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The DIBS Method... No Free Lunch continues

  • #5,101
  • Aug 25, 2008 4:02am Aug 25, 2008 4:02am
Quoting Dale
Hi Forex007

Peter seems to take most of his trades in the direction of a longer trend according to his analysis, His is looking to build a large position of "risk free" trades in that direction using dibs as a entry method.
Dale, that's exactly why I was curious as to whether we can trade IBs in the direction of the longer trend. With the chart example I posted, we should have traded in the direction oppositive to the one that worked. But since those IBs were in opposite direction, at least one of them would have been in the direction of the long-term trend (but against the rules).
One Chart is Worth Ten Thousand Words.
  • #5,102
  • Aug 25, 2008 4:03am Aug 25, 2008 4:03am
Quoting ekling
Indeed i am, its up 280 pips atm, about +20% of my account
Is that with 1% risk?
One Chart is Worth Ten Thousand Words.
  • #5,103
  • Aug 25, 2008 4:14am Aug 25, 2008 4:14am
Hi everyone,
hope You are all doing well.

Perhaps many of us will know what i will say but perhaps for some of You it will be good info.

Like we are trading inside bar, we just saw that there is on EUR/JPY chart good pinbar. We know that our system is not to take pinbars, but we know that pinbars can work good.

So in this case when we take such trades where we know its a bit from system, we can take it with small lot. In such case You will not be sad that You didnt take a trade and if You loose, you will also not be so sad as You tooked this trade with small lot.

Also the same is if You see big inside bar - You think its too big... But hey, take it, for example, just with 10 times smaller lot position.. You will not be sad if You loose and will be happy if You will be in trade.

OFFCOURSE... You can say why to risk and take such trades etc.... etc.. etc... when You can wait and take only the best ones - Here is my answer: " You get practice and taking trades gives You more practice than not taking trades and i give example why You should take trades when practicing."

I am not going to discus it more as i believe there will be people with own opinions and some of them will want to prove that i am wrong. But some will agree with me.

But i wanted to write it down as i hope for some it will help.
For me it helped.


Thank You and best wishes from Tomass
  • #5,104
  • Aug 25, 2008 4:15am Aug 25, 2008 4:15am
Quoting tfflyer
Also the same is if You see big inside bar - You think its too big... But hey, take it, for example, just with 10 times smaller lot position.. You will not be sad if You loose and will be happy if You will be in trade.
The size doesn't matter. I use always a risk of 1% per trade, no matter how big the inside bar is...

Regards - Xaron
  • #5,105
  • Aug 25, 2008 4:26am Aug 25, 2008 4:26am
Hi everyone,
I´m usdchf short @ 1.0989; SL 1.1002.
Many thanks for this great thread.
Attached Image
  • #5,106
  • Aug 25, 2008 4:33am Aug 25, 2008 4:33am
I am with You

Tom


Quoting swakop
Hi everyone,
I´m usdchf short @ 1.0989; SL 1.1002.
Many thanks for this great thread.
  • #5,107
  • Aug 25, 2008 5:12am Aug 25, 2008 5:12am
Quoting swakop
Hi everyone,
I´m usdchf short @ 1.0989; SL 1.1002.
Many thanks for this great thread.
Quote
tfflyer:
I am with You

Tom

Nice job guys. Classic DIBS trade. Beautiful.
Indicators show the past. Price Action "Indicates" the future.
  • #5,108
  • Aug 25, 2008 5:15am Aug 25, 2008 5:15am
I have still one question:

How long do you let your pending orders alive? Do you remove your pending orders when the other side of the IB has been broken?

Regards - Xaron
  • #5,109
  • Aug 25, 2008 5:16am Aug 25, 2008 5:16am
Quoting Xaron
I have still one question:

How long do you let your pending orders alive? Do you remove your pending orders when the other side of the IB has been broken?

Regards - Xaron
Not sure if I understand. Got a chart?
Indicators show the past. Price Action "Indicates" the future.
  • #5,110
  • Aug 25, 2008 5:23am Aug 25, 2008 5:23am
Quoting jarroo
Not sure if I understand. Got a chart?
Hi,

I've attached a chart. Look at the IB (red marked). Let's say I've placed a stop sell order below the IB. But the price goes up. Do you remove the pending order immediately or do you just let it in?

Regards - Xaron

P.S.: I know this wasn't a valid short setup, it's just an example...
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.png Size: 11 KB
  • #5,111
  • Aug 25, 2008 5:26am Aug 25, 2008 5:26am
Quoting jarroo
Not sure if I understand. Got a chart?
I think he means how long time an IB is valid and what happens if it's broken to the "wrong" side first before coming around and is broken in the "right" direction.
For me I would say that the break to the wrong side should be small (this is different from one pair to another) for the IB to still be valid, because the stoploss position wouldn't be as good.
  • #5,112
  • Aug 25, 2008 5:36am Aug 25, 2008 5:36am
Hi guys
I'm short on uj @ 109.86 and uc @ 1.0992
long eu @ 1.4747
waiting for long gu i think next candle

regards tsidki.
  • #5,113
  • Aug 25, 2008 5:39am Aug 25, 2008 5:39am
Quoting Xaron
Hi,

I've attached a chart. Look at the IB (red marked). Let's say I've placed a stop sell order below the IB. But the price goes up. Do you remove the pending order immediately or do you just let it in?

Regards - Xaron

P.S.: I know this wasn't a valid short setup, it's just an example...

You would not have a sell stop order at the bottom of the IB because the IB is above the Open.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #5,114
  • Aug 25, 2008 5:42am Aug 25, 2008 5:42am
Quoting jarroo
You would not have a sell stop order at the bottom of the IB because the IB is above the Open.
Yes I know. It was just an example... So let's assume it would be a valid setup...

Regards - Xaron
  • #5,115
  • Aug 25, 2008 5:44am Aug 25, 2008 5:44am
Quoting Forex007
Dale, that's exactly why I was curious as to whether we can trade IBs in the direction of the longer trend. With the chart example I posted, we should have traded in the direction oppositive to the one that worked. But since those IBs were in opposite direction, at least one of them would have been in the direction of the long-term trend (but against the rules).
It's better then to wait for the daily trend (which is based on the daily open) to line up with the long-term trend and then take trades, that should give a higher probability of finding a trade that give us a runner, which is ultimately what we are looking for.
  • #5,116
  • Aug 25, 2008 5:48am Aug 25, 2008 5:48am
Quoting Xaron
Hi,

I've attached a chart. Look at the IB (red marked). Let's say I've placed a stop sell order below the IB. But the price goes up. Do you remove the pending order immediately or do you just let it in?

Regards - Xaron

P.S.: I know this wasn't a valid short setup, it's just an example...
Ok. I think I got this.

I would leave the order until that sell order is invalid. Meaning I would stay with it until another vaild trade presents itself.
Indicators show the past. Price Action "Indicates" the future.
  • #5,117
  • Aug 25, 2008 5:50am Aug 25, 2008 5:50am
Quoting NowAndLater
I think he means how long time an IB is valid and what happens if it's broken to the "wrong" side first before coming around and is broken in the "right" direction.
For me I would say that the break to the wrong side should be small (this is different from one pair to another) for the IB to still be valid, because the stoploss position wouldn't be as good.

Yes, I like this too.
Indicators show the past. Price Action "Indicates" the future.
  • #5,118
  • Aug 25, 2008 5:55am Aug 25, 2008 5:55am
Thanks jarroo and nowandlater!

Regards - Xaron
  • #5,119
  • Aug 25, 2008 6:03am Aug 25, 2008 6:03am
Here is my next setup.
buy stop gbpusd @ 1.8518, sl 1.8480
Attached Image
  • #5,120
  • Aug 25, 2008 7:23am Aug 25, 2008 7:23am
Hello everyone,

I have not put a post for a while but continue to follow this great thread... I have been focusing on trading DIBS on the 4hr timeframe and I was wondering if anyone else is trading this way. Would you mind sharing your experience?

Thanks
Unus pro omnibus, omnes pro uno
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