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The DIBS Method... No Free Lunch continues

  • #4,921
  • Aug 17, 2008 7:25pm Aug 17, 2008 7:25pm
Looking at the action on the USDJPY, it appears that the Japanese session is kicking in full gear here... I know that there has been a lot of talk about when the opening times for the yen pairs should be...

I'm here to ask, after all the observation in the past that you guys have done, what are the opinions from the people on this forum about the opening time for the yen pairs? If it had been at 00 GMT then the most recent IB would have been caught for that short... however if we have the 6 GMT as our day start then the IB was invalid b/c it was above the days open..

Also, today is Sunday so maybe that has something to do w/ the action at this time along w/ the japanese session? Thoughts?

Pred
  • #4,922
  • Aug 17, 2008 7:47pm Aug 17, 2008 7:47pm
To All the recent posts asking for insight into inner workings of this method; It's pretty simple really:

Make sure You Know WHY You are Taking The Trade:
Believe it on Entry & Discard it on Rejection.

This DIBS thing is one of the most basic Methods in Trading. Great as a Learning Platform & always usefull to have in your toolbox.
If you think you can take the shortcut across by asking for advice & clarification; then thank you for your donation.

There is:
No Free Lunch...

Now get to work.
  • #4,923
  • Aug 17, 2008 7:49pm Aug 17, 2008 7:49pm
Absolutely incorrect.... you are nothing without green pips.

Quoting guess121
Trading is about a profitable system and MM/risk - it's not about pips.
  • #4,924
  • Aug 17, 2008 7:56pm Aug 17, 2008 7:56pm
Quoting Bemac
To All the recent posts asking for insight into inner workings of this method; It's pretty simple really:

Make sure You Know WHY You are Taking The Trade:
Believe it on Entry & Discard it on Rejection.

This DIBS thing is one of the most basic Methods in Trading. Great as a Learning Platform & always usefull to have in your toolbox.
If you think you can take the shortcut across by asking for advice & clarification; then thank you for your donation.

There is:
No Free Lunch...

Now get to work.
I appreciate the "PeterCrowns-esque" of your post and I'm hoping it wasn't directed to my initial post asking for your (plural) opinions of action on the yen pairs at certain times of the days... I already have my opinion and that is to stick with 6 GMT starting time for the day for reasons I agree w/ PC (obviously ), I'm just looking for another possible opinion to challenge mine to see if there is any advantage to trying a different "tweak" of this simple, yet effective method...

I understand the whole concept of the "no free lunch" and I can definitely appreciate that as I strive to work my butt off to become profitable and successful as my peers around me dont do anything and expect to get everything handed to them (including institutional education), but when it comes to simple discussions on a forum I feel that people trying to personify petercrowns is getting a little out of hand, just an opinion and we're all entitled to them...

hoping that someone is willing to provide some insight to challenge a belief of starting times...

Thanks

Pred
  • #4,925
  • Edited Aug 18, 2008 7:58pm Aug 17, 2008 8:00pm | Edited Aug 18, 2008 7:58pm
Quote
I'm here to ask, after all the observation in the past that you guys have done, what are the opinions from the people on this forum about the opening time for the yen pairs?
What I like to do is my own research, I go back through time and check and see if I did x what would happen most to the time, Ideas and opinions are good, but I don't want to trade even my own Ideas unless I know the facts. After I know the facts then I can decide what the best way to manage the trade is.

For Example: I may find after extensive testing that the yen pairs on sunday tend to either take off like a rocket, or just run a few stops and retrace so I might decide to take profit at 1:1 and move my stop to bk, or I might find out that 80% of the time the yen pairs do nothing on sunday, so I just ignore the move.

If I find out something that happens most of the time after countless hours of research I will probably keep the info on my computer to make money from it. Would you mind doing the work at letting us know what you find out? Please understand I am shining a flashlight to show you a path, I believe your question is a good question. My question to you is, do you really have the confidence to consistently trade an entry without knowing the numbers of that entry? You see on one screen is my charting software and a few indicators, on the other is a spreadsheet keeping track of all the data that tells me, if I do x, y times z should happen.


Best regards

Dale
  • #4,926
  • Aug 17, 2008 8:06pm Aug 17, 2008 8:06pm
Quoting Dale
PHP Code
I'm here to ask, after all the observation in the past that you guys have done, what are the opinions from the people on this forum about the opening time for the yen pairs?

Please understand I am shining a flashlight to show you a path, I believe your question is a good question.

My question to you is, do you really have the confidence to consistently trade a entry without knowing the numbers of that entry?


Dale
Quick answer, of course not... I'm not new to trading and understand these things, however, I'm just asking a simple question in a discussion board looking to see if anyone out there has any input to this discussion...

Thanks for the lesson though, it's always good to have a guiding light no matter how experienced one may be

thanks

Pred
  • #4,927
  • Aug 17, 2008 8:31pm Aug 17, 2008 8:31pm
Quote
Quote
Thanks for the lesson though, it's always good to have a guiding light no matter how experienced one may be

Hi Pred

Glad to hear that you know what you are doing and that you did not take offense.

I have been taking opportunity of the questions asked to share a bit
as I believe most people who read this thread most likely will not even have a
trading plan.

Best regards


Dale
  • #4,928
  • Aug 17, 2008 8:42pm Aug 17, 2008 8:42pm
If anyone needs requests for the DIBS method or anything else, just PM me. I've seen some requestes in this forum, but always that person doesn't allow PM's and emails. Why would you do that?
Oksana17.
Request custom Expert Advisor or Indicator: dostapyuk "at" gmail . com
  • #4,929
  • Aug 18, 2008 12:33am Aug 18, 2008 12:33am
I think it's a bit sad when people take it as an insult when they don't get the answer they thought they "deserved". I for one will not be answering more questions with lines like "no free lunch" because that obviously hurts, and I don't want to sound "PeterCrowns-esque", whatever that means...

Just think about this before you get insulted by this post:
If it wasn't for PeterCrowns I wouldn't know what I know today. And I wouldn't be able to answer some of the questions that are posted on this thread. So whatever you get out of this thread or any other on FF for that matter, try to be appreciative and remember that any answer or advice was given for free.
  • #4,930
  • Aug 18, 2008 3:44am Aug 18, 2008 3:44am
Quoting NowAndLater
I think it's a bit sad when people take it as an insult when they don't get the answer they thought they "deserved". I for one will not be answering more questions with lines like "no free lunch" because that obviously hurts, and I don't want to sound "PeterCrowns-esque", whatever that means...

Just think about this before you get insulted by this post:
If it wasn't for PeterCrowns I wouldn't know what I know today. And I wouldn't be able to answer some of the questions that are posted on this thread. So whatever you get out of this thread or any other on FF for that matter, try to be appreciative and remember that any answer or advice was given for free.
thats the reason for which PC left the FF in the first place. too many aggressive newbies asking for free lunch and without much will to learn by themselves. of course you can ask questions coz its a forum, but dont expect to always get the answer you want. nobody owns you anything.
NAL might seem a bit tough to some of you in his answers, but remember FOREX is a tough business. Being nice in Forex is not very common. So be thankful for every piece of information you get for free.

Im a newbie myself, but I try to answer my questions alone before throwing them here on the forum. 99% of the questions you guys ask have been already answered by PC and by NAL or Jaroo in previous posts. We are all here to help each other, but in the end, everyone helps himself the most.
We leave no soldier behind.
  • #4,931
  • Aug 18, 2008 4:07am Aug 18, 2008 4:07am
Quoting gagiul
thats the reason for which PC left the FF in the first place. too many aggressive newbies asking for free lunch and without much will to learn by themselves. of course you can ask questions coz its a forum, but dont expect to always get the answer you want. nobody owns you anything.
NAL might seem a bit tough to some of you in his answers, but remember FOREX is a tough business. Being nice in Forex is not very common. So be thankful for every piece of information you get for free.

Im a newbie myself, but I try to answer my questions alone before throwing them here on the forum. 99% of the questions you guys ask have been already answered by PC and by NAL or Jaroo in previous posts. We are all here to help each other, but in the end, everyone helps himself the most.
SIC!

...just to quote:


"Best wishes to those who "get it". I'm glad for the few great people who responded with true appreciation for the help rendered. And thanks to the genuine posters and those who wrote me who really are willing to do what it takes to become a trader. It gives me encouragement that there is some future potential out there. I will meet you on the field of battle.

Goodbye.

-PeterCrowns- "


Thanks NAL, Jaroo, keep staying in the thread,
Regards, Michael
  • #4,932
  • Aug 18, 2008 5:19am Aug 18, 2008 5:19am
E/J
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,933
  • Aug 18, 2008 5:20am Aug 18, 2008 5:20am
E/U
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,934
  • Aug 18, 2008 5:21am Aug 18, 2008 5:21am
Depending on the Open of the U/J, which can be before 0600 GMT
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #4,935
  • Aug 18, 2008 5:35am Aug 18, 2008 5:35am
HI everyone
I just would like to know which indicators if any most of you around use to visually quickly determine the IBs and the opening trading sessions. I do notice a few on the list attachments, but if someone could just give me an idea or point me to the most updated ones I would really appreciate.
Manay thanks

xrunner
  • #4,936
  • Aug 18, 2008 5:39am Aug 18, 2008 5:39am
Dropped the U/J for a 12 pip loss and keeping with the E/U and E/J.
Indicators show the past. Price Action "Indicates" the future.
  • #4,937
  • Aug 18, 2008 5:47am Aug 18, 2008 5:47am
Quoting xrunner
HI everyone
I just would like to know which indicators if any most of you around use to visually quickly determine the IBs and the opening trading sessions. I do notice a few on the list attachments, but if someone could just give me an idea or point me to the most updated ones I would really appreciate.
Manay thanks

xrunner
if you read the thread carefully, especially Peter Crowns posts, and have a look at the charts posted here, you will notice that we dont use any indicators to spot a IB, lol.

an IB is a candle on the 1 Hour chart that has its high and low included in the previous hourly candle.

the opening trading session is at 6 am GMT.

for more information, please read the beginning of the thread and do your homework.
We leave no soldier behind.
  • #4,938
  • Aug 18, 2008 5:52am Aug 18, 2008 5:52am
Quoting jarroo
Dropped the U/J for a 12 pip loss and keeping with the E/U and E/J.
What are you long or short?
  • #4,939
  • Aug 18, 2008 5:54am Aug 18, 2008 5:54am
Quoting can_u_chill
What are you long or short?
Short. (see charts on previous page).
Indicators show the past. Price Action "Indicates" the future.
  • #4,940
  • Aug 18, 2008 5:58am Aug 18, 2008 5:58am
Quoting jarroo
Short. (see charts on previous page).

I saw them. I was just checking.
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