did say one should do what feels rights for someone. So, don't be afraid to add to DIBS
Nothing wrong with adding whatever a person wants, You can find thread after thread where this is the norm. To each his/her own..
And one could sleep better at night with nothing "pending"... You can always re-open your positions in the morning if the trend was confirmed - losing a few pips on commissions is better than losing one's sleep...
Just my 2 pips...
I think it is safe to believe that P.C. has been there and done quite a bit.
My thought was simple - if something could make common sense, why not try it. Dear friend, whats I could see in my expirience of using this method, that on the Daily, Weekly and Monthly charts the outside bar set up is very powerfull too. So, why not to use and outside formation? Whats do you think?
Yes. All Price Action formations are powerful on higher time frames; BEOBs, BUOBs, DBHLC, DBLHC, IBs, etc. The DIBs Method seems to captue the potential Daily trend on the hourly at the best possible formation, with the least about of risk: the Inside Bar.
Outside Bars (BEarish Outside Bars & BUllish Outside Bars) may have a larger trade risk and may not be as frequent, but who knows it may be applicable.
Maybe you should start a thread called the DOBS method, it would be interesting to test.
Jim
