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The DIBS Method... No Free Lunch continues

  • #5,801
  • Nov 5, 2008 7:36am Nov 5, 2008 7:36am
Quoting tigertrader
Hi Folks, I've been mainly lurking lately and trading a little as well - too darn busy with other stuff right now to go at it full time. That will come. Just 2 issues that are bothering me right now so I thought I would seek some advice on the outstanding forum.

1) As Europe, the UK and the USA are now on winter time, 0600GMT is now the Frankfurt open and London now opens at around 0700GMT.
Have any of you considered changing the DIBS start time to match the new market open times?

2) Using Jaroo's wonderful DIBS indicator I often have a problem where the indicator does not update if I open my Metatrader charts after 0600Z. I have to manually refresh the indicator and then it draws the lines...
1. I still start looking for setups after 05:00 GMT

2. I have that same issue with his indicator, so I have a template setup with everything so all I have to do is click the template icon on the toolbar and select my template.
  • #5,802
  • Nov 5, 2008 8:01am Nov 5, 2008 8:01am
Quoting Delfino
1. I still start looking for setups after 05:00 GMT

2. I have that same issue with his indicator, so I have a template setup with everything so all I have to do is click the template icon on the toolbar and select my template.
Thanks Delfino. I right click on the chart, select Template and then my DIBS template - but I have to do that for each individual chart. Do you also have to do that for each chart or does your method update them all in one go?
Never argue with a fool....
  • #5,803
  • Nov 5, 2008 9:02am Nov 5, 2008 9:02am
Quoting jarroo
Free trading on the Stop and Reverse.
Jarroo, can you clarify this for me? I thought that one of Peter Crowns' main rules was to only buy on an up day, and sell on a down day.

Does this not violate that principle?
  • #5,804
  • Nov 5, 2008 4:47pm Nov 5, 2008 4:47pm
Jaroo could you help me out a bit, in the EUR/USD chart if the breakout to the upside (the dotted white line is the 0600 GMT open) of IB A is not triggered should i lower my buy stop to the upside of IB B and if that is not triggered either should I once again lower my buy stop to the upside of IB C ..... or should I just keep my original buy stop in place for the breakout of IB A?

thanks
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  • #5,805
  • Nov 5, 2008 11:23pm Nov 5, 2008 11:23pm
Closed my USD/CHF free trade on Monday Nov 2nd from Oct. 30th for 250+ pips or so. The reason I closed the trade was because I was traveling for work and way to busy to keep up with the trade and I noticed it was hitting Resistance from almost exactly last years high. The trade continued up after I closed it, but it has come back down to almost exactly the same price as the close. I guess if I left it alone it would have been fine, but I'm glad to have closed it.

After 1 week of live trading my account is up 3.25%. Can't complain about that. Looks like the pair is in consolidation, so a break out play I'm guessing could pay big.

Thank you to everyone for their feedback and support.
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,806
  • Nov 6, 2008 3:09am Nov 6, 2008 3:09am
anyone caught those 6gmt x/JPY IbS?
  • #5,807
  • Nov 6, 2008 3:10am Nov 6, 2008 3:10am
Quoting nyapwiltex
Jarroo, can you clarify this for me? I thought that one of Peter Crowns' main rules was to only buy on an up day, and sell on a down day.

Does this not violate that principle?
The Open of the day determines if its a up only day or down only day. Price may reverse and turn a up day to down day, as with the Gbp/Jpy yesterday. Which it turned out to be a very short lived trending day.

Nice DIBS on the Gbp/Jpy today.
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Indicators show the past. Price Action "Indicates" the future.
  • #5,808
  • Nov 6, 2008 3:13am Nov 6, 2008 3:13am
hehe u caught it
  • #5,809
  • Nov 6, 2008 3:14am Nov 6, 2008 3:14am
Quoting fugly
Jaroo could you help me out a bit, in the EUR/USD chart if the breakout to the upside (the dotted white line is the 0600 GMT open) of IB A is not triggered should i lower my buy stop to the upside of IB B and if that is not triggered either should I once again lower my buy stop to the upside of IB C ..... or should I just keep my original buy stop in place for the breakout of IB A?

thanks
Not sure what your asking in the example given. But I would use the larger IB for the stop loss placement.
Indicators show the past. Price Action "Indicates" the future.
  • #5,810
  • Nov 6, 2008 3:18am Nov 6, 2008 3:18am
Quoting ezz
hehe u caught it
No I missed it.

A perfect set-up for the Gbp/Jpy. Small size IB, only 64 pips.
Indicators show the past. Price Action "Indicates" the future.
  • #5,811
  • Nov 6, 2008 3:23am Nov 6, 2008 3:23am
maybe we can jump in here after this one closes (assuming it closes as an IB)
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  • #5,812
  • Nov 6, 2008 3:28am Nov 6, 2008 3:28am
this one is even better we have a Break of the Tl and a retest this MAY

be going UP UP UP
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  • #5,813
  • Nov 6, 2008 3:34am Nov 6, 2008 3:34am
Quoting ezz
maybe we can jump in here after this one closes (assuming it closes as an IB)
o well looks like it heard me
  • #5,814
  • Nov 6, 2008 3:36am Nov 6, 2008 3:36am
Quoting ezz
this one is even better we have a Break of the Tl and a retest this MAY

be going UP UP UP
I would have like to have caught it earlier, but could be the start to a new uptrend.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #5,815
  • Nov 6, 2008 4:21am Nov 6, 2008 4:21am
Quoting LasVahGoose
Closed my USD/CHF free trade on Monday Nov 2nd from Oct. 30th for 250+ pips or so. The reason I closed the trade was because I was traveling for work and way to busy to keep up with the trade and I noticed it was hitting Resistance from almost exactly last years high. The trade continued up after I closed it, but it has come back down to almost exactly the same price as the close. I guess if I left it alone it would have been fine, but I'm glad to have closed it.

After 1 week of live trading my account is up 3.25%. Can't complain about that. Looks like the pair is in consolidation, so a break out play I'm guessing could pay big.

Thank you to everyone for their feedback and support.
Very nicely done LVG.

Your discipline is noteworthy. It is tough to see gains go up and down, and still stick to your plan. It is this resolve that makes good traders - great. Turning a short term trade into a long term trade takes a different approach and an understanding that these swings in Price are normal.

I assume the Oct. 30th DIBS trade was the 1st IB of the day (Blue Box).

Might I suggest you look at higher time frames for Support and Resistence levels for stop loss placement and for possible Price targets.

4 hour, Daily and Weekly. You may find different S/R levels then the ones I have indicated.

I know you are out of the trade now, but these are things that you should consider on the next big DIBS trade. Because you will have another one.

Great job LVG.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #5,816
  • Nov 6, 2008 4:37am Nov 6, 2008 4:37am
Nice trade late on cable yesterday which i missed !! Potential 300 pips.
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  • #5,817
  • Nov 6, 2008 4:41am Nov 6, 2008 4:41am
And another trade on Eur/Jpy which i didn't miss ! Up 40 pips at the moment stop at BE.
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  • #5,818
  • Nov 6, 2008 6:32am Nov 6, 2008 6:32am
I must admit to being a bit disappointed that no-one joined the discussion on the 0600 GMT open now that winter time is in force. Peter made it quite clear that you should trade when the big money trades. That to me seems to indicate moving the "open" to 0700 GMT in winter. Any takers this time round?
Never argue with a fool....
  • #5,819
  • Nov 6, 2008 6:45am Nov 6, 2008 6:45am
Quoting tigertrader
I must admit to being a bit disappointed that no-one joined the discussion on the 0600 GMT open now that winter time is in force. Peter made it quite clear that you should trade when the big money trades. That to me seems to indicate moving the \"open\" to 0700 GMT in winter. Any takers this time round?

Peter mentions this in one of his posts about the 0600 GMT time. This is when the Daylight Saving Time was in force.

http://www.forexfactory.com/showpost...5&postcount=61
Indicators show the past. Price Action "Indicates" the future.
  • #5,820
  • Nov 6, 2008 7:22am Nov 6, 2008 7:22am
Quoting tigertrader
I must admit to being a bit disappointed that no-one joined the discussion on the 0600 GMT open now that winter time is in force. Peter made it quite clear that you should trade when the big money trades. That to me seems to indicate moving the \\"open\\" to 0700 GMT in winter. Any takers this time round?
Hey gang, hope everyone has been doing well lately. I'm sorry to say that I no longer have the time to trade during the days (and thus when the big money is in play), but I have been trying to read this thread and the developments of it. One day this will all change and I will be trading again

I will briefly answer this question. GMT doesnt care about summer and winter time, thus 6GMT is always 6GMT. It's on the charts that the change is. Check out my post (which is found on the first post of this thread) and I hope it helps: http://www.forexfactory.com/showpost...&postcount=679
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