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The DIBS Method... No Free Lunch continues

  • #3,301
  • Jun 29, 2008 4:12pm Jun 29, 2008 4:12pm
Quoting tommyd
I'm not saying things can't be improved, after all if a person trades it, it will need to fit their ideas. Problem is, it is a known fact that the Huge majority of hopeful traders have the wrong ideas so if one wants to succeed maybe giving a little more weight to a persons input that has been there & done that might be something to consider.
I think it is safe to believe that P.C. has been there and done quite a bit.
There is a lot of truth in this statement. I think a lot of people start trading a new method and the first thing they do is try to tweak it. There is not a thing wrong with that but I think they would be better served to really learn the new method before they start tinkering. PC's posts present a very clear, concise & simple way to trade and I can't believe adding a whole bunch of indicators will make it any better. That being said, to each his own & I could be wrong. Trade well.
Hej.
  • #3,302
  • Jun 29, 2008 5:26pm Jun 29, 2008 5:26pm
Quoting Stitch961
There is a lot of truth in this statement. I think a lot of people start trading a new method and the first thing they do is try to tweak it. There is not a thing wrong with that but I think they would be better served to really learn the new method before they start tinkering. PC's posts present a very clear, concise & simple way to trade and I can't believe adding a whole bunch of indicators will make it any better. That being said, to each his own & I could be wrong. Trade well.
Well said. This system works well in its simplest form. I think it should be traded that way at least long enough to build confidence and prove to one's self that it really does work. Then, to those who want, have at it with your own touches. Having said that, we all add our own touches (wether we even know it or not) through the way we handle the discretionary elements.

One of the points that the exit debates are missing is this: Holding the trade isn't done only to see how far it will go. We are also looking for opportunities to add to our position while ratcheting the stop up on the initial piece. In this way we can occasionally build a huge position over weeks or even months while keeping risk in check. It won't happen often (maybe a few times in a year), but one or two of these out-of-the-park home runs, aggressively stacked, will boost accounts tremendously.
  • #3,303
  • Jun 29, 2008 5:40pm Jun 29, 2008 5:40pm
Quoting jarroo
Moved my stop loss to break even from Thursday (6/19/08). Looking for a long term ride.
Jarroo,

I am constantly reading this thread over and over again. What I've noticed was that you didn't take a DIBS trade before the 6.19.08 DIBs open. Just wondering why you wouldn't put a buystop on there.
  • #3,304
  • Jun 29, 2008 5:45pm Jun 29, 2008 5:45pm
Good day IB Traders, Just spotted an IB on 4hr cable. I took a short on this trade base on the following reason. 1. The IB candle was an Hanging Man(a good reversal candle) 2. The IB sell stop is at price lower than the weekly open. Am just trying to build more confidence trying to trade IB at 4HR time frame, with small lot sizes and having at least two reasons for taking the trades. the last one i took was a winner too. Hope this is also a winner. Will be going to bed. Nothing much to worry, risk on trade is less than 0.5% of my equity. Good nite all: Looking forward to eventful monday. God bless us all.
  • #3,305
  • Jun 29, 2008 6:11pm Jun 29, 2008 6:11pm
Hello,


I totally agree with this statement by Billflet:

Well said. This system works well in its simplest form. I think it should be traded that way at least long enough to build confidence and prove to one's self that it really does work.

I think in many cases "optimizing" DIBS or any other method is the ever present tendency shared by many...including yours truly. This is a failure sometimes to place the tweaking where it belongs at that is that gray matter between our ears! I am really trying to stay on track and spend my time reading and practicing what PC and others here who are keeping it simple instead of looking to improve DIBS. With time we will have sharpened our discretion but first let us not try to fix what ain't broken.

Unus pro omnibus, omnes pro uno
  • #3,306
  • Jun 29, 2008 6:15pm Jun 29, 2008 6:15pm
Quoting moneda
Hello,


I totally agree with this statement by Billflet:

Well said. This system works well in its simplest form. I think it should be traded that way at least long enough to build confidence and prove to one's self that it really does work.

I think in many cases "optimizing" DIBS or any other method is the ever present tendency shared by many...including yours truly. This is a failure sometimes to place the tweaking where it belongs at that is that gray matter between our ears! I am really trying to stay on track and spend my time reading and practicing what PC and others here who are keeping it simple instead of looking to improve DIBS. With time we will have sharpened our discretion but first let us not try to fix what ain't broken.

let us not try to fix what ain't broken!
  • #3,307
  • Edited 6:32pm Jun 29, 2008 6:25pm | Edited 6:32pm
Quoting tradingwiz
let us not try to fix what ain't broken!


Jaroo, thank you sir for continuing Peter's DIBS gold mine.

For those who think they can add their spin to improve this method, I ask you to read, re-read and then read again Peter's post #438 in the original thread:

http://www.forexfactory.com/showpost...&postcount=438
  • #3,308
  • Edited 11:58pm Jun 29, 2008 11:53pm | Edited 11:58pm
hello all

just checking to see if anyone has managed to build onto an existing position successfully, and if so do they only add to a position with an i/b that forms within our trading day or any i/b?

I have had several attempts to build a position but have always closed way too early,something i am working on because i realize this is the heart of dibs.

I have a position open on aud since friday london open, an i/b has formed on last candle 1hr but i am not going to add to my position here because it has not been established if an up or down day, what would you guys do? take this i/b or wait.

thanks for input and sorry rambling hope you understood

joy
  • #3,309
  • Jun 30, 2008 12:36am Jun 30, 2008 12:36am
Quoting joypips
hello all

just checking to see if anyone has managed to build onto an existing position successfully, and if so do they only add to a position with an i/b that forms within our trading day or any i/b?

I have had several attempts to build a position but have always closed way too early,something i am working on because i realize this is the heart of dibs.

I have a position open on aud since friday london open, an i/b has formed on last candle 1hr but i am not going to add to my position here because it has not been established if an up or down day, what would you guys do? take this i/b or wait.

thanks for input and sorry rambling hope you understood

joy
Hi Joy,
Im long too, and I will add but above the high at 0.9633 if that happens. Where is your stop? You should be able to move it to below the IB soon, so thats good news. take care, Raz
Never say never.
  • #3,310
  • Jun 30, 2008 12:36am Jun 30, 2008 12:36am
Quoting Vfforexlee
Jarroo,

I am constantly reading this thread over and over again. What I've noticed was that you didn't take a DIBS trade before the 6.19.08 DIBs open. Just wondering why you wouldn't put a buystop on there.

Good point, I missed it.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #3,311
  • Jun 30, 2008 12:47am Jun 30, 2008 12:47am
Interesting look on the 30 min Usd/Jpy and Eur/Jpy
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Indicators show the past. Price Action "Indicates" the future.
  • #3,312
  • Jun 30, 2008 12:57am Jun 30, 2008 12:57am
But dibs trading should use the open coming up in 3 mins , well that is 6am GMT right?
So let the dibs begin..
Survive and Preserve
  • #3,313
  • Jun 30, 2008 1:00am Jun 30, 2008 1:00am
Quoting en0x
But dibs trading should use the open coming up in 3 mins , well that is 6am GMT right?
So let the dibs begin..
Yes, but playing IBs before 0600GMT are tradable. Peter's charts show this.
Indicators show the past. Price Action "Indicates" the future.
  • #3,314
  • Jun 30, 2008 1:01am Jun 30, 2008 1:01am
But we use the 6am open for direction
Survive and Preserve
  • #3,315
  • Jun 30, 2008 1:03am Jun 30, 2008 1:03am
...there is also an IB on 4hr now broken to the top in direction of daily trend
Never say never.
  • #3,316
  • Edited 2:58am Jun 30, 2008 1:09am | Edited 2:58am
Nice razl, that's the Ozzie, right?

My interest in shorting Eur/Jpy is the Weekly Pin Bar, which looks perfect in my book.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,317
  • Jun 30, 2008 1:10am Jun 30, 2008 1:10am
Quoting razldazl
...there is also an IB on 4hr now broken to the top in direction of daily trend
thanks razl, have been keeping eye on that 4hr, but still prefer to wait
  • #3,318
  • Jun 30, 2008 1:11am Jun 30, 2008 1:11am
A break of the bottom of that PB would build confidence in looking for DIBS on the short side.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,319
  • Jun 30, 2008 1:12am Jun 30, 2008 1:12am
Hi Guys, hope everyone had a good weekend, anyone on EU from the off...???
  • #3,320
  • Jun 30, 2008 1:20am Jun 30, 2008 1:20am
Quoting jarroo
A break of the bottom of that PB would build confidence in looking for DIBS on the short side.
The Daily look.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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