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The DIBS Method... No Free Lunch continues

  • #4,141
  • Jul 28, 2008 1:40am Jul 28, 2008 1:40am
Quoting tigertrader
Just missed a puuuuuuurfect DIBS entry on the EURJPY. I use MB Trading and they just randomly decided to reset the passwords of their international clients. They just did not bother to inform them. I like their platform although it does have som issues but their commission is a killer. I had look at Oanda since many of you seem to favour it, but their platform is diabolical. It crashed frequently and the interface and charts are a mess. I might switch to InterActive Brokers. Any comments from you guys (and gals!)?
Very nice tiger. Very nice indeed. Those IBs are very tradable early in the session on the Yen pairs.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,142
  • Jul 28, 2008 2:23am Jul 28, 2008 2:23am
Quoting jarroo
Price is moving pretty strong . I let it run a little more before I take the free trade.
Taking half off now for 32 pips (trade risk plus some for the bank.) Free trading now.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,143
  • Jul 28, 2008 2:32am Jul 28, 2008 2:32am
Quoting jarroo
Very nice tiger. Very nice indeed. Those IBs are very tradable early in the session on the Yen pairs.
Thanks Jaroo - onlyI could not trade then due to MB Trading locking me out of my own account. Anyway I got it fixed and took a quickie on the CAD. There will be more in due course. Looks like you have started the week of on the right note! Good luck and thanks for sharing.
Never argue with a fool....
  • #4,144
  • Edited 3:27am Jul 28, 2008 2:41am | Edited 3:27am
Quoting tigertrader
Thanks Jaroo - onlyI could not trade then due to MB Trading locking me out of my own account. Anyway I got it fixed and took a quickie on the CAD. There will be more in due course. Looks like you have started the week of on the right note! Good luck and thanks for sharing.
Thanks tiger.

Locking you out of your own account, that sucks.

Absolutely, many more to come in due course.

Reading through the thread and charts, July was not a good month for DIBS trading. Looks like I took the right month to be busy with other things. lol.

Keeping the losses small and getting to that free trade quickly is the way to go. It looks like it was a very good training month for those that participated. I'm sure those that did are better traders for it.

The learning curve continues.
Indicators show the past. Price Action "Indicates" the future.
  • #4,145
  • Jul 28, 2008 3:03am Jul 28, 2008 3:03am
Quoting jarroo
Taking half off now for 32 pips (trade risk plus some for the bank.) Free trading now.
Tough area to break (Trendline and S/R level). If it does break watch out below. I'll give it a chance with my free trade. If it doesn't happen, no harm no foul.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,146
  • Jul 28, 2008 4:20am Jul 28, 2008 4:20am
Quoting jarroo
Tough area to break (Trendline and S/R level). If it does break watch out below. I'll give it a chance with my free trade. If it doesn't happen, no harm no foul.
Late to today's party and I'll be out for the rest of the day, nice trade Jarroo and very nice to have you back!
  • #4,147
  • Jul 28, 2008 5:20am Jul 28, 2008 5:20am
Potentially good DIBS set up in GBP/JPY
  • #4,148
  • Jul 28, 2008 5:21am Jul 28, 2008 5:21am
Quoting jarroo
Tough area to break (Trendline and S/R level). If it does break watch out below. I'll give it a chance with my free trade. If it doesn't happen, no harm no foul.
Thanks Jaroo, I'll keep an eye on that.

I'm done for the day - 4 trades, 3 profitable (CAD, AUD and EUR) and one closed out manually at just in the plus by a few pips (NZD) so I am more than happy.

Who says this system doesn't work!

Again a BIG thanks to all of you folks for sharing and helping me get my head around this simple but elegant system. Catch you all tomorrow. Cheers!
Never argue with a fool....
  • #4,149
  • Jul 28, 2008 6:49am Jul 28, 2008 6:49am
Quoting jarroo
Tough area to break (Trendline and S/R level). If it does break watch out below. I'll give it a chance with my free trade. If it doesn't happen, no harm no foul.
Hi jarroo,
I found your Dibs method intersting and trying hard to understand it .I wonder if i am missing out something.I thought you traded inside bar not outside bars.....if it's not too much trouble could you expand more...
Thanks
  • #4,150
  • Jul 28, 2008 11:55am Jul 28, 2008 11:55am
Quoting Forbidden2
Hi jarroo,
I found your Dibs method intersting and trying hard to understand it .I wonder if i am missing out something.I thought you traded inside bar not outside bars.....if it's not too much trouble could you expand more...
Thanks
I took the 30 min DIBS on the Gbp/Usd. The BEOB on the hourly showed me that a short bias was in play. Review my charts again.
Indicators show the past. Price Action "Indicates" the future.
  • #4,151
  • Jul 28, 2008 12:02pm Jul 28, 2008 12:02pm
Quoting jarroo
I took the 30 min DIBS on the Gbp/Usd. The BEOB on the hourly showed me that a short bias was in play. Review my charts again.

Jarroo,

In these choppy times, does the shorter TF help out with some short term trades? I have been trying to follow this on the 1H, but not quite breaking even yet. i don't doubt the system, just haven't tried it on anything else but the 1H.

Thanks
Rusty
  • #4,152
  • Jul 28, 2008 12:07pm Jul 28, 2008 12:07pm
Quoting jarroo
I took the 30 min DIBS on the Gbp/Usd. The BEOB on the hourly showed me that a short bias was in play. Review my charts again.
Thanks for the reply...
Ahhh i see now I mean i was more on the short side but just wondered what was the real reason for the entry.......as i didn't see it on the hour TF...I think i will start getting up earlier to see if i can make it in these trades and perfect this style.....
Thanks for sharing...
  • #4,153
  • Jul 28, 2008 1:05pm Jul 28, 2008 1:05pm
Quoting jarroo
Looks like its breaking out of its cage. Any one catch that breakout. I missed it.
Hi jaroo, where is the IB to trade in this chart. If you are talking of the red IB, that occurred at 21:00 ET and not after 01:00 ET as Peter recommends. Thanks for helping me understand why you would have taken that IB breakout.

Thanks.
  • #4,154
  • Jul 28, 2008 1:51pm Jul 28, 2008 1:51pm
Quoting forextrader9
Hi jaroo, where is the IB to trade in this chart. If you are talking of the red IB, that occurred at 21:00 ET and not after 01:00 ET as Peter recommends. Thanks for helping me understand why you would have taken that IB breakout.

Thanks.
Also, if we consider an IB that has formed before the day open at 1:00 ET, which I believe you are doing, then won't our stop be at a higher point as price might have already moved quite a bit away from the IB hi/lo before we get our entry on day open?

For eg, the hi/lo of the IB is 3 and 1 respectively, however, when the day opens, the open price may be well below 1.....and we would place a short but our stop will still be the hi of the IB bar which is 3.

Thanks for your help.
  • #4,155
  • Jul 28, 2008 2:06pm Jul 28, 2008 2:06pm
Quoting forextrader9
Also, if we consider an IB that has formed before the day open at 1:00 ET, which I believe you are doing, then won't our stop be at a higher point as price might have already moved quite a bit away from the IB hi/lo before we get our entry on day open?

For eg, the hi/lo of the IB is 3 and 1 respectively, however, when the day opens, the open price may be well below 1.....and we would place a short but our stop will still be the hi of the IB bar which is 3.

Thanks for your help.
If open price is well below 1 you wouldnt be taking shorts, only longs on that IB, you only take shorts when 1 is lower than the daily open...
Never say never.
  • #4,156
  • Jul 28, 2008 3:06pm Jul 28, 2008 3:06pm
Quoting razldazl
If open price is well below 1 you wouldnt be taking shorts, only longs on that IB, you only take shorts when 1 is lower than the daily open...
Oh ya, I should have known that. Thanks much, that reinforces.
  • #4,157
  • Jul 28, 2008 3:14pm Jul 28, 2008 3:14pm
Quoting forextrader9
Oh ya, I should have known that. Thanks much, that reinforces.
Well, then how did jarroo take a short in USD JPY this morning? Or, did he take a short actually???

Thanks.
  • #4,158
  • Jul 28, 2008 4:00pm Jul 28, 2008 4:00pm
hi all

i took the GY IB short earlier and was stopped out..........just wondering whether any of you more experienced folks could point out if it was not a good setup ? did i miss something maybe?

any input greatly appreciated
cheers
kim
  • #4,159
  • Jul 28, 2008 4:30pm Jul 28, 2008 4:30pm
Quoting forextrader9
Well, then how did jarroo take a short in USD JPY this morning? Or, did he take a short actually???

Thanks.
Thanks Jarro for keeping this thread going. I have know about IB's for years but never had any luck trading them becasue I couldnt trade during LO. Well some things have change and I can trade LO again. Thanks to you guys and all your hard work I am going to start trading them again.

I opened up a Inside Bar mini account sperate from my other accounts with IBFX and will take live trades off of it. Just wanted to do a quick time check my time before going live tonight. I am from california USA so... the daily candle here on IBFX charts open at 5PM. London open for me is 12:00 am.

I would then be looking for setups 1am est, which would be 10:00pm my time? or would I wait to start looking for IB's after LO?

Thanks again to Bemac, MR. Crowns, Jarroo, Now and later, Shodd and all othe others that have simplifed this system to make it work
It's me...
  • #4,160
  • Jul 28, 2008 5:48pm Jul 28, 2008 5:48pm
Quoting kimmy
hi all

i took the GY IB short earlier and was stopped out..........just wondering whether any of you more experienced folks could point out if it was not a good setup ? did i miss something maybe?

any input greatly appreciated
cheers
kim
I'll try to give some input, maybe it will help. I'm gonna guess that your short was of the IB that I've marked with a light blue vertical line on the H1 chart. Looking at the H4 chart you can see that this area is a heavy support/resistance area. Look the at H1 chart. Do you see that pinbar that bounced of with a big nose from the s/r area, and of the 38% fib as well? This is telling me that this area is holding as a good support now. When taking a sell of the IB you are selling right into a major support and that is always risky. If the entry would have been below this area (below 213.60) then it would have been better I feel.
If you meant the IB that formed 4 hours later which was a sell I would say the same here: could you get the free trade before reaching the s/r area? Probably not so time to pass again and look at other pairs. Actually this IB came kind of late in the day anyway and our trading window was about to close.

My first rule for entering a trade: Look to the left and identify s/r areas - don't sell into support and don't buy into resistance. If I can get my free ride before price potentially reaches a s/r areas I'll take the trade. This is how I do it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GY Support and Resistance.JPG Size: 76 KB
Click to Enlarge Name: GY fibs.JPG Size: 87 KB
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