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The DIBS Method... No Free Lunch continues

  • #4,161
  • Jul 29, 2008 2:29am Jul 29, 2008 2:29am
Traded EU long this morning...0600gmt open, trading the 0500 IB on Oanda...woops! after a slight move in my direction, wallop! a big spike down, stopped me out, and now moving strongly LONG again while I watch injured on the touchline!!! Can't quite figure this one out......did I miss something? why the spike? Any ideas, folks......still trying to hone my skills on DIBS.
  • #4,162
  • Jul 29, 2008 2:32am Jul 29, 2008 2:32am
Quoting attictrader
Traded EU long this morning...0600gmt open, trading the 0500 IB on Oanda...woops! after a slight move in my direction, wallop! a big spike down, stopped me out, and now moving strongly LONG again while I watch injured on the touchline!!! Can't quite figure this one out......did I miss something? why the spike? Any ideas, folks......still trying to hone my skills on DIBS.
Gotta a chart. I don't see it on my chart.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,163
  • Jul 29, 2008 2:48am Jul 29, 2008 2:48am
Quoting attictrader
Traded EU long this morning...0600gmt open, trading the 0500 IB on Oanda...woops! after a slight move in my direction, wallop! a big spike down, stopped me out, and now moving strongly LONG again while I watch injured on the touchline!!! Can't quite figure this one out......did I miss something? why the spike? Any ideas, folks......still trying to hone my skills on DIBS.
I think you were looking at IB's formed well before the 0600Z session. Price was not only going sideways but was wedged between the Pivot and M3 (only a 23 pip spread) so it could have broken in any direction. I have found that backing up my decisions with info from other time frames, especially higher timeframes, has improved my results. Hope that helps you.
Never argue with a fool....
  • #4,164
  • Jul 29, 2008 2:48am Jul 29, 2008 2:48am
Quoting jarroo
Gotta a chart. I don't see it on my chart.
Looking to go long around 1.9966 coreect me if i am wrong....the 30 min was a good set and now maybe the 1 hr will do the same.
F2
  • #4,165
  • Jul 29, 2008 2:58am Jul 29, 2008 2:58am
Quoting rusty105
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
One of the great traits of the DIBS method is that it keeps you out of choppy markets. (See DIBS trades July 2008. ). When I look at a potential DIBS trade I will look at higher time frames for S/R levels, Trendlines and Price Action (James16 Chart Thread) to show a "hint" of where Price is heading.

This will also show where Price may run into a brick wall. NowAndLater sumitted an excellent post above (Post# 4160) illustrating this point with S/R levels. All of us should copy this post and read it daily for a week.

I saw a Price Action formation on the hourly and moved to the 30min and played a DIBS trade. Heavy support told me to that the trade was not going down any further.
Indicators show the past. Price Action "Indicates" the future.
  • #4,166
  • Jul 29, 2008 3:03am Jul 29, 2008 3:03am
Quoting Forbidden2
Looking to go long around 1.9966 coreect me if i am wrong....the 30 min was a good set and now maybe the 1 hr will do the same.
F2

...i am waiting for this setup too. But the trendline there should be surely broken. So i wait for closing the actual bar, which will probably be the IB. And then for the break of this IB. That would mean, that 3 bars closed above the trendline and an IB was broken , so thats my long signal.
Regards, manto

...as i write it the swiss news cancel the 1h IB - waiting for the 30 min....
  • #4,167
  • Jul 29, 2008 3:03am Jul 29, 2008 3:03am
Quoting Forbidden2
Looking to go long around 1.9966 coreect me if i am wrong....the 30 min was a good set and now maybe the 1 hr will do the same.
F2
Yes. But now Price is below the Open and an IB may form for a short.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,168
  • Jul 29, 2008 3:14am Jul 29, 2008 3:14am
Let's take a look at the Usd/Jpy. A potential DIBS trade has now formed on the Hourly. Let's look at the higher time frames.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,169
  • Jul 29, 2008 3:19am Jul 29, 2008 3:19am
Apart from the earlier EURJPY upside breakout (which I missed!) today's price action is very erratic. I don't see any low risk trades yet - but I'm working on it. Sometimes the hardest part of trading is staying out of the market!
Never argue with a fool....
  • #4,170
  • Edited 3:45am Jul 29, 2008 3:20am | Edited 3:45am
Quoting jarroo
Let's take a look at the Usd/Jpy. A potential DIBS trade has now formed on the Hourly. Let's look at the higher time frames.
I like the 1:00 AM EST (0500 GMT) Open, especially on the Yen pairs. So this would be a great DIBS trade for me. But I missed it.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,171
  • Jul 29, 2008 3:24am Jul 29, 2008 3:24am
Jaroo,

Quote
Gotta a chart. I don't see it on my chart.
Attaching chart.....but I think Tigertrader has addressed the issue.....any other observations would be welcome too.......but I think I've still got a long way to go in FX trading

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 42 KB
  • #4,172
  • Jul 29, 2008 3:35am Jul 29, 2008 3:35am
Quoting jarroo
Let's take a look at the Usd/Jpy. A potential DIBS trade has now formed on the Hourly. Let's look at the higher time frames.
The Yen seems to be holding support at the Pivot so a breakout to the upside looks promising.
Never argue with a fool....
  • #4,173
  • Jul 29, 2008 3:36am Jul 29, 2008 3:36am
Quoting jarroo
Let's take a look at the Usd/Jpy. A potential DIBS trade has now formed on the Hourly. Let's look at the higher time frames.
Now looking at these higher time frame charts what would be the best DIBS trade direction?

Short.

A lot of S/R Levels on the top side of these charts, less resistence to the short side. But the DIBS is showing a long trade(IB above the Open). If it was only showing a short trade. Darn.

If Price breaks the IB to the top side (text book DIBS) I would get to the free trade quickly. Price may break through all those S/R levels.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,174
  • Jul 29, 2008 3:40am Jul 29, 2008 3:40am
Quoting attictrader
Jaroo,

Attaching chart.....but I think Tigertrader has addressed the issue.....any other observations would be welcome too.......but I think I've still got a long way to go in FX trading

Thanks
Looks like the IB was at 0400. Which is OK, but you have to wait until the 0600 Open to trade it. Meaning you would not take a break at 0500. You would wait until a break ocurrs at 0600.
Indicators show the past. Price Action "Indicates" the future.
  • #4,175
  • Jul 29, 2008 3:41am Jul 29, 2008 3:41am
tiger
Quote
I think you were looking at IB's formed well before the 0600Z session. Price was not only going sideways but was wedged between the Pivot and M3 (only a 23 pip spread) so it could have broken in any direction. I have found that backing up my decisions with info from other time frames, especially higher timeframes, has improved my results. Hope that helps you.

Thankyou for your explanation. I realise my erroneous approach now.

Jaroo,
I think your post 4165 also addresses my problem here.
  • #4,176
  • Jul 29, 2008 3:41am Jul 29, 2008 3:41am
Quoting NowAndLater
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.

hi nowandlater

thanks very much for your input ! yes i do try to be very aware of sup and res levels + fib levels too. the IB i entered was the later one ...short at 214.10....but as you say it was rather late in the day.
i am currently long UJ which i took off of the 5am GMT IB and it is looking very promising.

happy pipping
cheers
kim
  • #4,177
  • Jul 29, 2008 3:48am Jul 29, 2008 3:48am
I'm in on the Usd/Jpy DIBS trade at 107.59
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,178
  • Jul 29, 2008 3:51am Jul 29, 2008 3:51am
I would just like to introduce my self and say Hi!!! Been a while since I traded IB's and some of the rules are differnt then I traded so I will sitting here watching : )
It's me...
  • #4,179
  • Jul 29, 2008 3:54am Jul 29, 2008 3:54am
Quoting jarroo
I'm in on the Usd/Jpy DIBS trade at 107.59
A lot of resistence to the up side on this trade. But the trade risk is only about 14 pips (gotta love it). One truth in trading : No One Knows Where Price May Go.
Indicators show the past. Price Action "Indicates" the future.
  • #4,180
  • Jul 29, 2008 3:56am Jul 29, 2008 3:56am
Quoting kimmy
hi nowandlater

thanks very much for your input ! yes i do try to be very aware of sup and res levels + fib levels too. the IB i entered was the later one ...short at 214.10....but as you say it was rather late in the day.
i am currently long UJ which i took off of the 5am GMT IB and it is looking very promising.

happy pipping
cheers
kim
Nice kim. Good for you.

I love thoses early IBs on those Yen pairs.
Indicators show the past. Price Action "Indicates" the future.
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