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The DIBS Method... No Free Lunch continues

  • #5,721
  • Oct 27, 2008 5:51am Oct 27, 2008 5:51am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting jarroo
Gotta go gang. Yet another great DIBS Monday. Trade for a few hours on Monday and take the rest of the week off.

Oh wait . . .Damn real job.

lol

Jim
I know that feeling, Damn real job.

best of pips

MPP
  • #5,722
  • Oct 27, 2008 6:03am Oct 27, 2008 6:03am
Quoting jarroo
This is what its all about. Nice job sky.
Thx Jaroo !
So do you think too that every DIBS that meet the rules as explained by PC have to be taken , or do you use something else to filter DIBS ?

Cheers,
Skyline
  • #5,723
  • Oct 27, 2008 6:27am Oct 27, 2008 6:27am
Quoting jarroo
Looking to take the free position but Price is moving to strong.


Edit: Now I'm free trading plus extra pips.
I used some SR levels ("No Brainer" thread by BillyRayValentine covers them well!) to guide me (I drew them y/day on W1, D1 and H4, but was monitoring DIBS on M15) - they hold pretty well.

The charts looks a bit messy - compared to Jaroo's clean, plain pure asceticism - but disregard the "extras" (I do, unless I need them )
Attached Image (click to enlarge)
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One Chart is Worth Ten Thousand Words.
  • #5,724
  • Oct 27, 2008 9:47am Oct 27, 2008 9:47am
Hi Jaroo and every body
I am new to FF and it is my first post here.
Thank you the method looks great
Today I had UY sell position at 92.76 at 1300 GMT.
In the chart the dotted white line is 6 GMT open.
What was the mistake?
Thank u again
Attached Image (click to enlarge)
Click to Enlarge Name: UY.JPG Size: 61 KB
  • #5,725
  • Oct 27, 2008 10:10am Oct 27, 2008 10:10am
Quoting Mmk
Hi Jaroo and every body
I am new to FF and it is my first post here.
Thank you the method looks great
Today I had UY sell position at 92.76 at 1300 GMT.
In the chart the dotted white line is 6 GMT open.
What was the mistake?
Thank u again
Attachment
From what I see, nothing wrong with the trade. It was just a failed trade.
  • #5,726
  • Oct 27, 2008 10:42am Oct 27, 2008 10:42am
Quoting Mmk
Hi Jaroo and every body
I am new to FF and it is my first post here.
Thank you the method looks great
Today I had UY sell position at 92.76 at 1300 GMT.
In the chart the dotted white line is 6 GMT open.
What was the mistake?
Thank u again
Yea the outside bars after your IB's will get ya. But like Nigel said you just have to take them, and wait for the next one.

Adam
"Your big opportunity may be right where you are now." Napoleon Hill
  • #5,727
  • Oct 27, 2008 12:29pm Oct 27, 2008 12:29pm
Quoting Mmk
Hi Jaroo and every body
I am new to FF and it is my first post here.
Thank you the method looks great
Today I had UY sell position at 92.76 at 1300 GMT.
In the chart the dotted white line is 6 GMT open.
What was the mistake?
Thank u again
As others have pointed out, you did not make a mistake. You followed DIBS perfectly. It was just a loss and they happen. DIBS can be at times, as Peter says, "irritating".

However, as you know the Asian markets open earlier then the DIBS Open. I will look at IBs on Asian pairs prior to 0600 GMT.

I know . . . I know . . . Peter is probably rubbing his two fingers together saying "tsk, tsk" to me as I speak. lol

But as you follow DIBS as I have, when a small IB on a Yen pair presents itself during the Asian Opening hours (the closer to 0600 GMT the better) it may prove successful as today's IBs did. If not, a small loss ocurrs. And a small loss is just that: a small loss.

(I didn't trade these pairs today, but I wish I did.)
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #5,728
  • Oct 27, 2008 2:43pm Oct 27, 2008 2:43pm
Thank you all for your reply about my setup.
I will watch it and take the small IB to minimize the loss till get some experience. sorry about my english
Good luck
  • #5,729
  • Oct 27, 2008 4:24pm Oct 27, 2008 4:24pm
Quoting jarroo
You took half for a free trade and moved to b/e. This is not and will not end up being a mistake. Nice job LVG.
Well, price came back and took out my BE Stop, if I would have left the Stop as the method says I'd still be in the trade still. No biggie, I think I'm not going to mess with moving the stop unless price moves 400-500 pips vs. moving at 200-300 pips. Looks like a new IB has formed heading south...
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS-01.JPG Size: 147 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,730
  • Oct 27, 2008 4:57pm Oct 27, 2008 4:57pm
Quoting LasVahGoose
Well, price came back and took out my BE Stop, if I would have left the Stop as the method says I'd still be in the trade still. No biggie, I think I'm not going to mess with moving the stop unless price moves 400-500 pips vs. moving at 200-300 pips. Looks like a new IB has formed heading south...
Nothing wrong locking and taking profits LVG.

Part of the core of a DIBS trade, with all trading in my book, is to position yourself to where you have eliminated or reduced a potential loss while still in a trade. And if your with the trend even better.

Eliminating losses, especially when trading the DIIBS method, is impossible. Or as Peter has hinted, almost welcomed. So let's keep them small shall we.

There is no better feeling then taking half off and letting the other half ride: "Free Tading". Stress free trading has it's appeal, even if it reduces your profit potential.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #5,731
  • Oct 27, 2008 5:04pm Oct 27, 2008 5:04pm
Quoting skyline
Thx Jaroo !
So do you think too that every DIBS that meet the rules as explained by PC have to be taken , or do you use something else to filter DIBS ?

Cheers,
Skyline
I do not think every DIBS trade has to be taken. I think Peter would agree with this as well. Taking only DIBS trades with the overall trend is not a bad filter, as the last few months have shown.
Indicators show the past. Price Action "Indicates" the future.
  • #5,732
  • Oct 27, 2008 5:22pm Oct 27, 2008 5:22pm
Quoting jarroo
Nothing wrong locking and taking profits LVG.

Part of the core of a DIBS trade, with all trading in my book, is to position yourself to where you have eliminated or reduced a potential loss while still in a trade. And if your with the trend even better.

Eliminating losses, especially when trading the DIIBS method, is impossible. Or as Peter has hinted, almost welcomed. So let's keep them small shall we.

There is no better feeling then taking half off and letting the other half ride: \"Free Tading\". Stress free trading has it's appeal, even if it reduces your profit potential.

Jim
I guess I'm expecting too much from myself for a first trade. It is amazing how much my psychology changed with real money on the line. One day I'll be a Zen Master, but not today. Thanks for the support and I'm gonna keep plugging away until we hit the big wave and ride it for a few years.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,733
  • Oct 27, 2008 5:28pm Oct 27, 2008 5:28pm
Quoting LasVahGoose
I guess I'm expecting too much from myself for a first trade. It is amazing how much my psychology changed with real money on the line. One day I'll be a Zen Master, but not today. Thanks for the support and I'm gonna keep plugging away until we hit the big wave and ride it for a few years.
That's the spirit LVG. I just takes time. Reduce your position size to where you feel comfortable and grow from there.
Indicators show the past. Price Action "Indicates" the future.
  • #5,734
  • Oct 27, 2008 10:48pm Oct 27, 2008 10:48pm
Inside Green box... After being taken out at Break even (first red circle) the next candle was an IB. The 2nd candle after the IB was the trigger to go short and I was a little late but still took the trade (down yellow arrow), took 1/2 @ 1:1 R/R, and trade is a free trade still open.

Yellow Box... I knew better than to take this one since candle #1 after the IB broke high. I told my self to wait for the next candle (candle #2 after IB) and see if it would break low. Didn't listen to myself and got stopped out on Candle #1 after IB. Candle #2 after IB broke high then broke low which would have hit 1:1 R/R and still be an open trade. (Actually, it just stopped out while writing this).

All in all, still have 1/2 position Free Trade running.
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS-2.JPG Size: 124 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,735
  • Oct 27, 2008 11:07pm Oct 27, 2008 11:07pm
Quoting LasVahGoose
Inside Green box... After being taken out at Break even (first red circle) the next candle was an IB. The 2nd candle after the IB was the trigger to go short and I was a little late but still took the trade (down yellow arrow), took 1/2 @ 1:1 R/R, and trade is a free trade still open.

Yellow Box... I knew better than to take this one since candle #1 after the IB broke high. I told my self to wait for the next candle (candle #2 after IB) and see if it would break low. Didn't listen to myself and got stopped out on Candle #1 after IB. Candle #2 after IB broke high then broke low which would have hit 1:1 R/R and still be an open trade. (Actually, it just stopped out while writing this).

All in all, still have 1/2 position Free Trade running.
The way you managed theses trades is all well and good. But remember that we want to look for these trades at the Open of the day, 0600 GMT. In the first 9 to 10 hours of the day. I'm not saying you are wrong in playing them late in the day. It just that they have a lower probability of success late in the day. It does not mean that they won't work now and then.
Indicators show the past. Price Action "Indicates" the future.
  • #5,736
  • Oct 28, 2008 3:00am Oct 28, 2008 3:00am
hi all
am new on all this nice trades is this a true or a false one
Attached Image(s) (click to enlarge)
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  • #5,737
  • Oct 28, 2008 3:13am Oct 28, 2008 3:13am
Went short on G/J & U/J. 1:1 R/R on both pairs and now Free Trades.
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS-3.jpg Size: 109 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,738
  • Oct 28, 2008 3:31am Oct 28, 2008 3:31am
Hi LVG,

Well done with the trades, but my understanding of the DIBS method means you should only be long when above daily open price
Money grows on the tree of persistence
  • #5,739
  • Oct 28, 2008 3:44am Oct 28, 2008 3:44am
Quoting ozmacca
Hi LVG,

Well done with the trades, but my understanding of the DIBS method means you should only be long when above daily open price
Hmm, did I mess that up? I guess my thinking was since the opening candle was an IB on the Daily Open line that I could take it either direction based on the trigger candle that follows. Since the Candle after the IB triggered short I went short. I'm new to this, so I may not have done it right.

Thank you for pointing that out. I'm glad I'm posting my trades, I do appreciate the feedback.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,740
  • Oct 28, 2008 7:29am Oct 28, 2008 7:29am
I guess the only method to trade DIBS successfully is to trade consistently over and over again, and be ready when the major trend kicks in. It can get very irritating and frustrating......As a matter of fact, you will get stopped out at least half of the time after hitting 1:1.

I may be wrong but from my very very short experience trading this method, I realize I have to be very patient...taking almost every DIBS trade during the prime hours and let the market do the rest of the job. I cant determine where the market would go, but I can prepare myself but positioning more trades when a trend is developed. It is like playing darts blindfolded, you will miss most of the time, but when it does hit the board, this is where $ starts rolling in.

Since DIBS is all about being ready when the trend develops...has anyone thought of using the COT report to shed some light on where the price would go in the following weeks/months so that you will be ready when the trend starts and only look for breakout towards that direction?

I just started knowing about COT, and know little about how it is used to predict the trend. Anyone who has experience in using the COT, please share some insights.
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