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The DIBS Method... No Free Lunch continues

  • #4,401
  • Aug 4, 2008 6:06am Aug 4, 2008 6:06am
Now price is testing our previous support at 1.9666, which price hit first time and then tested a few times before going through. Now it's testing it from the other side. If it doesn't hold as resistance it's a reversal for me...
  • #4,402
  • Aug 4, 2008 7:18am Aug 4, 2008 7:18am
Looks like the support held, and then some Too bad I am sitting on the sidelines at 'work'

Rusty
  • #4,403
  • Aug 4, 2008 8:04am Aug 4, 2008 8:04am
Quoting NowAndLater
Now price is testing our previous support at 1.9666, which price hit first time and then tested a few times before going through. Now it's testing it from the other side. If it doesn't hold as resistance it's a reversal for me...
I closed at 1.9670 for BE on the remaining 1/3 of the position, so all in all a positive trade...
  • #4,404
  • Aug 4, 2008 11:31am Aug 4, 2008 11:31am
Hello fellow dibbers,

I was going through my harddrive and found a tool that may be of help to you.....This tool will allow you to convert any candle into whatever timespan you would like....if you want your 1hr candle in you chart to encapsulate several of them and show an 8hr candle..you can (NAL has shared his idea of trading an 8hr candle). You want your candles to strategically represent a particular time period..you can.

Easy to use....downloaded to your mt4 and place it in your 1hr chart...select the parameters that you wish for.... right click on you chart go to properties and change the colors of the candlesticks to none (seems that the new candles default to limegreen/ bullish and red/bearish).

I would advise you to try it on a new window so that you get a chance to familiarize yourself with it without messing up your original chart.

Anyway, I hope that this little tool helps you visualize price action in a new way.

Attached File(s)
File Type: mq4 CustomCandleA.mq4   8 KB | 769 downloads
File Type: ex4 CustomCandleA.ex4   10 KB | 609 downloads
Unus pro omnibus, omnes pro uno
  • #4,405
  • Edited 2:38pm Aug 4, 2008 1:40pm | Edited 2:38pm
How pretty is this. A classic, text book DIBS trade this on the Gbp/USD. I (and NAL) was late to this party and only caught the 2nd IB (1.9682) for a profitable trade.

Areas of S/R levels are important because we want to see where Price may stall or bounce back on us. But it doesn't mean we don't take the trade. We have our money and trade management set up if Price turns against us.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,406
  • Aug 4, 2008 1:47pm Aug 4, 2008 1:47pm
Usd/Jpy DIBS:
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,407
  • Edited 2:39pm Aug 4, 2008 1:55pm | Edited 2:39pm
Euro DIBS:

This would have ended in a -14 pip (- spread) loss. Losses happen, but our money and trade management keeps them small and controllable.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,408
  • Aug 4, 2008 2:05pm Aug 4, 2008 2:05pm
Eur/Jpy DIBS: Although it appears that this trade was stopped out on the hourly, the 30 min proves otherwise.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #4,409
  • Aug 4, 2008 2:11pm Aug 4, 2008 2:11pm
Yes I did see this 30 min DIBS trade after the Open on the Eur/Jpy. The 30min DIBS is not a bad approach in a fast moving market. As always, adhering to the money and trade management.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,410
  • Aug 4, 2008 2:21pm Aug 4, 2008 2:21pm
Usd/Cad DIBS: This appears that it was stopped out on the hourly but the 30min proves otherwise.

Notice how DIBS keeps us out of taking a short because Price is above the Open. Classic DIBS.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,411
  • Aug 4, 2008 9:58pm Aug 4, 2008 9:58pm
Jarroo or NAL could you please look over this eurjpy charts and tell me if i marked the S/R zones right?

Still having some problems to figure out S/R retests on smaller timeframes, any suggetions?
Attached Image(s) (click to enlarge)
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  • #4,412
  • Aug 4, 2008 10:27pm Aug 4, 2008 10:27pm
Quoting Bbfx
Jarroo or NAL could you please look over this eurjpy charts and tell me if i marked the S/R zones right?

Still having some problems to figure out S/R retests on smaller timeframes, any suggetions?
They look real good Bb. Good job.
Indicators show the past. Price Action "Indicates" the future.
  • #4,413
  • Aug 4, 2008 11:34pm Aug 4, 2008 11:34pm
Entered late on the Eur/Jpy. at 167.93
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,414
  • Aug 4, 2008 11:45pm Aug 4, 2008 11:45pm
Quoting jarroo
Entered late on the Eur/Jpy. at 167.93
Holding off taking the free trade because Price is moving pretty strong.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,415
  • Aug 4, 2008 11:52pm Aug 4, 2008 11:52pm
Quoting jarroo
Holding off taking the free trade because Price is moving pretty strong.
...I took it at 1.6789.... but missed the GBP/JPY .
Regards, Michael
  • #4,416
  • Aug 4, 2008 11:55pm Aug 4, 2008 11:55pm
Quoting manto
...I took it at 1.6789.... but missed the GBP/JPY .
Regards, Michael
Nice manto.
Gbp/Jpy on the 30 min looked good.
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Indicators show the past. Price Action "Indicates" the future.
  • #4,417
  • Aug 4, 2008 11:58pm Aug 4, 2008 11:58pm
Hi Jarroo,
on post 4392 You wrote that IB (before the Open) not being play off the Open because Opening Price is not lined up with the previous IB to be played off of.

Also in this EUR/JPY chart i can see that inside bar before open is not lined up with Opening price of the day ( 0600 GMT ).

oR... It doesnt matter that there is some 2 pips ?

Thank You for Your answer.

Best wishes,
Tom

Quoting jarroo
Entered late on the Eur/Jpy. at 167.93
  • #4,418
  • Aug 5, 2008 12:03am Aug 5, 2008 12:03am
Jaroo


Thankyou for you dedication to this thread

Dale
  • #4,419
  • Aug 5, 2008 12:04am Aug 5, 2008 12:04am
Quoting jarroo
Nice manto.
Gbp/Jpy on the 30 min looked good.
...now testing the support zone. Could pull back to the resistance at 211.50/55. Would you take tis for an entry?
Regards, Michael
  • #4,420
  • Aug 5, 2008 12:07am Aug 5, 2008 12:07am
Quoting tfflyer
Hi Jarroo,
on post 4392 You wrote that IB (before the Open) not being play off the Open because Opening Price is not lined up with the previous IB to be played off of.

Also in this EUR/JPY chart i can see that inside bar before open is not lined up with Opening price of the day ( 0600 GMT ).

oR... It doesnt matter that there is some 2 pips ?

Thank You for Your answer.

Best wishes,
Tom
The IB was at 0500 GMT. The Open is at 0600 GMT. When an IB is at 0500 GMT it will be lined on at 0600 GMT no matter where it Opens.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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