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The DIBS Method... No Free Lunch continues

  • #3,841
  • Jul 11, 2008 8:48am Jul 11, 2008 8:48am
Quoting timex83
The spread for gold on fxpro is 50 pips which is $50 on a standard lot, better than gbpjpy. So its simpler if u manage it with good MM. I trade gold same way I trade the other Cpairs. So the range isn't that much. A 50 pips move on gold chart is equivalent to a 5 pips move on eurusd (monetary terms)

The daily range (13 days) for gold is 1837 pips (equivalent to 183.7 on gbpusd) while that of gbpusd is 128, gbpjpy is 158.
....Thanks, it helps!
Regards, Michael
  • #3,842
  • Jul 11, 2008 9:21am Jul 11, 2008 9:21am
open an account with a futures broker and pay as little as $3.80 per roundtrip!

Quoting manto
....Thanks, it helps!
Regards, Michael
Attached Image (click to enlarge)
Click to Enlarge Name: ZG 08-08 7_11_2008 (89 Tick).jpg Size: 80 KB
Trade what you see - Not what you think
  • #3,843
  • Jul 11, 2008 9:42am Jul 11, 2008 9:42am
Quoting ChowClown
...in from yesterday's, TC....didn't add to it earlier, decided to play elsewhere. Interesting session so far on EU, GU and UJ for me. UJ was always looking a strong contender today, after such coiling PA this week.

Good luck guys.
...haven't had a 10%+ day in a while...new equity high now despite poor DIBs results (for me) this month, prior to today....days like today certainly reinforce the need for discipline in taking the losses...you never know for sure when the bigger pay cheques will land.
Attached Image
  • #3,844
  • Jul 11, 2008 12:16pm Jul 11, 2008 12:16pm
Looks like time for everyone to get their DOW 10,000 hats back out!
  • #3,845
  • Jul 11, 2008 12:29pm Jul 11, 2008 12:29pm
Quoting attictrader
Hi NAL,

Just closed a H8 live account trade in EU I took this morning 0600GMT......avoided the H1 as the chart appeared to threaten more yo-yos. Entry 1.58 with 35 stop. Went out for the morning, just returned to see price had hit 1.5868 which is a resistance area I have marked...so exited PT2 as price was falling....got 103 pips total from two lots.

Also traded a demo H8 in oil this morning with 25 pip trailing stop on IBFX.....got 98 pips within 10 mins.

I remember reading J16 some 12 months or so ago that newbies ought to stick to trading dailies, weeklies until they get experience.....well, I think that was good advice. However, the H8 with DIBS plus S/R and good MM offers newbies a low risk/high profit approach without the risk of overtrading which can so often happen in the H1.

Anyway, NAL, thanks for raising our awareness of the H8.

A good weekend, everyone. See you Monday!
I'm glad I can help. Later I'll show another way I use to get into trades that is similar to the H8, but that is based on priceaction ranges. I don't want to interupt this great method with this that. And I don't want to start a new system thread. So what I will do is start a journal on FF journal section. There I'll go through my methods more in details. Later DIBS'ers!
  • #3,846
  • Jul 11, 2008 12:30pm Jul 11, 2008 12:30pm
Quoting timex83
Could any thing b more rich and xcellent as this? Patience and Simplicity is key. I've bankd enough. Look at gold, gbpusd, eurusd and gbpjpy. We've got a system with so much potentials.
Yes I love gold! Oil and YM isn't that bad either. But these should be traded on futures contracts because of the spread.
  • #3,847
  • Jul 11, 2008 12:31pm Jul 11, 2008 12:31pm
Quoting ChowClown
...haven't had a 10%+ day in a while...new equity high now despite poor DIBs results (for me) this month, prior to today....days like today certainly reinforce the need for discipline in taking the losses...you never know for sure when the bigger pay cheques will land.
That's what PC have been trying to tell us - wonderfull isn't it!
  • #3,848
  • Jul 11, 2008 12:32pm Jul 11, 2008 12:32pm
Quoting Money-RX
Keep your eye on CNBC or Bloomberg as the biggest market moving news of last quarter MAY be repeated in about half hour when GE announces earnings.

And you will see SR levels broke all over.
So that's what the wait was about? Where can I find out more about this?
  • #3,849
  • Jul 11, 2008 3:22pm Jul 11, 2008 3:22pm
OK, I've been trying DIBS for a week; so far one break even, two profits at 3 x risk, and two losses of my own making. (not following the rules precisely). I have read all PeterCrown's posts several times, and believe that I have understood the system. (that in itself raises my suspicions!); there is one point that I am still unclear about. " All inside bars are not equal". As has been mentioned, a simple inside bar on it's own is only the start. Ideally, I'd like to see a strong movement in one direction or the other, followed by an inside bar. It seems that most moves start from around 0800 - 0900 GMT. I feel that the 0600 GMT is a little early to draw a line in the sand. So many times I've seen the FTSE move one way up to about 0900, then move the other way for the next 4 - 6 hours.
What thoughts do you all have about the "more important" Inside bars?

On another note, several FX markets are near resistance levels; eur/jpy is around triple tops at 16,800. eur/usd is at all-time highs around 16000. usd/jpy has had double tops at about 10860. The aud/usd is at extreme highs. What are your thoughts about the strength of the usd? Will it recover, or go lower against the other currencies?
  • #3,850
  • Jul 11, 2008 3:26pm Jul 11, 2008 3:26pm
Thanks for that chart...really appreciate it.
  • #3,851
  • Jul 11, 2008 4:38pm Jul 11, 2008 4:38pm
Quoting extractor
OK, I've been trying DIBS for a week; so far one break even, two profits at 3 x risk, and two losses of my own making. (not following the rules precisely). I have read all PeterCrown's posts several times, and believe that I have understood the system. (that in itself raises my suspicions!); there is one point that I am still unclear about. " All inside bars are not equal"......
You are not alone, dude.

Could anyone clarify if this is a profitable way?

I in fact do this DIBS in a strict mechanic manner. It generally loses more based on my settings. I tried different number of orders, Take Profit, Trailing-Stop, no luck, losing more than winning.

btw, anyone using the Jarro EA got good profit?

Thanks
  • #3,852
  • Jul 11, 2008 5:00pm Jul 11, 2008 5:00pm
Quoting NowAndLater
I'm glad I can help. Later I'll show another way I use to get into trades that is similar to the H8, but that is based on priceaction ranges. I don't want to interupt this great method with this that. And I don't want to start a new system thread. So what I will do is start a journal on FF journal section. There I'll go through my methods more in details. Later DIBS'ers!
Hey ho, my brother! Great news!

http://www.clipartof.com/images/clip...raph_chart.jpg

I just can't wait to flood your journal with that ole question.... "which time you use for the daily open??????"

Cheers!
Many share my views with me. But I don't share them with them...
  • #3,853
  • Jul 11, 2008 5:03pm Jul 11, 2008 5:03pm
Quoting charvo
You are not alone, dude.

Could anyone clarify if this is a profitable way?

I in fact do this DIBS in a strict mechanic manner. It generally loses more based on my settings. I tried different number of orders, Take Profit, Trailing-Stop, no luck, losing more than winning.

btw, anyone using the Jarro EA got good profit?

Thanks
I'll skip this one.....
Many share my views with me. But I don't share them with them...
  • #3,854
  • Jul 11, 2008 5:13pm Jul 11, 2008 5:13pm
Charvo,

I think it has been a challenging two weeks for DIBS trading; that is the nature of the market. While the FX markets are in a range, I have been exiting half my trade at 1:1, then letting the "free trade" run to 3x the risk. The net result would be a 2:1 profit:risk trade, but because you can cover your risk relatively quickly (when the trade goes to 1:1) these are "low risk" trades in the sense that many trades will stop out at break even. I have not had any trades go to 3 x risk yet. I have had several go 1:1, then about 1300GMT the market has come back to the 20 period SMA, so I have exited manually to take a respectable profit (about 50 points) each time. I think PeterCrowns was trying to point out that, once a market starts to trend, you can let the "free trades" run, adding another position at each Inside Bar that fits the criteria, until you have a veritable "house of cards" of free trades, that only exits when the market comes back to the 20 period SMA. Because of the number of markets at or near all-time highs, after a couple of weeks of congestion, I think we are in for some strongly trending moves very soon. Don't give up on DIBS! Just be EXTREMELY SELECTIVE about your Inside Bars. They must be preceded by a STRONG MOVE.

Believe me, I feel like the old farmer who is being lectured by an earnest young agricultural college graduate about how to make his farm more productive. "Son" he said, "I already know how to farm twice as good as I actually do". I feel the knowledge is there, but the application is lacking. During 2007, I ran £300 to £2,200 within seven months, but then I thought I was the next Larry Williams / Rich Dennis / Curtis Faith all rolled into one. As Livermore said, "I started trading AOT - (Any Old Thing), like sugar, Singapore Blue Chip futures, etc etc, because I thought I could do no wrong. By the time I realised I was being stupid, I had a 50% drawdown - due to my own stupidity. Then my system entered it's own period of drawdown, as all systems do from time to time. So, although I was now back on the "strait and narrow", trading as my system dictated, the natural drawdown potential of that very system took care of the remaining balance. Back to Zero. At least it was the market's money!! So I am keen to follow DIBS to the letter, AND NO DEVIATIONS nor "IMPROVEMENTS or FINE TUNING" ! ! ! !

Best of luck!
  • #3,855
  • Jul 11, 2008 7:50pm Jul 11, 2008 7:50pm
Quoting HouseTrader
Hey ho, my brother! Great news!

http://www.clipartof.com/images/clip...raph_chart.jpg

I just can't wait to flood your journal with that ole question.... "which time you use for the daily open??????"

Cheers!
Thanks for the chart. Now it all makes sense.
  • #3,856
  • Jul 12, 2008 1:15am Jul 12, 2008 1:15am
hope everyone had a great DIBS day! just looking at the charts now.. wow what a day.

I was SOOO mad. I wake up at 4am EST all psyched and ready to get my DIBS on! Ready to make some money on friday.. close out the week on a good note....

only to find that my cable modem is dead. wonderful. so naturally its out on the day where DIBS wouldve wiped away the minor losses during the week and put me in profit. go figure.

oh well. theres always monday hope u all got a piece of the action.
- nick andre -
  • #3,857
  • Jul 12, 2008 11:03am Jul 12, 2008 11:03am
Hi to all!

Is there a way to get an email alert at the close of an inside bar? I tried a file posted weeks ago, but it was not working (and looking at the code, I wonder how it was supposed to).

I'll be grateful for any hint about
  • #3,858
  • Jul 12, 2008 12:09pm Jul 12, 2008 12:09pm
Quoting Triton18
Hi to all!

Is there a way to get an email alert at the close of an inside bar? I tried a file posted weeks ago, but it was not working (and looking at the code, I wonder how it was supposed to).

I'll be grateful for any hint about
You might add a "SendMail" instruction after the "Alert" one (long and short) in the DIBS Trigger Lines indicator.
  • #3,859
  • Jul 12, 2008 6:09pm Jul 12, 2008 6:09pm
Quoting extractor
OK, I've been trying DIBS for a week; so far one break even, two profits at 3 x risk, and two losses of my own making. (not following the rules precisely). I have read all PeterCrown's posts several times, and believe that I have understood the system. (that in itself raises my suspicions!); there is one point that I am still unclear about. " All inside bars are not equal". As has been mentioned, a simple inside bar on it's own is only the start. Ideally, I'd like to see a strong movement in one direction or the other, followed by an inside bar. It seems that most moves start from around 0800 - 0900 GMT. I feel that the 0600 GMT is a little early to draw a line in the sand. So many times I've seen the FTSE move one way up to about 0900, then move the other way for the next 4 - 6 hours.
What thoughts do you all have about the "more important" Inside bars?

On another note, several FX markets are near resistance levels; eur/jpy is around triple tops at 16,800. eur/usd is at all-time highs around 16000. usd/jpy has had double tops at about 10860. The aud/usd is at extreme highs. What are your thoughts about the strength of the usd? Will it recover, or go lower against the other currencies?
Sorry slightly off topic but might have some relevance to DIBS.

It is well known amongst professional traders that the Footsie will usually set the high or low for the day within the first half hour of trading. Louis Woof bases her trading system just on this fact. The Footsie also interacts with the opening price line. So from the open the price might go up, then come down and then go up and as soon as it has passed the previous high you take the trade. The low that formed will usually be the low for the whole day.

In relation to DIBS - I wonder if any of the currencies follow a similar pattern.
  • #3,860
  • Jul 13, 2008 3:34am Jul 13, 2008 3:34am
Its your broker, they are spying on you and have taken over our internet connection LOL

Quoting Nick_likes_pips
hope everyone had a great DIBS day! just looking at the charts now.. wow what a day.

I was SOOO mad. I wake up at 4am EST all psyched and ready to get my DIBS on! Ready to make some money on friday.. close out the week on a good note....

only to find that my cable modem is dead. wonderful. so naturally its out on the day where DIBS wouldve wiped away the minor losses during the week and put me in profit. go figure.

oh well. theres always monday hope u all got a piece of the action.
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