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The DIBS Method... No Free Lunch continues

  • #3,921
  • Jul 16, 2008 4:32am Jul 16, 2008 4:32am
Quoting HUnter123
indeed.
i have a buying stop order at 1.5941 26 pips sl.
good luck
I'm taking them both
I'm $ bearish, even more since the last "little" blast with Fannie and Freddie.
Also shorting an IB on G/Y...
  • #3,922
  • Jul 16, 2008 4:45am Jul 16, 2008 4:45am
..... also have look at USD / JPY...

regards, Michael
  • #3,923
  • Jul 16, 2008 4:46am Jul 16, 2008 4:46am
Hey guys I'm back from my travels for a while. Had a great trading day yesterday but got bitten a few times today. Also waiting patiently on the EURUSD and the Swissy. Good luck to you all!
Never argue with a fool....
  • #3,924
  • Jul 16, 2008 5:10am Jul 16, 2008 5:10am
From my experience when everybody is so one way biased like here and the setup looks perfect those are the worst trades
Hope i'm wrong....
  • #3,925
  • Jul 16, 2008 5:19am Jul 16, 2008 5:19am
Hi guys,
which way do you decide what the stop loss and the take profit will be? Do you decide them on the size of the inside bar, or what?

My first day trading this method, I took three trades today:

Sell GBP/JPY @ 208.62 (inside bar of 9.00GMT)
Buy EUR/USD @ 1.5937 (inside bar of 8.00GMT)
Sell USD/CHF @ 1.0063 (inside bar of 8.00GMT)

seems like they are doing pretty good right now, but I want to have some fixed TP and SL, any advice?
  • #3,926
  • Jul 16, 2008 5:22am Jul 16, 2008 5:22am
Quoting HUnter123
From my experience when everybody is so one way biased like here and the setup looks perfect those are the worst trades
Hope i'm wrong....
Beauty - go Swissy go....
Never argue with a fool....
  • #3,927
  • Jul 16, 2008 5:57am Jul 16, 2008 5:57am
Quoting tigertrader
Beauty - go Swissy go....
I quess those who took the swissy are in free rrade. the eur/usd not and the big fall in oil strenghtes the dollar
  • #3,928
  • Jul 16, 2008 5:58am Jul 16, 2008 5:58am
[quote=HouseTrader;2112155]Nice post, David



hi HR

i am breakout follower , can you send me a link to peter and TRL thread.
thx.
mason









I would say, after reading Bemac's and Jim's thread over and over, that IMHO, DIBS, as any trading method, is completely discretionary...

This method gives us, as you mentioned, not a huge W/L ration, but a terrific R/R ratio, with the ability to quickly cut the potential loss (the Free Ride concept)... the profits take care of themselves....

Suddenly, after testing lots of methods, after trying DIBS, I found myself with an interesting "problem".... the best way of trailing a stop, or exiting the trade ! What a headache!

I'm sure Peter and TRT, after years of trading, have just given us a glimpse of what they can do with breakout systems... food for hungry minds (here comes the discretion again....). The most brainstorming point for me is when he says "not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect sk
  • #3,929
  • Jul 16, 2008 6:06am Jul 16, 2008 6:06am
Quoting billflet
To Aud:

Sometimes I'll make two attempts on the same IB (which wasn't the case here). Today I had a daily upward bias and was only willing to take long trades on the Euro. I ignored the break to the downside. Had it been a convincing break to the downside, I would have passed on the trade as well. My own discretion told me to trade with the trend today and that there would likely be a run at the big round number (1.6000).
Thanks Bill, you input is always appreciated and how right you were.

Did you take the exact same trade on the usd/chf?
Good Trading
  • #3,930
  • Jul 16, 2008 6:08am Jul 16, 2008 6:08am
[quote=fxaus;2112389]
Quoting HouseTrader
Nice post, David

hi HR

i am breakout follower , can you send me a link to peter and TRL thread.
thx.
mason

I would say, after reading Bemac's and Jim's thread over and over, that IMHO, DIBS, as any trading method, is completely discretionary...

This method gives us, as you mentioned, not a huge W/L ration, but a terrific R/R ratio, with the ability to quickly cut the potential loss (the Free Ride concept)... the profits take care of themselves....

Suddenly, after testing lots of methods, after trying DIBS, I found myself with an interesting "problem".... the best way of trailing a stop, or exiting the trade ! What a headache!

I'm sure Peter and TRT, after years of trading, have just given us a glimpse of what they can do with breakout systems... food for hungry minds (here comes the discretion again....). The most brainstorming point for me is when he says "not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect sk
Basically, if the market is trending, let the stop take you out. If it is range bound or choppy like the current market, set a target exit at support/resistance. Purely discretionary. Yes.
Never argue with a fool....
  • #3,931
  • Jul 16, 2008 7:20am Jul 16, 2008 7:20am
Quoting tigertrader
Beauty - go Swissy go....
i wish i hadn't such good hanuches
  • #3,932
  • Jul 16, 2008 9:29am Jul 16, 2008 9:29am
Anyone taking the EUR/USD short setup? Luckily I didn't take the other DIBS trades today.. even with my filters, they were perfectly valid setups. But I just happened to hit the snooze button on the alarm so I missed 'em.

But I like this short alot. I have a short bias on EUR/USD for the short term based on trendlines, and some other things. EUR/USD broke a few trendlines.. and it looks very bearish to me. So I just put the orders in for the short.

-on another note-

I think this is the best way to use DIBS. In conjunction with other analysis. So for me and my analysis for example, I wanted to short eur/usd. DIBS is setting up a short at a favorable level so the confluence gives me the greenlight for the trade. lets hope it works out lol.
- nick andre -
  • #3,933
  • Jul 16, 2008 10:05am Jul 16, 2008 10:05am
now THATS what DIBS is about baby!!! haha. took 2/3 position out at 1 to 1, last portion of the position is still running. that was sexy.

Hope you guys got a piece of the action as well.
- nick andre -
  • #3,934
  • Jul 16, 2008 10:12am Jul 16, 2008 10:12am
Gratz
  • #3,935
  • Jul 16, 2008 10:44am Jul 16, 2008 10:44am
Finally I hope to have solved the problem about multiple orders.

I use this simple bool variable to recognise the new bar:

if( Volume[0] == 1 ) {NumOrder_Long = 0 ;}
if( Volume[0] == 1 ) {NumOrder_Short = 0 ;}

Try this and let me know!
Thank you!
Attached File(s)
File Type: mq4 Inside Bar Lots.mq4   17 KB | 937 downloads
  • #3,936
  • Jul 16, 2008 11:31am Jul 16, 2008 11:31am
So whats all this Dibs stuff about that everyone is raving about...???
  • #3,937
  • Edited 11:48am Jul 16, 2008 11:46am | Edited 11:48am
Quoting eltrader
So whats all this Dibs stuff about that everyone is raving about...???

In short, probably one of the simplest ways to trade, and trade well.

I'll save someone else the job of telling you, but you have to read it straight from the source.
http://http://www.forexfactory.com/s...ad.php?t=56907
It gets good on page 2 and runs for a good few pages, untill it gets split off to the thread you are currently reading. Then start to read ALL the posts on this thread.

I would suggest reading ALL of Peter's posts like gospel. He almosts hands a grail on a silver platter, almost. Let it sink in, then reread, bookmark, and read again. you will find yourself going back to read over and over again, it IS that good.

Good luck. Grab some beverage and food of your choice and have at it.

Rusty

ps, this is in no way intended to be harsh, there is a lot to learn in the posts, it would take a while to sum it up, and no one would learn.
  • #3,938
  • Jul 16, 2008 12:15pm Jul 16, 2008 12:15pm
Quoting eltrader
So whats all this Dibs stuff about that everyone is raving about...???
what? where is it?
  • #3,939
  • Jul 16, 2008 12:27pm Jul 16, 2008 12:27pm
Quoting fxaus
hi HR

i am breakout follower , can you send me a link to peter and TRL thread.
thx.
mason
Fxaus:
Peter Crowns' posts can be found in this thread: http://www.forexfactory.com/showthread.php?t=56907
Or by performing a search: http://www.forexfactory.com/member.php?u=63530 (then click on 'Find all posts by...')

TheRealThing - check out his post here: http://www.forexfactory.com/showthread.php?p=205799
Find his other posts here: http://www.forexfactory.com/member.php?u=25481

See Rusty105's post above (#3937) for more info.

David

PS: To those who replied to my earlier post, thanks for the feedback.
  • #3,940
  • Jul 16, 2008 12:28pm Jul 16, 2008 12:28pm
Quoting eltrader
So whats all this Dibs stuff about that everyone is raving about...???
MANY THANKS!!! I FOUND IT!!!!

http://www.nestle.ca/NR/rdonlyres/5E...66ml_Mar07.jpg

i don't think you have it here in Brasil. At least not for poor people.
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