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The DIBS Method... No Free Lunch continues

  • #4,821
  • Aug 14, 2008 3:06am Aug 14, 2008 3:06am
Dibs on cable 1hr - just gone long.
  • #4,822
  • Aug 14, 2008 3:08am Aug 14, 2008 3:08am
Quoting 4FXsake
Dibs on cable 1hr - just gone long.
Same. Let's see how this one works out.
  • #4,823
  • Aug 14, 2008 3:10am Aug 14, 2008 3:10am
Hi All

I am currently demoing H8 DIBS with IBFX which is GMT which means I can't trade the 0800 bar until 0900BST. I would like to be able to trade the H8 morning bar at 0600GMT (0700BST), so I am looking for an MT4 broker who is GMT-2.......any suggestions?

Anyone else looking at H8? NAL? Advice?

Thanks in anticipation.


Currently LONG USDJPY @ 109.54.......entered H8 too early as got my times confused!
  • #4,824
  • Aug 14, 2008 3:34am Aug 14, 2008 3:34am
Quoting attictrader
Hi All

I am currently demoing H8 DIBS with IBFX which is GMT which means I can't trade the 0800 bar until 0900BST. I would like to be able to trade the H8 morning bar at 0600GMT (0700BST), so I am looking for an MT4 broker who is GMT-2.......any suggestions?

Anyone else looking at H8? NAL? Advice?

Thanks in anticipation.


Currently LONG USDJPY @ 109.54.......entered H8 too early as got my times confused!
With this indicator it gives you H8 charts and you can set which H8 to see by changing TimeShift. Put the indicator on H1 chart, change PeriodMultiplier to "8", and then change TimeShift to "-2" which will choose the 8 hours like this: 22-06, 06-14, 14-22, even though the H8 chart will still show time on the bars as 0, 8, and 16. You can check that this is correct by comparing the high and low of the 22-06 H1 bars with the 0-bar on the H8 chart and see that they matches (or any other period). To get the H8 chart, after putting the period_converter on H1 and choosing PeriodMultiplier and TimeShift, go to File->Open Offline and look for the currencypair and H8 like this: "EURUSD, H8".
Attached File(s)
File Type: ex4 period_converter_opt.ex4   10 KB | 556 downloads
  • #4,825
  • Aug 14, 2008 3:46am Aug 14, 2008 3:46am
Quoting manto
Hello NAL,
looking to the EU it is ranging since 2 days. There were some IB's, but not a real breakout, the 4h the same, the daily candles with long tails, a phase of indecision. There will be a breakout, but nobody knows, at what time it will happen. Or do some people know when it happens with some probability? How to handle IB's in this situation, when you have smaller moves after IB's, but if you keep staying in, you will get stopped out. Are there any rules you can use to suppose with good probability when the larger breakout will occure? Or just playing every DIBS, taking a small loss here and there, and beeing in, when the real breakout occures? Or only taking the setup, when the S/R of the current range is broken? (In that case it might be difficult to jump in, except at a retracement)
Many regards, Michael
Again back to PC: "Trade whatever is moving". So don't look to trade EU, or UCHF either for that matter (as they are inversly correlated), until we have broken out from this range, that is the safest play imo. Ideally I would look for an IB right at the boundaries of this range and take only the breakout from the range as this might move further than a break of the IB back into the range (since price would still be ranging). But an IB from the middle of the range or a break of an IB into the range boundaries (when the IB is close to the range boundary) isn't high probability for me.
I don't think that anyone knows when it's going to happen, the only thing that we should be interested in is when price gets close to the range boundaries, and just wait until that happens. This is my safe play and a conservative approach. The more aggressive approach would be to take every IB, so you choose what suits you.
  • #4,826
  • Aug 14, 2008 3:55am Aug 14, 2008 3:55am
Quoting 4FXsake
Dibs on cable 1hr - just gone long.
Just one question:
The IB range is 61 pips, add spread and 2 pips for the breakout and sl and you'll get 66 pips sl (3 pips spread), and it's against a huge downtrend. Would you say that this IB has a high probability?

I'm not saying that this might not work out because I can never know. No offence here, just thinking out loud...
  • #4,827
  • Aug 14, 2008 4:11am Aug 14, 2008 4:11am
Hi NAL,
Quote
With this indicator it gives you H8 charts and you can set which H8 to see by changing TimeShift........
Thanks for this.....you did tell me this some time ago but it got lost in the mists of time! I've just set up GU H8 and tested the 0000-0800 bar against the 2200-0500(end of) H1 bars and it works perfectly.

Have you been trading the H8 recently? I know the advice for newbies is to start with the higher timeframes - mainly Daily/Weekly - I like the DIBS approach (though not particularly good at it - YET!) and would like to try the H8 as, for me at least, a more contemplative approach. Recently I've been experimenting with DIBS + S/R, PA + S/R on Daily, and DazFX fibs on H1, H4 and Daily.......results?? Guess!!!! Yes, confusion, too much to look at in too little time, consequent poor decisions and bad trade entries.

So, my intention is to focus for a month (at least) on the DIBS H8 across a range of 8 currency pairs, keeping S/R areas on the charts to assist with trade direction. It would appear from a cursory perusal of a H8 chart that placing entry at BOTH ends of the IB works to our advantage most of the time......but maybe I need to investigate more!

Anyhow, I'll keep this thread posted as I make progress and feed back the results of my endeavours.......OK?
  • #4,828
  • Aug 14, 2008 4:24am Aug 14, 2008 4:24am
Quote
Thanks for this.....you did tell me this some time ago but it got lost in the mists of time! I've just set up GU H8 and tested the 0000-0800 bar against the 2200-0500(end of) H1 bars and it works perfectly


Funny,

I tried it and it told me to download a new version.


I will try it more latter.
  • #4,829
  • Aug 14, 2008 4:30am Aug 14, 2008 4:30am
Quoting attictrader
Hi NAL,
Thanks for this.....you did tell me this some time ago but it got lost in the mists of time! I've just set up GU H8 and tested the 0000-0800 bar against the 2200-0500(end of) H1 bars and it works perfectly.

Have you been trading the H8 recently? I know the advice for newbies is to start with the higher timeframes - mainly Daily/Weekly - I like the DIBS approach (though not particularly good at it - YET!) and would like to try the H8 as, for me at least, a more contemplative approach. Recently I've been experimenting with DIBS + S/R, PA + S/R on Daily, and DazFX fibs on H1, H4 and Daily.......results?? Guess!!!! Yes, confusion, too much to look at in too little time, consequent poor decisions and bad trade entries.

So, my intention is to focus for a month (at least) on the DIBS H8 across a range of 8 currency pairs, keeping S/R areas on the charts to assist with trade direction. It would appear from a cursory perusal of a H8 chart that placing entry at BOTH ends of the IB works to our advantage most of the time......but maybe I need to investigate more!

Anyhow, I'll keep this thread posted as I make progress and feed back the results of my endeavours.......OK?
That sounds great mate and I'm glad to help out! Yes just keep it simple - thats one of PC's best advices (one of sooo many). And no I'm not trading the H8 IB's.
If it can be taken to both sides? Well I think that you should demo this for a month and take the trade to both sides, and then analyse which IB's that worked out best, and keep a journal of every trade so you can go back and make some analysis of it all. Look for s/r, trend and keep an eye on the fundamental overview (not every news, just what the general view might be at the current time)
  • #4,830
  • Aug 14, 2008 4:30am Aug 14, 2008 4:30am
Quoting NowAndLater
Just one question:
The IB range is 61 pips, add spread and 2 pips for the breakout and sl and you'll get 66 pips sl (3 pips spread), and it's against a huge downtrend. Would you say that this IB has a high probability?

I'm not saying that this might not work out because I can never know. No offence here, just thinking out loud...

You are right. High risk. My stop is below the days low i.e. miles away. Looking at it more of a swing trade. (Not strictly P.C.! )

Absolutely no offence NAL. Your thoughts are most welcome, anytime.
  • #4,831
  • Aug 14, 2008 5:00am Aug 14, 2008 5:00am
Quoting BUIGO
I am free-riding already!
mind exapling to me on that chart why you entered there. there seemed to be no confirmation of an IB
  • #4,832
  • Aug 14, 2008 5:49am Aug 14, 2008 5:49am
Quoting Maverick731
mind exapling to me on that chart why you entered there. there seemed to be no confirmation of an IB

Looks pretty straight forward Maverick. What are you seeing that shows no confirmation?
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,833
  • Edited 6:19am Aug 14, 2008 5:58am | Edited 6:19am
Quoting 4FXsake
You are right. High risk. My stop is below the days low i.e. miles away. Looking at it more of a swing trade. (Not strictly P.C.! )

Absolutely no offence NAL. Your thoughts are most welcome, anytime.
4FXsake,

I in that one too and almost 3 hours later it is atill hovering a little below break even. The 1H shows a slight uptrend since about 01:00 gmt. It has tried twice in the last 24 hours to go below 1.8630, and bounced up a little on each try. Not sure if the run is over or just pausing, maybe a retrace. I am going to hold the short position on this a little longer, but if it shows steady up over the next few hours, I'll close the short. it's small, but is is down to +640 pip from just over +700 yesterday morning.


Rusty

on edit: ok I closed the short from a few days ago, another IB @ 11:00 gmt, and cable continues up. i can always buy back in if it goes south again
  • #4,834
  • Aug 14, 2008 8:09am Aug 14, 2008 8:09am
Quoting NowAndLater
Again back to PC: "Trade whatever is moving". So don't look to trade EU, or UCHF either for that matter (as they are inversly correlated), until we have broken out from this range, that is the safest play imo. Ideally I would look for an IB right at the boundaries of this range and take only the breakout from the range as this might move further than a break of the IB back into the range (since price would still be ranging). But an IB from the middle of the range or a break of an IB into the range boundaries (when the IB is close to the range boundary) isn't high probability for me.
I don't think that anyone knows when it's going to happen, the only thing that we should be interested in is when price gets close to the range boundaries, and just wait until that happens. This is my safe play and a conservative approach. The more aggressive approach would be to take every IB, so you choose what suits you.
Great thinking, NAL! I had my fingers burnt so many times by taking IBs inside the "range".
One Chart is Worth Ten Thousand Words.
  • #4,835
  • Aug 14, 2008 8:51am Aug 14, 2008 8:51am
Hi guys,

Another theme to my previous question of "discretionary risk" (which was answered so well by several people - thank you all A LOT):

If the trade is going well, would the following approach make sense (someone, I think Rob Booker, said that most people SELL parts of their position when the trend goes strong, but successful traders ADD to their positions in such cases):

Your 1-lot trade is $500 in profit. You could move SL to lock in $250 OR you could add another lot and move SL to BE.

What are your thoughts, please?
One Chart is Worth Ten Thousand Words.
  • #4,836
  • Edited 1:18pm Aug 14, 2008 12:46pm | Edited 1:18pm
Fx007

Quote
What are your thoughts, please?
Hi Fx007

With all due respect, if I were have lunch with you today and you were my best friend. Here are my thoughts.


You are at a cross roads, you can either spend your energy learning how the dibs method works, or you can go down the road of designing your own system.


Best regards



Dale




I had a woodworking business;

A: Some wanting to learn my trade would say things like. The other shop uses a electric drill driver to put this screw in, we should do
this like the other shop.

B: Others would ask. You use a manual screw driver and a soft cloth to put the screw in , tell me why you do this and help me do it
right.



Answer to question A is : your scaring me, get away from the project.


Answer to question B is : This is a nine hundred dollar door, with a seven hundred dollar finish and five hundred dollar Entry set.
it is not worth risking a twentyone hundred dollars to save five minutes, we could scratch it.


The point is there is a correct tool for every system, if you learn what is really going one you will understand which tool to use.

dibs is a working method with the correct tools used at the right time, you can learn what is really going on by learning it.
  • #4,837
  • Aug 14, 2008 3:30pm Aug 14, 2008 3:30pm
Quoting Forex007
Hi guys,

Another theme to my previous question of "discretionary risk" (which was answered so well by several people - thank you all A LOT):

If the trade is going well, would the following approach make sense (someone, I think Rob Booker, said that most people SELL parts of their position when the trend goes strong, but successful traders ADD to their positions in such cases):

Your 1-lot trade is $500 in profit. You could move SL to lock in $250 OR you could add another lot and move SL to BE.

What are your thoughts, please?
This is about managing the free trade part I take it and how to add to it. I think you could try this and see if it fits your style. Personally I think trying different MM is good because there are many ways to do this and all we want is to make money. Try different MM and see what fits you.
  • #4,838
  • Aug 14, 2008 3:33pm Aug 14, 2008 3:33pm
Quoting Dale
dibs is a working method with the correct tools used at the right time, you can learn what is really going on by learning it.
I don't think Forex007 is trying to alter the system, I think he is discussing MM and that is something that wasn't really discussed by PC, other than getting to the free trade and let it run, and the question here as I understand it is how to manage the runner
  • #4,839
  • Aug 14, 2008 4:09pm Aug 14, 2008 4:09pm
Quoting jarroo
Looks pretty straight forward Maverick. What are you seeing that shows no confirmation?
ahh I see now, my mistake guess I was looking at it too quickly
  • #4,840
  • Aug 14, 2008 4:11pm Aug 14, 2008 4:11pm
Quoting rusty105
4FXsake,

I in that one too and almost 3 hours later it is atill hovering a little below break even. The 1H shows a slight uptrend since about 01:00 gmt. It has tried twice in the last 24 hours to go below 1.8630, and bounced up a little on each try. Not sure if the run is over or just pausing, maybe a retrace. I am going to hold the short position on this a little longer, but if it shows steady up over the next few hours, I'll close the short. it's small, but is is down to +640 pip from just over +700 yesterday morning.


Rusty

on edit: ok I closed the short from a few days ago, another IB @ 11:00 gmt, and cable continues up. i can always buy back in if it goes south again
Well done Rusty!

We will find out shortly whether our long position is justified or gets annihilated.

I would like to make an observation here and that is that however far from "mother" the errant child wanders, it will return and the further away it is the more likely of a return. This fact, of course, does not guarantee a profit; far from it but it is a fact.

What is "mother"?

The 200 simple m.a.

This is the situation with cable currently and yes, it is against the trend, but the R/R ratio is, in my opinion, worth it.
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