The DIBS Method... No Free Lunch continues

Mondays sure have been good for the DIBS trader. The Hot Hand is obviously the Usd/Jpy and its relative pairs. No, I didn't forget the Aud/Usd.

Hey u guys those long entries u had on EU and Cable within the last hour, tell me what bar were u working off for the IB, i myself had long trades on these from the 6 am bar and got stopped out, later reading all of your successes on ure trades been triggered...???

the e/u is also setting up on the 30 min

Hi eltrader,
I am trading off the Oanda H3 charts, took the 2.00/5.00 IB @ 06.30 BST today. Entry 1.5794, stop 1.5779, PT1 1.5810 (achieved), other lot to run free........

Have done a few weeks back testing H3 and feel reasonably confident at trading this following the basic DIBS rules.

Nice strong break on the bottom of the PB. It may retrace, but this baby is going down. DIBS trade on the short side this week for this pair.

settle there nutting, the participants of this thread were beginning to think us aussies were a cultured lot


razl, peter would be proud of his students don't u think

OZZIE OZZIE OZZIE OI OI OI

was watching the EJ pin then forgot about it and price zoomed 50pips! Oh well, got another 30 min Euro DIBS lined up.

Hey! What are you doing with my special EA???

Hi guys!
Can someone plz tell me how you decide when to take 30m DIBS? because i was looking only on 1 hour today and no nice DIBS there. no one waited for the close of the hour to continue with the trend, so the 30m DIBS were the right ones. but the question is how to decide? because last week 30m DIBS were premature

Wouldnt it be nice to see the pound actually worth something again? also be nice for our green pips

Hi Hunter, naturally the shorter the timeframe, the greater the risk. 30min works exactly the same as hourly, you trade based on whether price is above or below the day's open.

If you set your open close time on 12am GMT as PC was saying his mate does for the the yen, then you would have been in the EJ and UJ bear runs

Hi guys,

That's what I had in mind when I said that sometimes a simple defition of an "up" or "down" day isn't enough.

Have a look at this H1 chart: IB formed at 5GMT (summer time). BTW, as PC himself said, don't be pedantic about "6" as 1 or even 2 hrs won't make a major difference, especially with Yen. In fact, if you waited till the close of the 6GMT bar to get the "official" close price as your reference point, you would have missed the start of the action (well, at least in this case).

The IB "helper" gave two indications of possible moves, based on the close of a previous (4GMT summer, 3GMT "real") bar - both "long" and short".

However, QQE (yellow one) started to cross and Momentum went south too. When QQE did cross (you cannot see this moment on the chart, but at that time the bar was an IB too, I went short with 10pips SL and 50pips TP (pink lines show entry, SL and TP). 1/2 of my position was automatically closed at TP (I was in bed again by that time - I had to be up twice that night to feed my 6-week old son The other half of my position is still trailing (as the blue QQE crossed just recently to "short") - that's another 100 pips.

So, it's already 150pips "in" (thanks A LOT, PC!!!), but I am not sure whether I would have placed such a TP (1:5) without QQE's help (and whether I would have left half of the position trailing as 30-40 pips would have appeared a good target).

BTW, I bagged another 80pips on GJ, and another 55pips on UJ - similar set up to EJ, similar QQE help. Although opening multiple Yen crosses is somewhat risky, the situation looked almost identical to pass. Besides, I viewed that as risk diversification as sometimes GJ, EJ and UJ don't follow the same pattern.

I also went "short" - counter QQE as it was "flat" at that time, using D1 Fibo as a guide - on cable and Euro, and got SLed with 10 and 15pips losses. If I waited for another bar (to confirm the price movement), "long" would have been more obvious, especially on Euro.

Have a nice trading day!

Its good idea to look to the 30 min DIBS when Price has been trending hard on the Yen pairs. Remember Peter's friend who start the Open of the day early on Yen pairs. Well I still waited until the regular Open to see if the trend continued.

I mentioned this in a earlier post. The point is if a pair is trending hard early in the day and a 30 min DIBS presents itself, why not take it. The risk is usaully smaller. Also, Price Action on the higher time frames supported a short trade.

Also remember, PC trades majors on the time zone that the pair is mostly traded, EU GU and UC are generally traded over european/london session, however Yen is traded heavily over the asian session and then builds up more steam over the London session therefore using an earlier open time does make logical sense.

EDIT: Using an earlier open time for Yen pairs makes more sense.

Hope you still riding this Arch.

But he is right Jarroo, there were no DIBS on hourly so whoever looked just overthere like me stayed out of the market so far today

for E/U there is a signal for hourly (if u look at forex007 charts after red candle there is small green candle..i said thats IB)...

We are still learning my friend. I would not look to take a 30 min DIBS trade just on any situation. Only if a strong trend has been forming early in the day and no hourly DIBS are formed. Today was an example of that situation on the EJ and UJ and even the GJ.