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The DIBS Method... No Free Lunch continues

  • #3,661
  • Edited 10:09am Jul 7, 2008 9:44am | Edited 10:09am
Quoting kimmy
Hey guys

just wanted to compare notes with everyone........i had 2 trades today and 2 losses how does that compare with you all?

GBPUSD short stopped at -25
EJ long stopped -21

cheers
kim
Kimmy,

I took the GU short and lost too. Didn't take the EJ. Currently long UJ.

Edit: ...stopped out on UJ too now.
  • #3,662
  • Jul 7, 2008 10:10am Jul 7, 2008 10:10am
same here guess we get in earlier next time,timing is important in trading dibs if u miss it its as gud as not taking the trade all d best
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #3,663
  • Jul 7, 2008 10:16am Jul 7, 2008 10:16am
Quoting tigertrader
Great Excel spreadsheet from f4mnect! http://www.forexfactory.com/showthre...67#post2083867
Thanks for all your hard work.

Does anyone know how to get the Daily Open price? I have tried coding it ( =MT4|OPEN!EURUSD ) but could not find the secret code. Strange 'cause you can get the high and low, bid and ask. but not the open. There must be a way to do it!! I have just added the AUD and NZD to the spreadsheet but would love to be able to automate the Daily Open price. Thanks in advance.

Glad you liked it, Yes I'm having the same issue with the daily open. There's not a direct code to get the daily open price that I can find. So i'm coming at the problem from a different angle, so far no luck yet.
  • #3,664
  • Jul 7, 2008 10:25am Jul 7, 2008 10:25am
Stopped out on GU too. Sucky Monday, waited all morning for a bar and one didn't come....figured even though it was late it wasn't too late. Think I might lower my maximum time to start a new trade to like 12-1pm GMT.
  • #3,665
  • Jul 7, 2008 10:27am Jul 7, 2008 10:27am
I came out of GU with 9 pips, it was right up against its Average Daily Range, and it's a bit like one of those old used lemons in the fridge, no more juice! I took a loss on EJ too, Yen crosses!, seems best to take the early moves, especially the ones with high RR, lets face it if the IB is low pips then you can stomach a few losses and it doesn't take long to get back in profit.
  • #3,666
  • Jul 7, 2008 10:34am Jul 7, 2008 10:34am
Sorry about missing the Open today and probably miss it all week. This will change back to normal for me soon (I hope).

I think its a safe bet to look a DIBS trade on the Yen pairs prior to 0600 GMT. I like 0400 and/or 0500.
Indicators show the past. Price Action "Indicates" the future.
  • #3,667
  • Jul 7, 2008 10:38am Jul 7, 2008 10:38am
something to think about guys......both GU and EJ were well over their average daily ranges when those IBs came along...........a lesson learned maybe ?

cheers
kim
  • #3,668
  • Jul 7, 2008 11:10am Jul 7, 2008 11:10am
USD/CHF looked promising for awhile, but it got stopped out.
  • #3,669
  • Jul 7, 2008 11:15am Jul 7, 2008 11:15am
Quoting NowAndLater
Some heads-up for next week. Because Friday was a holiday we saw small movement and we have a daily IB on UJ and UC. The charts looks like (the majors) we are in for a USD bull soon, maybe at the start of next week already.
Here's my charts for UJ where I look at H1, H4, D1 and W1 at the same time (the other majors are the same). This gives me a view of the overall picture without switching between the timeframes. The break of the daily IB has some potential to reach 1:1 in both directions. Let's see what next week brings our way. Maybe the G8 meeting can give some direction as well.
I had pending orders placed on both UJ and UC daily IB's in the USD direction (wasn't at home to follow the action), came home now to see that they worked out nice, both in free trades despite the bigger stoploss. Also wanted to put on the cable as well because that was almost a matching low but passed it, too bad... Have to stick to the rules!
Anyway on the todays DIBS the only trades I would have taken would had been the IB's prior to the daily open (of the daily open time of course) on both UC and UJ. UJ was at the top of the trendline trying to break out and both IB's were confirmed by the daily IB break as well.
No IB's on EU and the one on GU came after the pair had already moved it's daily range and that's not a low risk trade (which was the same case with the later IB's today in UJ and UC).
  • #3,670
  • Jul 7, 2008 11:19am Jul 7, 2008 11:19am
Quoting moneda
Hello,


I need a confirmation ...... when trading the DIBS on a 4hr. timeframe the open(which determines an up/down day) would be the close of the previous week (friday)?

Thanks
Generally I would say yes, but you might want to call it WIBS
  • #3,671
  • Jul 7, 2008 12:01pm Jul 7, 2008 12:01pm
http://www.forexfactory.com/news.php?do=news&id=95001
Sharp drop now, sometimes you want them to be just quiet, let's see if the free trades get hurt by this, not far from it...
  • #3,672
  • Jul 7, 2008 1:29pm Jul 7, 2008 1:29pm
Quoting kimmy
something to think about guys......both GU and EJ were well over their average daily ranges when those IBs came along...........a lesson learned maybe ?

cheers
kim
Hi kim, i got 20 pips from usd/chf and 16+12 from aud/cad and 16 from nzd/usd. Then i lost around 30 pip from ej short.
Agree about the average daily range....
Well tomorrow is another day
Lets bring home some pips!
/kojak
  • #3,673
  • Jul 7, 2008 1:34pm Jul 7, 2008 1:34pm
Quoting NowAndLater
Generally I would say yes, but you might want to call it WIBS

N&L,


Good call!
Unus pro omnibus, omnes pro uno
  • #3,674
  • Jul 7, 2008 2:13pm Jul 7, 2008 2:13pm
Quoting NowAndLater
http://www.forexfactory.com/news.php?do=news&id=95001
Sharp drop now, sometimes you want them to be just quiet, let's see if the free trades get hurt by this, not far from it...
UC was taken out but UJ is still alive.
Heads up for tomorrow: Based on todays move I would buy EUR and CHF against the USD if there's a USD selloff tomorrow, where the EUR looks slighlty stronger. If the USD is strong I would be looking to buy it against the GBP (and JPY). Watch out for comments from the G8 meeting that will continue 2 more days.
  • #3,675
  • Jul 7, 2008 7:13pm Jul 7, 2008 7:13pm
Quoting NowAndLater
I had pending orders placed on both UJ and UC daily IB's in the USD direction (wasn't at home to follow the action), came home now to see that they worked out nice, both in free trades despite the bigger stoploss. Also wanted to put on the cable as well because that was almost a matching low but passed it, too bad... Have to stick to the rules!
Anyway on the todays DIBS the only trades I would have taken would had been the IB's prior to the daily open (of the daily open time of course) on both UC and UJ. UJ was at the top of the trendline trying to break out and both IB's were confirmed by the daily IB break as well.
No IB's on EU and the one on GU came after the pair had already moved it's daily range and that's not a low risk trade (which was the same case with the later IB's today in UJ and UC).
Nice summary on today NAL. Thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #3,676
  • Jul 8, 2008 1:28am Jul 8, 2008 1:28am
IB breakout on GBP 1Hr today. Already a free trade so lets see how far this succer can go. I changed my strategy to trading IBs formed after 0500 GMT as I have seen many "lost" oportunities slip by over the past few weeks. Good luck out there today!
Never argue with a fool....
  • #3,677
  • Jul 8, 2008 1:50am Jul 8, 2008 1:50am
Quoting tigertrader
IB breakout on GBP 1Hr today. Already a free trade so lets see how far this succer can go. I changed my strategy to trading IBs formed after 0500 GMT as I have seen many "lost" oportunities slip by over the past few weeks. Good luck out there today!
Nice solid break on GU and GBP is the weakest of the majors now so this is the only currency to sell against the USD at the moment imo. It broke and never looked back, that's what we like to see!
  • #3,678
  • Edited Jul 9, 2008 2:18am Jul 8, 2008 3:08am | Edited Jul 9, 2008 2:18am
This may belong in it's own thread but it's related to this method and very much based on DIBS so I'll post it here. If this deviates too much, I'll remove the post (let me know if you want me to remove it).

Here's another way to use DIBS. Have a look at this H8 chart. The vertical lines shows bars which are formed prior to the daily open at 0600 GMT (my broker is GMT+2). These bars are formed during the night when the volumes are low, which is why we often get IB's on the H8 chart. This may work best with GU I think because that pair usually moves the smallest among the majors during the night, or GU might give more IB's between 2200GMT and 0600GMT. Of course these bars are bigger than the H1 IB's (I'll look to close 2/3 at 2:1), but they have their benefits as well.
PC looks at IB that breaks at the start of a new trading day, which is at 0600GMT (0500GMT). The next bar on the H8 chart starts at 0600GMT. This means that if we break the IB bar down, we are below the daily open and if we break the IB up we are above the daily open. The bar after the vertical line is our "action" bar. This bar is equivalent to PC's rule of only trading the first 6-9 hours after the daily open. And we could play the break of both sides if stopped out at first. The signal is even stronger if price is above the weekly open and the break is up, and vice versa. And avoid to big IB's. By that I mean: the IB range (including the spread and 1 pip above and 1 pip below allowing the break of the IB) should not be to big in comparison to the average daily range, 35-40% or less may be a good number.

To get the H8 use the periodconverter. Put it on the H1 chart and change PeriodMultiplier to 8 (8*1 = 8 hours, if you put it on other timeframes just change PeriodMultiplier accordingly). Then go to File->Open Offline and look up the pair and H8, for example "GBPUSD, H8" and open it. Use "TimeShift" to get the right 8hour period (it should be the 8 hours prior to 0600GMT) according to your broker's time. My broker is on GMT+2 so I dont change anything. If you broker is on GMT put "-2" in TimeShift, and so on.
Attached Image (click to enlarge)
Click to Enlarge Name: GU H8.JPG Size: 124 KB
Attached File(s)
File Type: ex4 period_converter_opt.ex4   10 KB | 485 downloads
  • #3,679
  • Edited 3:55am Jul 8, 2008 3:41am | Edited 3:55am
Quoting f4mnect
Glad you liked it, Yes I'm having the same issue with the daily open. There's not a direct code to get the daily open price that I can find. So i'm coming at the problem from a different angle, so far no luck yet.
Played around with the spreadsheet and added the AUD, NZD and CAD. I have also added a tab that needs to be manually updated daily to get the Daily Open price. I am not too sure of the accuracy of the source data but it saves having to input the prices one at a time, although the task is still a pain. Will consider some type of code in MT4 to collect the prices and output the data to a .csv file which the spreadsheet can then access. A far off project at this stage unless you good folks can come up with something better.
Attached File(s)
File Type: xls Currency Info & Position ver 7.xls   150 KB | 543 downloads
Never argue with a fool....
  • #3,680
  • Jul 8, 2008 4:18am Jul 8, 2008 4:18am
Free trade on USDCAD closed out and a loss on USDCAD so far....crappy week.
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