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The DIBS Method... No Free Lunch continues

  • #3,441
  • Jun 30, 2008 6:18pm Jun 30, 2008 6:18pm
Here is my Usd/Jpy 30 min DIBS trade took this morning. Remember I only take 30 min DIBS trade when Price is moving fast and no hourly DIBS trade is present.

I want to show you all something on how I took the FTT plus a whole lot more on the half position. Give me a minute to set it up. Its pretty cool and of course, simple.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,442
  • Jun 30, 2008 6:19pm Jun 30, 2008 6:19pm
Quoting HouseTrader
Am I drunk or had too much Vicodin???

What a mess... Not a typical DIBS Monday...
This was one of those frustrating days of 'precisely taking the necessary losses'. I did manage to actually have a long survive in CHF... only because I wasn't paying attention to the 2nd IB that formed at 7 GMT. If we hit 1.0243 before 1.0171, I'll consider myself fortunate. (I'm not optimistic.)
  • #3,443
  • Jun 30, 2008 7:02pm Jun 30, 2008 7:02pm
Quoting jarroo
Here is my Usd/Jpy 30 min DIBS trade took this morning. Remember I only take 30 min DIBS trade when Price is moving fast and no hourly DIBS trade is present.

I want to show you all something on how I took the FTT plus a whole lot more on the half position. Give me a minute to set it up. Its pretty cool and of course, simple.
very interesting,,,,

How do u know u should go LONG or SHORT...when u see the DIBS??

Care to xplain?? thx

sonic
Attached Image
  • #3,444
  • Edited 7:14pm Jun 30, 2008 7:04pm | Edited 7:14pm
We all do the same thing, when we enter a DIBS trade. We set are FTT and wait for it to be hit to take the stress off a little bit. The best thing to do, by all means, is take that FTT right when it hits and be in a free trade. Part of the beauty of a DIBS trade.

But if Price is moving fast, why not gab some more and take them to the bank. What I did on the 1st half was trail my stop on the Highs of the hourly. My FTT was only 15 pips and Price flew by that quickly. So I just moved my stop down to the Highs on the hourly until it was hit. (Magenta lines)

My 1st half was 67 pips and I let my other half ride, which it eventually got stopped out.

1st chart my entry on the 30 min,

2nd chart Hourly showing the trail of magenta lines on the Hourly Highs
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #3,445
  • Jun 30, 2008 7:08pm Jun 30, 2008 7:08pm
very nice, thanks Jim!
  • #3,446
  • Jun 30, 2008 7:12pm Jun 30, 2008 7:12pm
Quoting sonicdeejay
very interesting,,,,

How do u know u should go LONG or SHORT...when u see the DIBS??

Care to xplain?? thx

sonic
I use the 0100 EST as my Open, which is 0500 GMT on my chart. Price broke on the bottom of that IB pretty hard. That showed the way for me to go short.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,447
  • Jun 30, 2008 7:31pm Jun 30, 2008 7:31pm
Jarro I added the Pips from the Daily Open and color coded the current bid price to show a up day or down day. was that what you were wanting on the spread sheet(plus added it to the graph)
  • #3,448
  • Jun 30, 2008 7:34pm Jun 30, 2008 7:34pm
Quoting f4mnect
Jarro I added the Pips from the Daily Open and color coded the current bid price to show a up day or down day. was that what you were wanting on the spread sheet(plus added it to the graph)
Yes. Excellent.
Thanks so much.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #3,449
  • Jun 30, 2008 7:37pm Jun 30, 2008 7:37pm
Quoting jarroo
Yes. Excellent.
Thanks so much.

Jim

My pleasure. Hope it helps a little
  • #3,450
  • Jun 30, 2008 7:44pm Jun 30, 2008 7:44pm
A nice pinbar on the UJ daily. Timezone is GMT +2
Attached Image (click to enlarge)
Click to Enlarge Name: uj_pinbar.png Size: 4 KB
  • #3,451
  • Jun 30, 2008 8:00pm Jun 30, 2008 8:00pm
Quoting moneda
Hey Doc,

I could use some after my trades today! The regulars understand where you are coming from....so I will take your humor anytime.
That's the essence, my friend!

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,452
  • Jun 30, 2008 8:08pm Jun 30, 2008 8:08pm
Jarroo,

Sent you a pm since I have been missing so many trades. Like the idea?

Franklin
  • #3,453
  • Jun 30, 2008 8:10pm Jun 30, 2008 8:10pm
Quoting jarroo
We all do the same thing, when we enter a DIBS trade. We set are FTT and wait for it to be hit to take the stress off a little bit. The best thing to do, by all means, is take that FTT right when it hits and be in a free trade. Part of the beauty of a DIBS trade.

But if Price is moving fast, why not gab some more and take them to the bank. What I did on the 1st half was trail my stop on the Highs of the hourly. My FTT was only 15 pips and Price flew by that quickly. So I just moved my stop down to the Highs on the hourly until it was hit. (Magenta lines)

My 1st half was 67 pips and I let my other half ride, which it eventually got stopped out.

1st chart my entry on the 30 min,

2nd chart Hourly showing the trail of magenta lines on the Hourly Highs
Sweet!

Great move my friend... I took the same trade but didn't managed it as you, masterly, did...

Maybe next time...

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,454
  • Edited 8:12pm Jun 30, 2008 8:10pm | Edited 8:12pm
Yes joypips, we are a cultured lot.

Beer, shrimps on the barbie and watching Hewett get his backside kicked by the Fed Express at Wimbledon.

http://clubwah.files.wordpress.com/2...0581332100.jpg

Not this time Hewett

Like Jarroo says, AUSSIE, AUSSIE, AUSSIE - OI, OI, OI!!!

And House, shhhhhh, that's my "Homer grail"

  • #3,455
  • Jun 30, 2008 8:13pm Jun 30, 2008 8:13pm
Quoting NuckingFuts
A nice pinbar on the UJ daily. Timezone is GMT +2
Looks good Nuck. Right on a S/R level as well.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,456
  • Jun 30, 2008 8:15pm Jun 30, 2008 8:15pm
Anyone seeing a IB on EURJPY? 00GMT?

Rusty
  • #3,457
  • Jun 30, 2008 8:19pm Jun 30, 2008 8:19pm
Quoting rusty105
Anyone seeing a IB on EURJPY? 00GMT?

Rusty
I've got one as well.
  • #3,458
  • Jun 30, 2008 8:20pm Jun 30, 2008 8:20pm
Quoting NuckingFuts

And House, shhhhhh, that's my "Homer grail"

So you are the lucky one who found it!

Liking that daily pin on Japain Airlines....
Many share my views with me. But I don't share them with them...
  • #3,459
  • Jun 30, 2008 9:06pm Jun 30, 2008 9:06pm
Hi everyone, been following this method for slightly over a week. Yesterday was one of those days that will train us to accept losses. I had an overall loss for the day but still not too bad since most of the trades hit BE. I was not surprised at the outcome though considering most currencies were at strong S/R levels and the trades were going towards those levels. Normally I would not have taken those trades but I want to fully test this method by taking every trade. Well atleast when Im awake that is... Looking at the charts when I woke up, I saw that I could have been in a couple of profitable trades but unfortunately I couldnt keep my eyes open past 3:30PST.
  • #3,460
  • Jun 30, 2008 10:58pm Jun 30, 2008 10:58pm
Hi, Guys,

PC said not all ib bars are equal. could you share some insights which ib bar should be taken?

Today E/J, U/J, G/J 1hr chart have no ib bar, but 30min chart has, How to decide which time frame to use? Look at those nice trend today, I even want to get rid of the day open price filter.

last question is on pin bar since everybody talks about it. but as far as I remember the definition of pin bar is arbitrary. can you guys elaborate it a little more. James16 thread is too scary to read.
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