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The DIBS Method... No Free Lunch continues

  • #5,041
  • Aug 21, 2008 9:09pm Aug 21, 2008 9:09pm
Quoting bigjim1958
Hi Jim,
Thank you for all the work you have done to keep this thread going, it's amazing, also the teamwork that is displayed here is impressive also, thanks for everything. Your chart looks nice, are the blue and purple lines that border the IB entered manually? If they are, how can you adjust the length across the chart, thanks for your patience.

Jim
Yes, they are entered manually. I use the "trendline" tool and then turn off the "ray" function. Sorry I can't post pic.
Indicators show the past. Price Action "Indicates" the future.
  • #5,042
  • Aug 22, 2008 1:27am Aug 22, 2008 1:27am
Excellent work jarroo, keep it going my man
Trade what you see, not what you think.
  • #5,043
  • Aug 22, 2008 1:44am Aug 22, 2008 1:44am
Quoting karmostaji
Excellent work jarroo, keep it going my man
Thanks Karmo.

I was reading either your thread or the Aus thread at the beginning of the month and you were saying that the Gbp/Jpy was heading down. Now it was starting to head up at this time. And I was thinking "Karmo must be seeing something". Sure enough, a few days later, G/J has dropped over 1000 pips since then.

Karmo is the Man.

Indicators show the past. Price Action "Indicates" the future.
  • #5,044
  • Aug 22, 2008 1:49am Aug 22, 2008 1:49am
Quoting jarroo
Thanks Karmo.

I was reading either your thread or the Aus thread at the beginning of the month and you were saying that the Gbp/Jpy was heading down. Now it was stating to head up at this time. And I was thinking "Karmo must be seeing something". Sure enough, a few days later, G/J has dropped over 1000 pips since then.

Karmo is the Man.

When we were at 213, I did say this beast will head down and we did, right now the daily chart shows a good retracement, but still the weekly is very bearish so after the retracement we should see this beast head lower in the coming weeks.

I'll just keep grabbing those pips on daily basis with the big picture in mind

Keep up the great work bro, I'm reading and learning from you
Trade what you see, not what you think.
  • #5,045
  • Aug 22, 2008 1:56am Aug 22, 2008 1:56am
Quoting karmostaji
When we were at 213, I did say this beast will head down and we did, right now the daily chart shows a good retracement, but still the weekly is very bearish so after the retracement we should see this beast head lower in the coming weeks.

I'll just keep grabbing those pips on daily basis with the big picture in mind

Keep up the great work bro, I'm reading and learning from you

Checking out your latest posts on your thread. Great stuff as always Karmo.
Indicators show the past. Price Action "Indicates" the future.
  • #5,046
  • Aug 22, 2008 2:09am Aug 22, 2008 2:09am
I like what i see, good risk/reward cause of small IB candle.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 12 KB
  • #5,047
  • Aug 22, 2008 2:22am Aug 22, 2008 2:22am
If the high of a candle is above daily open and the low of the candle is bellow daily open you have a 2 way situation right? Lets say the price break the hight and we go long. The deal didnt really work out and we get stopped out. Now to my question, is the IB still valid after one of its barrier have been broken? Can we take a reversal trade and short at the same time our longtrade gets stopped out?
  • #5,048
  • Aug 22, 2008 2:26am Aug 22, 2008 2:26am
Sh*t, i missed this one

Quoting ekling
I like what i see, good risk/reward cause of small IB candle.
  • #5,049
  • Aug 22, 2008 3:10am Aug 22, 2008 3:10am
The power of dibs!

For interest check spreads. Cable widened to 2 as I took a snapshot but look at euro for example! Similar to MB Trading.
Attached Image (click to enlarge)
Click to Enlarge Name: dibs1.gif Size: 57 KB
  • #5,050
  • Aug 22, 2008 3:14am Aug 22, 2008 3:14am
Do anyone of you guys have a good trailing technique? I think this is the hard part
  • #5,051
  • Aug 22, 2008 3:27am Aug 22, 2008 3:27am
As I recall Peter said a 20 sma on the daily.
Good Trading
  • #5,052
  • Aug 22, 2008 3:29am Aug 22, 2008 3:29am
nice work ekling,
i missed this one too
  • #5,053
  • Aug 22, 2008 4:20am Aug 22, 2008 4:20am
Quoting ekling
I like what i see, good risk/reward cause of small IB candle.
Nice ekl.

Sounds like you took it. I been missing the Opens on Thurs. and Fris.

Yes, you can take a stop and reverse on a DIBS set-up like this. (Although you didn't have to.) A vaild DIBS trade is a valid DIBS trade.
Indicators show the past. Price Action "Indicates" the future.
  • #5,054
  • Aug 22, 2008 4:24am Aug 22, 2008 4:24am
Quoting ekling
I like what i see, good risk/reward cause of small IB candle.
Late to today's party so I missed that one, that trade is a beauty ekling!

Quoting ekling
If the high of a candle is above daily open and the low of the candle is bellow daily open you have a 2 way situation right? Lets say the price break the hight and we go long. The deal didnt really work out and we get stopped out. Now to my question, is the IB still valid after one of its barrier have been broken? Can we take a reversal trade and short at the same time our longtrade gets stopped out?
Yes you can


EDIT: ops, a bit late as Jarroo already answered while I was typing...
  • #5,055
  • Aug 22, 2008 4:25am Aug 22, 2008 4:25am
Quoting jarroo
Nice ekl.

Sounds like you took it. I been missing the Opens on Thurs. and Fris.

Yes, you can take a stop and reverse on a DIBS set-up like this. (Although you didn't have to.) A vaild DIBS trade is a valid DIBS trade.
Yes i got it. Its up about 150 pips at the moment which is about +10% on the account with a risk of 3%. Only a demoaccount thou. Im thinking about how im gonna trail this to get the most out of it. I have moved my stop to the top of that last huge candle, above the first trendline... We'll see where that will take us.
  • #5,056
  • Aug 22, 2008 4:26am Aug 22, 2008 4:26am
Forgot the chart
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 14 KB
  • #5,057
  • Aug 22, 2008 4:29am Aug 22, 2008 4:29am
@tdion.

Mate,your a dreamer.
Oh, by the way,your avatar is annoying....
  • #5,058
  • Aug 22, 2008 4:33am Aug 22, 2008 4:33am
Quoting NowAndLater
Late to today's party so I missed that one, that trade is a beauty ekling!



Yes you can


EDIT: ops, a bit late as Jarroo already answered while I was typing...
Indicators show the past. Price Action "Indicates" the future.
  • #5,059
  • Aug 22, 2008 4:47am Aug 22, 2008 4:47am
Quoting ekling
Do anyone of you guys have a good trailing technique? I think this is the hard part
S/R levels work well for me.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #5,060
  • Aug 22, 2008 4:48am Aug 22, 2008 4:48am
Greetings All,

I have been following this forum since inception and wish to congratulate Jarroo for doing such an excellent job of putting together and contributing invaluable information to all of us. PC left us a gem and through this forum we have created an excellent opportunity to capitalise on what could be considered the best trading method around.

I have been trading "pure" price action for 4 years and I find that the inside bar and the pin bar alone are enough to earn consistent profits most months.

DIBS is the perfect entry method, but should be part of an overall plan that takes into consideration the trend, support/resistance levels etc. as Jarroo and other contributors have stated time and time again.

I wish to comment on the matter of exits. I personally target 25 pips per trade. Once I get to +25 pips I move stop loss to break-even and trail the trade by 25 pips. At +50 pips I move lock in +25 pips and let the trade run until I see some other price action indicators such as tweezer tops/bottoms, pin bar or another IB. At any rate I walk away with +25 pips and I am very happy. +25 pips per day is +125 pips per week, which is 500 pips per month. I have earned in excess of 500 pips per month since January 2008 with only two down months. Hope this helps.

eg. GBPUSD today...locked in +25 pips and free ride down to 1.8600. I have closed the trade, and am very happy since my trade target of 25 pips has been met.

Further thoughts..The GBPUSD daily chart is indicating a bottom. Many traders would have placed buy orders over the last couple of days. This down move today would have cleaned out many stops. I intend to use the DIBS method to enter at the very bottom again. Happy trading.

fxpilot
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