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The DIBS Method... No Free Lunch continues

  • #4,581
  • Aug 7, 2008 5:06am Aug 7, 2008 5:06am
This thread just keeps getting better.
  • #4,582
  • Aug 7, 2008 6:16am Aug 7, 2008 6:16am
Took a long on USDCAD @ 1.0478, SL 1.0466, 1st TP 1.0492. The risk was small, and price looks like it is still moving up in a channel. Action looks a little slow so I will take a little more then 1/2 out at the 1:1

Rusty
  • #4,583
  • Edited 7:21am Aug 7, 2008 7:00am | Edited 7:21am
Quoting manto
Hello Kimmy,
i missed it, but am not too unhappy, i'll keep watching it. I found somewhere in FF the article which is attached (forgot where exactly i found it) and will watch, if it today works as described there.
Regards, Michael
The article on the Big Ben strategy is misleading. It states "short" as the only possible breakout direction. I.e. irrespective of how the preceding range was established (e.g. higher high 1st, then lower low; OR lower low 1st and then higher high), the author suggests buying the breakout of the lowest low since EU or London opening.

But the price could be moving as follows: "higher high" >> "lower low" >> breakout of higher high. The article does not consider that option at all.

So, how does one know breakout of which range limit to buy/sell? What if the breakout is false? The Big Ben strategy was presented as a "sure thing".

My view is that IBs make more sense - it's clearer (based at least on Peter Crown's approach) in which direction the breakout should be taken; besided IBs mean "consolidation", whilst the "wide opening range" described in the article could simply be setting the limits for ranging that could last for the whole day (or even longer).
One Chart is Worth Ten Thousand Words.
  • #4,584
  • Aug 7, 2008 7:06am Aug 7, 2008 7:06am
Hey Manto great article thanks. It is common knowledge that the london open firsts moves to fulfill orders so this system exploits that and has you wait for the "real" breakout. You know everyday I add a little tidbit to my arsenal.
thanks, john
  • #4,585
  • Aug 7, 2008 7:10am Aug 7, 2008 7:10am
i shouldnt say common knowledge what i mean is alot of systems have been around forever it seems that exploit the initial move of the london open.
  • #4,586
  • Aug 7, 2008 8:54am Aug 7, 2008 8:54am
Quoting johnnykanoo
i shouldnt say common knowledge what i mean is alot of systems have been around forever it seems that exploit the initial move of the london open.
....that's why i paid at first attention to the article, because it confirmed so clear PC's open time.
And it is said in the rules in the article, that it can used for short an for long. I do not trade this strategy, keep it only in my mind, but since i read it i watch IB's - if i take it early at the GU - very closely, because i'm afraid, that the big ben scenario occures - against me. You have false breakouts using IB's too, but it does not so much harm because of the small stops. I love the DIBS strategy, but the more confirmation for using an IB I have, the more comfortable i feel with.
It's just my thoughts...
Regards, Michael
  • #4,587
  • Aug 7, 2008 9:06am Aug 7, 2008 9:06am
Quoting johnnykanoo
Hey Manto great article thanks. It is common knowledge that the london open firsts moves to fulfill orders so this system exploits that and has you wait for the "real" breakout. You know everyday I add a little tidbit to my arsenal.
thanks, john
....by the way, it was chowclown, who posted it first....
  • #4,588
  • Aug 7, 2008 9:42am Aug 7, 2008 9:42am
Quoting manto
And it is said in the rules in the article, that it can used for short an for long.
My apologies, I missed that somehow.

Perhaps due to the confusing 2nd trade example (Fig. 3): the market made new high first, then new low, then went up again, and then broke out the low. If we followed the rules, we would only be awaiting high breakout (as the rules for SHORT are: new low, new high, low breakout - and REVERSE for LONG).
One Chart is Worth Ten Thousand Words.
  • #4,589
  • Aug 7, 2008 10:19am Aug 7, 2008 10:19am
Quoting Forex007
My apologies, I missed that somehow.

Perhaps due to the confusing 2nd trade example (Fig. 3): the market made new high first, then new low, then went up again, and then broke out the low. If we followed the rules, we would only be awaiting high breakout (as the rules for SHORT are: new low, new high, low breakout - and REVERSE for LONG).
...see what you mean, yes. But again, I don't trade the strategy, I'm not familiar enough with it. I only keep it in mind when watching early IB's in this pair, it is only one little part for the decision to take the IB or not. (And often enough I'm wrong, unfortunatly...) But then it might be a chance to take the reversal, because you know why.

Regards, Michael
  • #4,590
  • Aug 7, 2008 11:18am Aug 7, 2008 11:18am
Dear Thread,

Can someone point me in this >4000 post thread to the salient posts which will summarize the method? Thanks so much and sorry for any bother.

Lenoxer
  • #4,591
  • Aug 7, 2008 11:45am Aug 7, 2008 11:45am
Quoting Lenoxer
Dear Thread,

Can someone point me in this >4000 post thread to the salient posts which will summarize the method? Thanks so much and sorry for any bother.

Lenoxer
I think it's well summarized in the first post of this thread. There are a lot of excellent posts in the thread as well, so it's worth reading all of it, but the first post is where you should start.
  • #4,592
  • Aug 7, 2008 11:47am Aug 7, 2008 11:47am
Quoting Lenoxer
Dear Thread,

Can someone point me in this >4000 post thread to the salient posts which will summarize the method? Thanks so much and sorry for any bother.

Lenoxer
Are you looking for smth from a HF point of view?..
One Chart is Worth Ten Thousand Words.
  • #4,593
  • Aug 7, 2008 1:35pm Aug 7, 2008 1:35pm
Quoting Bbfx
Everybody sleeping or am i the only one seeing this beauty?
I am sure, you wish you were sleeping -
  • #4,594
  • Edited 2:47pm Aug 7, 2008 2:32pm | Edited 2:47pm
Nah, be sure i banked my pips even if the beauty turned into an beast

btw an almost 50 pip movement since the IB gives some room to take profit and set it to BE, dont you agree ?
Please lengthen your message to at least 1 characters.
  • #4,595
  • Aug 7, 2008 2:50pm Aug 7, 2008 2:50pm
Quoting manto
Hello Kimmy,
i missed it, but am not too unhappy, i'll keep watching it. I found somewhere in FF the article which is attached (forgot where exactly i found it) and will watch, if it today works as described there.
Regards, Michael

Hi Manto, could you please post this again in another format as i cant open it for some reason...?! Hope you can help,

Thanks
  • #4,596
  • Aug 7, 2008 3:12pm Aug 7, 2008 3:12pm
eltrader,

Im not manto but try out this one, its still a pdf.

If you havent adobe reader go there its free and needed to open pdf files

http://www.adobe.com/products/acrobat/readstep2.html
Attached File(s)
File Type: pdf BigBenStrategycopy.pdf   597 KB | 1,556 downloads
Please lengthen your message to at least 1 characters.
  • #4,597
  • Aug 7, 2008 7:44pm Aug 7, 2008 7:44pm
As a follower of this thread - I think its time for the thread to move beyond the starting time, calling out IBs and asking if anyone is one board and get contributions on how you are determing exits for the free portion of the trade - as a wise trade once said - well many have said it - money is made on the exit not the entry.

One method that I employ is if I get a second setup on a pair that I already have a position in is to move the stop loss for the first trade to the stop loss for the second trade.

What I am looking for is other ways to identify targets - there are so many ways from trailing stops and moving averages as stated by PC to 123 targets, fibs, s/r, etc... etc. etc...

I am looking forward to see if anyone else wants to contribute to the thread on how they are determining exits.
I make money anywhere in the world by taking orders
  • #4,598
  • Aug 7, 2008 7:58pm Aug 7, 2008 7:58pm
Quoting SedonaPipper
As a follower of this thread - I think its time for the thread to move beyond the starting time, calling out IBs and asking if anyone is one board and get contributions on how you are determing exits for the free portion of the trade - as a wise trade once said - well many have said it - money is made on the exit not the entry.

One method that I employ is if I get a second setup on a pair that I already have a position in is to move the stop loss for the first trade to the stop loss for the second trade.

What I am looking for is other ways to identify targets - there are so many ways from trailing stops and moving averages as stated by PC to 123 targets, fibs, s/r, etc... etc. etc...

I am looking forward to see if anyone else wants to contribute to the thread on how they are determining exits.
Are you in any IB trades now? If so, I'd be happy to show you where I would exit or at least show you where I would start booking profits and why if you are interested.
  • #4,599
  • Aug 7, 2008 8:17pm Aug 7, 2008 8:17pm
Quoting KissFan
Are you in any IB trades now? If so, I'd be happy to show you where I would exit or at least show you where I would start booking profits and why if you are interested.
Thank you for your desire to assist. At the moment I am not in any trades and I would like to keep this invitation open for next week.
I make money anywhere in the world by taking orders
  • #4,600
  • Aug 7, 2008 8:20pm Aug 7, 2008 8:20pm
Quoting SedonaPipper
Thank you for your desire to assist. At the moment I am not in any trades and I would like to keep this invitation open for next week.
Yes. Please feel free to do so. I need the practice and the challange. Have a good weekend.
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