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The DIBS Method... No Free Lunch continues

  • #5,741
  • Oct 28, 2008 8:33am Oct 28, 2008 8:33am
Quoting Nigel
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.


Cot data is such a long term lagging indicator, perhaps the dollar index may be better for finding more rewarding possible trend changes that fit better with dibs!
  • #5,742
  • Oct 28, 2008 5:02pm Oct 28, 2008 5:02pm
Hi LVG,

I just had a look at my other data supplier and you were correct to take the trade using that feed.

I have a 2hr difference between the feeds.

Gee, I wish they would all just use GMT and we could all be on the same clock.
Money grows on the tree of persistence
  • #5,743
  • Oct 28, 2008 6:49pm Oct 28, 2008 6:49pm
Well, stopped out of both of my earlier trades (G/J & U/J), but they were free trades so no biggie. Here were some of the thoughts going through my head...

Red Down arrow is the trigger trade on U/J where I went short (IB is daily open). I took 1:1 R/R. After I had already entered I noticed that the the very recent trend was going up, I noticed that price was also above the 60 SMA (not shown).

Given things appeared to be moving up I wonder if it was wise to go short, even if the DIBS trade was valid. After I saw the 3 spinning tops (or 2 tops and 1 hammer) I decided to draw a fibo and noticed that the move down and the spinning tops were right there on the 50 level. A voice in my head said this is gong to reverse and I should just cash out. I decided to stay and you can see the result. It would have been a profitable short term trade, but is the what DIBS is about? I think DIBS is more long term, but I guess you can play it short term too...

I guess my question is, was the retracement to the 50 level fibo and the spinning tops enough of a flashing light for me cut the DIBS trade short and take profit? Could I really have known this trend was going to continue to move up?

Would you have taken the trade?
Would you have cut it short if you were in given the fib and spinning tops / hammer?

comments welcome
Attached Image (click to enlarge)
Click to Enlarge Name: dibs-u_j.gif Size: 13 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,744
  • Oct 29, 2008 6:26am Oct 29, 2008 6:26am
Quoting LasVahGoose
Well, stopped out of both of my earlier trades (G/J & U/J), but they were free trades so no biggie. Here were some of the thoughts going through my head...

Red Down arrow is the trigger trade on U/J where I went short (IB is daily open). I took 1:1 R/R. After I had already entered I noticed that the the very recent trend was going up, I noticed that price was also above the 60 SMA (not shown).

Given things appeared to be moving up I wonder if it was wise to go short, even if the DIBS trade was valid. After I saw the 3 spinning tops (or 2 tops and 1 hammer) I decided to draw a fibo and noticed that the move down and the spinning tops were right there on the 50 level. A voice in my head said this is gong to reverse and I should just cash out. I decided to stay and you can see the result. It would have been a profitable short term trade, but is the what DIBS is about? I think DIBS is more long term, but I guess you can play it short term too...

I guess my question is, was the retracement to the 50 level fibo and the spinning tops enough of a flashing light for me cut the DIBS trade short and take profit? Could I really have known this trend was going to continue to move up?

Would you have taken the trade?
Would you have cut it short if you were in given the fib and spinning tops / hammer?

comments welcome
At least the next time the same thing happens for this pair, you would know what to do to get the maximum pips.

I would have let the trade find its way and eventually will get stopped out too.

Doesnt matter. The more we trade, the more we will get familiarize with DIBS and get the maximum pips out of it.

Happy pipping
  • #5,745
  • Oct 29, 2008 9:33am Oct 29, 2008 9:33am
DIBS re'entry point GU after NY open

good result 220 pips

thanks
my30marahaba
Attached Image (click to enlarge)
Click to Enlarge Name: GU re,entrypoint.JPG Size: 189 KB
  • #5,746
  • Oct 30, 2008 12:34am Oct 30, 2008 12:34am
Hi all, I'm just learning this system so I'd like to make sure these trades are ok. DIBS break to the downside on E/U and U/J. Would most of you take both of these? Euro is in a pretty solid uptrend on 1 hour chart, so shorts seem a little risky (maybe a biiig reward though if downtrend picks up again). The trend is much weaker on U/J. I think U/J looks like a more solid trade, but was just wondering if people here would take both trades based on this system.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dibs 1hr.gif Size: 13 KB
Click to Enlarge Name: dibs 1hr jpy.gif Size: 14 KB
  • #5,747
  • Oct 30, 2008 2:58am Oct 30, 2008 2:58am
Quoting Betard
Hi all, I'm just learning this system so I'd like to make sure these trades are ok. DIBS break to the downside on E/U and U/J. Would most of you take both of these? Euro is in a pretty solid uptrend on 1 hour chart, so shorts seem a little risky (maybe a biiig reward though if downtrend picks up again). The trend is much weaker on U/J. I think U/J looks like a more solid trade, but was just wondering if people here would take both trades based on this system.
Open of the Day is 06:00 GMT, it appears you are 3 hours early.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,748
  • Oct 30, 2008 7:30am Oct 30, 2008 7:30am
Quoting LasVahGoose
Open of the Day is 06:00 GMT, it appears you are 3 hours early.
There was a nice DIBS setup on EURUSD at about 8am GMT which I took - my first DIBS trade and it was all looking sweet! However I cocked up the trade management a bit and made a number of mistakes - firstly I didn't close half at 1:1, and secondly I moved my stop to break even too quickly and got stopped out for scratch on the retrace at 10am. Doh! Oh well, keep on truckin' and hopefully I'll get it right next time!
  • #5,749
  • Oct 30, 2008 8:22am Oct 30, 2008 8:22am
I just downloaded Metatrader from ODL and all it's times are GMT if anyone is interested.
  • #5,750
  • Oct 30, 2008 4:11pm Oct 30, 2008 4:11pm
USD/CHF Long

Took Trade one @ 1:1 R/R & closed 2:1 Reward / Rist with profit <closed by accident>
Missed Trade two (sleeping)
Took Trade Three @ 1:1 R/R - Free Trade still in

I should have tested Oanda a bit better. I had taken 1/2 on trade one and had 1/2 left. When I went to take 1/2 on Trade 3 it closed out the remaining 1/2 from trade one and left Trade 3 a full position. Oh well... I decided to take 1:1 R/R on trade three any way. It would have been nice to have both trades running free, but oh well.
Attached Image (click to enlarge)
Click to Enlarge Name: dibs-uc.JPG Size: 71 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,751
  • Edited 10:00pm Oct 30, 2008 9:48pm | Edited 10:00pm
Hi.. I just try to learn this method.
I post a chart, is that DIBs..? if it not DIBS, then show where the REAL DIBS is..?

and if I have to entry, it should about BUY Stop 161.06 and SELL Stop 159.66, is that correct..?
please correct me..

and to jaroo, I already instal DIBS Triggerline, why I cant see DIBS_triggerline 1.1 on my chart..?


thanks
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dibs gj.gif Size: 15 KB
Click to Enlarge Name: dibs uj.gif Size: 16 KB
  • #5,752
  • Oct 30, 2008 10:08pm Oct 30, 2008 10:08pm
Quoting Norte
Hi.. I just try to learn this method.
I post a chart, is that DIBs..? if it not DIBS, then show where the REAL DIBS is..?

and if I have to entry, it should about BUY Stop 161.06 and SELL Stop 159.66, is that correct..?
please correct me..

and to jaroo, I already instal DIBS Triggerline, why I cant see DIBS_triggerline 1.1 on my chart..?


thanks

well i think that is too early, I forget that only trade at 06.00Gmt, now the candle is formed in next hour, hope that would be DIBS.
  • #5,753
  • Oct 30, 2008 10:24pm Oct 30, 2008 10:24pm
Quoting Norte
well i think that is too early, I forget that only trade at 06.00Gmt, now the candle is formed in next hour, hope that would be DIBS.
still have 2 and 1/2 hrs to go
Trade what you see, not what you think.
  • #5,754
  • Oct 30, 2008 10:45pm Oct 30, 2008 10:45pm
Quoting Norte
Hi.. I just try to learn this method.
I post a chart, is that DIBs..? if it not DIBS, then show where the REAL DIBS is..?

and if I have to entry, it should about BUY Stop 161.06 and SELL Stop 159.66, is that correct..?
please correct me..

and to jaroo, I already instal DIBS Triggerline, why I cant see DIBS_triggerline 1.1 on my chart..?


thanks
Go to inputs in the DIBS triggerline and go to "Back test" and select "True".

Nice charts by the way.
Indicators show the past. Price Action "Indicates" the future.
  • #5,755
  • Oct 30, 2008 11:16pm Oct 30, 2008 11:16pm
Quoting jarroo
Go to inputs in the DIBS triggerline and go to \"Back test\" and select \"True\".

Nice charts by the way.
Nice Chart..? hehehehe.... yeah you right, nice chart and that is yours..

DIBS Triggerline is active in my chart now..

Thanks Buddy..!
Attached Image (click to enlarge)
Click to Enlarge Name: triggerline.gif Size: 17 KB
  • #5,756
  • Nov 2, 2008 3:11pm Nov 2, 2008 3:11pm
guys how do u trail ur dibs? any ideas??
  • #5,757
  • Nov 2, 2008 7:28pm Nov 2, 2008 7:28pm
Quoting ezz
guys how do u trail ur dibs? any ideas??
I like hiding behind S/R levels and PPZs once a DIBS trade starts to run.

Peter mentions using the 20 sma on the Daily which is not a bad way to go.

(1st chart) 20 sma on the Daily

(2nd chart) 20 sma on the Daily as it appears on the Hourly.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #5,758
  • Nov 2, 2008 8:46pm Nov 2, 2008 8:46pm
check out of a spin off of dibs

http://www.forexfactory.com/showthread.php?t=119602
  • #5,759
  • Nov 3, 2008 12:20am Nov 3, 2008 12:20am
DIBS on the Euro.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #5,760
  • Nov 3, 2008 2:01am Nov 3, 2008 2:01am
Quoting jarroo
DIBS on the Euro.
Free trade turned into a break even trade. Then reversed.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
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