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The DIBS Method... No Free Lunch continues

  • #3,861
  • Jul 13, 2008 1:54pm Jul 13, 2008 1:54pm
Quoting doblece
You might add a "SendMail" instruction after the "Alert" one (long and short) in the DIBS Trigger Lines indicator.
How is that done please ?
every Saint has a past. Every Sinner has a Future
  • #3,862
  • Jul 14, 2008 3:14am Jul 14, 2008 3:14am
Quoting tamster
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.
...similar to the "Big Ben Effect" (GBP/USD) around the Frankfurt/London open.
Attached File(s)
File Type: pdf Big Ben Strat.pdf   597 KB | 934 downloads
  • #3,863
  • Jul 14, 2008 5:10am Jul 14, 2008 5:10am
Quoting ChowClown
...similar to the "Big Ben Effect" (GBP/USD) around the Frankfurt/London open.
hi CC
would you mind sending the pdf file again please - there's an error which won't allow it to be opened.
thanks
  • #3,864
  • Jul 14, 2008 5:23am Jul 14, 2008 5:23am
Quoting Epipip
hi CC
would you mind sending the pdf file again please - there's an error which won't allow it to be opened.
thanks
.
Attached File(s)
File Type: pdf Big Ben Strat.pdf   597 KB | 1,354 downloads
  • #3,865
  • Jul 14, 2008 5:29am Jul 14, 2008 5:29am
Anyony long GBPUSD from around 1.9866? 11:14 GMT?

Rusty
  • #3,866
  • Edited 6:14am Jul 14, 2008 5:38am | Edited 6:14am
Quoting rusty105
Anyony long GBPUSD from around 1.9866? 11:14 GMT?

Rusty
yes, took that one. Good luck if you're in.

Edit...particularly interested in this DIBs setup, as it formed around a resistance/support switch level...9th July resistance.
  • #3,867
  • Jul 14, 2008 5:41am Jul 14, 2008 5:41am
Quoting ChowClown
yes, took that one. Good luck if you're in.
It follows the rules of being up on the day, so we will see. I have 2 open orders in. 1 will TP at 1:1, the other has no TP and will run free, as long as they don't stop out.

Rusty

Good luck to you too.
  • #3,868
  • Jul 14, 2008 12:51pm Jul 14, 2008 12:51pm
Well... if you were in it, you should be up some pips. Entered Long @ 1.9866, SL @1.9830, 1:1 @ 1.9902. 1:1 was hit fairly easily, so 1/2 came off the order. The rest is still running free somewhere near +70 pips. Looks like some resistance near 1.9970 or so, Maybe tomorrow...

Rusty
  • #3,869
  • Edited 6:58pm Jul 14, 2008 6:05pm | Edited 6:58pm
July : not a good month for the DIBS method. All the big money movers on vacation. Just so happens to coincide with my schedule this year. Been busy with work, family and . . . life. I'll be here during the Open(s) very soon my fellow traders.

Jim

Edit : the Cable looked good this morning.
Indicators show the past. Price Action "Indicates" the future.
  • #3,870
  • Jul 14, 2008 8:53pm Jul 14, 2008 8:53pm
It has been a ranging market. There hasn't been any trends. Take a look at GBPJPY. It's terrible!
  • #3,871
  • Jul 15, 2008 12:55am Jul 15, 2008 12:55am
Quoting Vfforexlee
It has been a ranging market. There hasn't been any trends. Take a look at GBPJPY. It's terrible!
And the DIBS Method keeps us out of the market during these times . . . interesting . . .that's a good thing.
Indicators show the past. Price Action "Indicates" the future.
  • #3,872
  • Jul 15, 2008 12:56am Jul 15, 2008 12:56am
any DIBS in majors today guys?
strong moves but i didnt find dibs and im out, so frustrating
  • #3,873
  • Jul 15, 2008 1:01am Jul 15, 2008 1:01am
Missed a nice one on the Cable yesterday.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #3,874
  • Jul 15, 2008 1:38am Jul 15, 2008 1:38am
Quoting jarroo
Missed a nice one on the Cable yesterday.
Moved up a cool 100 more pips.
Attached Image
  • #3,875
  • Jul 15, 2008 1:43am Jul 15, 2008 1:43am
Quoting HUnter123
any DIBS in majors today guys?
strong moves but i didnt find dibs and im out, so frustrating
If you missed the cable entry yesterday you could've taken the 4GMT inside bar today. Entry long after 6GMT open at 1.9988.
  • #3,876
  • Jul 15, 2008 1:48am Jul 15, 2008 1:48am
Quoting HUnter123
any DIBS in majors today guys?
strong moves but i didnt find dibs and im out, so frustrating
TradeStation gave me an IB on the EUR/USD. The IB was at 0300 GMT and I played it long at 0500. Still in. 30+ pips so far.
  • #3,877
  • Jul 15, 2008 2:11am Jul 15, 2008 2:11am
Quoting HUnter123
any DIBS in majors today guys?
strong moves but i didnt find dibs and im out, so frustrating
I've been hesitant to post this but I'm gonna go ahead because of your post. Who ever said that we had to restrict ourselves to the timeframe H1. And who said that price cares about 08:00-09:00 as the hour? Well - it doesn't!
An IB is an area where the highest price and the lowest price is within the highest price and the lowest price of the previous area. The bigger in time these areas are the more valid they are (higher timeframe thinking here). Look at the chart. Would you say that the small area (aqua color) is an IB area to the big area (blue)? If the small area instead was between 08:00 and 09:00 and price broke it at 09:05, then it's a DIBS and you would take it right?
So what has happened here? First price was moving down for a few hours, then price stalled a couple of hours, and then continued. Would you say that you couldn't be in on the action today if you did think this way and not just in terms of a given timeframes?
Again this is why higher timeframes are more valid because every bar looks at bigger areas and thus gives a more true picture of whats going on. Just make sure that the areas that you are looking at are big enough (in time, and following DIBS lets say at least 1H). I look at M15 bars for these areas.
Attached Image (click to enlarge)
Click to Enlarge Name: different IB.JPG Size: 80 KB
  • #3,878
  • Jul 15, 2008 2:28am Jul 15, 2008 2:28am
Quoting NowAndLater
I've been hesitant to post this but I'm gonna go ahead because of your post. Who ever said that we had to restrict ourselves to the timeframe H1. And who said that price cares about 08:00-09:00 as the hour? Well - it doesn't!
An IB is an area where the highest price and the lowest price is within the highest price and the lowest price of the previous area. The bigger in time these areas are the more valid they are (higher timeframe thinking here). Look at the chart. Would you say that the small area (aqua color) is an IB area to the big area (blue)? If the small area instead was between 08:00 and 09:00 and price broke it at 09:05, then it's a DIBS and you would take it right?
So what has happened here? First price was moving down for a few hours, then price stalled a couple of hours, and then continued. Would you say that you couldn't be in on the action today if you did think this way and not just in terms of a given timeframes?
Again this is why higher timeframes are more valid because every bar looks at bigger areas and thus gives a more true picture of whats going on. Just make sure that the areas that you are looking at are big enough (in time, and following DIBS lets say at least 1H). I look at M15 bars for these areas.
great post NAL. you're precisely right. i've actually been hesitant to post along those lines as well.. and wont expand on it, i think your post is sufficient enough to spark thinking along those lines.

on another note.. sucks standing on the sidelines when price is making such big moves. i know theres alot more news coming out.. so there should be more moves to come.. but daily range is one of the main things i look at before deciding to take any potential setups. and as of right now.. the majors have exceeded their average range for the past 2 weeks.. so hmm.. to DIBS or not to DIBS..
- nick andre -
  • #3,879
  • Jul 15, 2008 2:38am Jul 15, 2008 2:38am
Quoting Nick_likes_pips
great post NAL. you're precisely right. i've actually been hesitant to post along those lines as well.. and wont expand on it, i think your post is sufficient enough to spark thinking along those lines.

on another note.. sucks standing on the sidelines when price is making such big moves. i know theres alot more news coming out.. so there should be more moves to come.. but daily range is one of the main things i look at before deciding to take any potential setups. and as of right now.. the majors have exceeded their average range for the past 2 weeks.. so hmm.. to DIBS or not to DIBS..
This is how I usually trade, and I've incorporated DIBS into this trading style, along with the many great advices that PC has given us (besides just the entry point that DIBS is built around). Priceaction range breakouts is my favourite forex dish, and coupling this with basic priceaction trend-determining is great. I've taken some nice proftis this morning and won't be trading more today because of the reasons you mention.
  • #3,880
  • Jul 15, 2008 2:40am Jul 15, 2008 2:40am
Quoting NowAndLater
I've been hesitant to post this but I'm gonna go ahead because of your post. Who ever said that we had to restrict ourselves to the timeframe H1. And who said that price cares about 08:00-09:00 as the hour? Well - it doesn't!
An IB is an area where the highest price and the lowest price is within the highest price and the lowest price of the previous area. The bigger in time these areas are the more valid they are (higher timeframe thinking here). Look at the chart. Would you say that the small area (aqua color) is an IB area to the big area (blue)? If the small area instead was between 08:00 and 09:00 and price broke it at 09:05, then it's a DIBS and you would take it right?
So what has happened here? First price was moving down for a few hours, then price stalled a couple of hours, and then continued. Would you say that you couldn't be in on the action today if you did think this way and not just in terms of a given timeframes?
Again this is why higher timeframes are more valid because every bar looks at bigger areas and thus gives a more true picture of whats going on. Just make sure that the areas that you are looking at are big enough (in time, and following DIBS lets say at least 1H). I look at M15 bars for these areas.
I must totally agree with you. I believe the only reason why one is saying to trade between specific times whether it be this system or others is due to the volatility which may occur during that time. There is no reason in my opinion to wait for a specific time, there are many pairs out there to trade no matter what session one trading from. If the European Session was the only time to trade, I do not think you would need to have banks and traders for the other sessions.

Waiting for the 1H timeframe to trade will definitely cause one to miss a lot of big moves, but its just to at least provide one with a possible high probability trade to not be in the wrong direction.
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