The DIBS Method... No Free Lunch continues | Page 231 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The DIBS Method - No Free Lunch Returns 13 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

Peter Crown's DIBS method revisited 14 replies

DIBS Method EA 11 replies

Problem using Dibs EA 4 replies

Attachments: The DIBS Method... No Free Lunch continues
Exit Attachments

The DIBS Method... No Free Lunch continues

  • #4,601
  • Aug 7, 2008 8:28pm Aug 7, 2008 8:28pm
Anyone else get in on this GBP DIBS trade last night. I set both my buys and sell trades and went to bed only to wake up and find that the long had triggered and closed at B/E and the short was then triggered.
Attached Image
  • #4,602
  • Aug 7, 2008 9:27pm Aug 7, 2008 9:27pm
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.
Fibs will get the job done, they will also help you actually pick the best probable IB break to take as you see PA get rejected/retrace off a strong fib line. But one must learn to place and use the fib in accordance to Bobokus or Skunny's teachings.

DazFx also has some interesting fib teachings on how to use the A, B, C, wave for easy TP targets by using the Fibonacci Expansion tool...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd h1 fib tp 8-7-2008 2....gif Size: 19 KB
Click to Enlarge Name: EurUsd ABC TP Fib.gif Size: 19 KB
  • #4,603
  • Aug 7, 2008 9:42pm Aug 7, 2008 9:42pm
Quoting darewood
Anyone else get in on this GBP DIBS trade last night. I set both my buys and sell trades and went to bed only to wake up and find that the long had triggered and closed at B/E and the short was then triggered.

Hopefully you can see in the chart below the fib allows us to see which direction the IB would have the best probable trade after PA failed (was rejected) when trying to cross the fib pivot line. We all know how GbpUsd turned out last night, he he...
Attached Image (click to enlarge)
Click to Enlarge Name: GbpUsd IB + fibs 8-7-2008.gif Size: 29 KB
  • #4,604
  • Aug 8, 2008 12:49am Aug 8, 2008 12:49am
Quoting NowAndLater

Actually I took the same trade (it's posted in this thread) and I didn't hold on to it either... But I can say that I have imrpoved a lot since then and it was after that trade that I started to challenge myself and let any trade go and go. I can say that since then I've build a small position left on GU, EU and UC since the 29/July, and that is quite nice (only I'm paying the swap but I'm collecting more in terms of pips). Sure I don't have 1/2 of those positions still opened, as I have closed some of it more along the way, but I have 1/5 left on all of those trades. And since then I've added more to both EU and GU on the 4/August and today and for UC today as well, again I only have 1/5 left from these as well, but the profits are accumulating. I will hold on to these until we reach the major supports on GU and EU, and the resistance on UC. Then if there's no breakout I will close these.
I have one UJ trade since yesterday (1/5 left again) and one from today. As UJ now broke out from the 108.50 area these might run pretty well.
I base my trades on DIBS, some are based on the "No Brainer"-thread, some are based on my own range breakout strategy. And I try to let some part of all my trades run. I have adjusted the stops along the way but they are still a "long" way from the current price and I'm still looking to follow the trend which at this moment is clearly in favour of the USD.
Good morning all! Also added more trades based on yesterday's brakes of supports. There's nothing like going to bed and waking up to see that you've made money in your sleep...
Just let them ride folks. Thank you PC for opening up our eyes!
  • #4,605
  • Aug 8, 2008 1:43am Aug 8, 2008 1:43am
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.
I identify target points based on s/r levels, trendlines, fibs, pivots and ADR and look for confluence of these. Recently I've started to close a part of the free position (more than half of it) at these target points if I started to see that price action was showing a reversal, and kept the last part to run at the intial sl.
I don't move the sl of earlier trades to the sl of a new trade. The reason for this is that the new trade might get stopped out or just be a BE trade, and that would mean that the other trades will be closed as well. Instead I leave the remaining part of the free trade at the initial sl and move it only after I see that there's been a new s/r area that is holding and place it above/below this area, and this way build a nice position if I catch a trend like the one we are in right now.
  • #4,606
  • Aug 8, 2008 2:07am Aug 8, 2008 2:07am
free trade
  • #4,607
  • Aug 8, 2008 2:09am Aug 8, 2008 2:09am
AUDUSD short DIBS doing nicely
  • #4,608
  • Aug 8, 2008 2:15am Aug 8, 2008 2:15am
Quoting GoForPip
free trade
Good trade this one, "easy" enough to get to the free trade, I missed it and it should be good. Hold on to the free trade if it brakes 110.00
  • #4,609
  • Aug 8, 2008 2:27am Aug 8, 2008 2:27am
Morning everyone!

Interesting chart (?)
Attached Image (click to enlarge)
Click to Enlarge Name: gj4.gif Size: 25 KB
  • #4,610
  • Aug 8, 2008 2:33am Aug 8, 2008 2:33am
Quoting 4FXsake
Morning everyone!

Interesting chart (?)
Yes very much! What do you mean??
  • #4,611
  • Aug 8, 2008 2:44am Aug 8, 2008 2:44am
I just wanted to say thanks again to Nowandlater and Jaroo for bringing it home how important it is to "let it run".
Took the IB short on NZD/USD a couple of days ago and went risk free quite early on. Took the trade at 0.7219 and closed out 1/2 of my second 1/2 at 0.7004 (monthly S2) for a nice 215 +. I'm finally getting the spirit of it as Peter Crowns would say. Thanks again guys and keep up the good posts.
Sincere and humble thanks, If.
  • #4,612
  • Aug 8, 2008 2:50am Aug 8, 2008 2:50am
Quoting Oedipus100
I just wanted to say thanks again to Nowandlater and Jaroo for bringing it home how important it is to "let it run".
Took the IB short on NZD/USD a couple of days ago and went risk free quite early on. Took the trade at 0.7219 and closed out 1/2 of my second 1/2 at 0.7004 (monthly S2) for a nice 215 +. I'm finally getting the spirit of it as Peter Crowns would say. Thanks again guys and keep up the good posts.
That's great! It's all about practising and dealing with the emotions of seeing the profits go up and down (but mostly up).
  • #4,613
  • Aug 8, 2008 2:59am Aug 8, 2008 2:59am
GBP/USD is interesting. I'm a great fan of a confluence of events leading me in the direction of a nice IB set up. I'm going to be staying out of the market for today but when/if cable hits the monthly S3 and convinces me it's ready for a run back north I'll be picking up long ib's with gusto.
Monthly S3 is a 50% fib off the big weekly move with a nice sprinkling of swing high fractals, just what every growing quant needs. Also the daily hasn't closed below 93 in a year and a half. I've always been a great fan of top down trading but found exact entry a problem, now with IB's showing me the way I feel fully rounded. lol.
Attached Image (click to enlarge)
Click to Enlarge Name: cable.jpg Size: 125 KB
Sincere and humble thanks, If.
  • #4,614
  • Aug 8, 2008 3:01am Aug 8, 2008 3:01am
Quoting NowAndLater
Yes very much! What do you mean??

I know it is not dibs related but it could be taken into account when dibs trading. E.g. today would be a shorting day on dibs (cable) but, would one wish to go short, looking at the chart?

Possibly, but something of which one could be aware hence my post.
  • #4,615
  • Aug 8, 2008 3:09am Aug 8, 2008 3:09am
Quoting 4FXsake
I know it is not dibs related but it could be taken into account when dibs trading. E.g. today would be a shorting day on dibs (cable) but, would one wish to go short, looking at the chart?

Possibly, but something of which one could be aware hence my post.
Well I think higher timeframes is always important. For every pair I have analysis for M15, H1, H4, D1, and W1.
This is my W1 chart. I'm with you Oedipus, and there's also a trendline in that area you mentioned, as well as being a s/r area and the round number of 1.9100 giving more confluence.
Attached Image (click to enlarge)
Click to Enlarge Name: GU.JPG Size: 131 KB
  • #4,616
  • Aug 8, 2008 3:16am Aug 8, 2008 3:16am
There is indeed NAL, I didnt see that, also the 200 ema if you feel so inclined. Saying all that I can only trade what I see and as yet I dont see $$$ weakness. BUT when I do I'm all over the ib's with a view to that consolodation area at 9850's (take a quick peek at monthly). Plan the trade trade the plan, fun isn't it?
Sincere and humble thanks, If.
  • #4,617
  • Aug 8, 2008 3:42am Aug 8, 2008 3:42am
Quoting Oedipus100
Plan the trade trade the plan, fun isn't it?
That's what we should do, it makes trading so much easier!
  • #4,618
  • Edited 4:55am Aug 8, 2008 4:43am | Edited 4:55am
free trade
Eur/Usd has about 150 pips room before next weekly resistance.
  • #4,619
  • Aug 8, 2008 6:49am Aug 8, 2008 6:49am
Quoting GoForPip
free trade
Eur/Usd has about 150 pips room before next weekly resistance.

Hi GoforPip,

I am not sure what you mean, please clarify.

Regards,


BabeFX.
  • #4,620
  • Aug 8, 2008 6:59am Aug 8, 2008 6:59am
Quoting BabeFX
Hi GoforPip,

I am not sure what you mean, please clarify.

Regards,


BabeFX.
This is what I think he means:
EURUSD had an IB on the 0900GMT-bar. At the time it had reached a free ride, price had about 150 pips left to go to the support around 1.5000. I realise he wrote resistance, and in that case he was talking about the 1.5300-level, but I think he meant the support since he was selling
7 traders viewing now