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The DIBS Method... No Free Lunch continues

  • #5,861
  • Nov 10, 2008 2:03am Nov 10, 2008 2:03am
Quoting karmostaji
We have a weekly IB on GJ, gonna keep an eye on that
Just like last time, right Karmo.
Indicators show the past. Price Action "Indicates" the future.
  • #5,862
  • Nov 10, 2008 2:04am Nov 10, 2008 2:04am
Quoting jarroo
Just like last time, right Karmo.
yep, last time it broke to the downside and it dropped like a bomb

Expecting it to do the same thing again
Trade what you see, not what you think.
  • #5,863
  • Nov 10, 2008 2:05am Nov 10, 2008 2:05am
Quoting karmostaji
yep, last time it broke to the downside and it dropped like a bomb

Expecting it to do the same thing again
I see that easily happening.
Indicators show the past. Price Action "Indicates" the future.
  • #5,864
  • Nov 10, 2008 2:21am Nov 10, 2008 2:21am
Quoting johto
Ok, but imho, there is nothing wrong on being one hour too early. Better early than late!
Maybe not johto?. There is very low liquidity before London opens and the currencies often turn at the London open so an hour early may cost you dearly in the long run. The whole point Peter tried to make was to follow the money and trade when the big players trade.
Never argue with a fool....
  • #5,865
  • Nov 10, 2008 2:29am Nov 10, 2008 2:29am
Quoting tigertrader
Maybe not johto?. There is very low liquidity before London opens and the currencies often turn at the London open so an hour early may cost you dearly in the long run. The whole point Peter tried to make was to follow the money and trade when the big players trade.
Thats a good point
  • #5,866
  • Nov 10, 2008 7:55am Nov 10, 2008 7:55am
Hi All,
I have read the entire thread and I think I remember seeing this answer...so If anyone can help out I would appreciate it.

How long should we consider the IB a playable IB after it signals a BUY or SELL order. I have attached a 30M chart JUST FOR EXAMPLE of what I am talking about. I trade the strategy on the 1H TF.

In the example the candle breaks the BUY level 3 candles after the IB.

Whats a good rule of thumb?

Thanks..MikeG
Attached Image
  • #5,867
  • Edited 9:04am Nov 10, 2008 8:28am | Edited 9:04am
Quoting Matrixxdg
Hi All,
I have read the entire thread and I think I remember seeing this answer...so If anyone can help out I would appreciate it.

How long should we consider the IB a playable IB after it signals a BUY or SELL order. I have attached a 30M chart JUST FOR EXAMPLE of what I am talking about. I trade the strategy on the 1H TF.

In the example the candle breaks the BUY level 3 candles after the IB.

Whats a good rule of thumb?

Thanks..MikeG
I'm a noob trading for a short time, but I'll play a trigger candle up to 3 candles (4 max maybe). Ultimately the best trade, it has been mentioned, is when the next candle after the IB takes off either long or short.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #5,868
  • Nov 10, 2008 8:42am Nov 10, 2008 8:42am
Quoting Matrixxdg
Hi All,
I have read the entire thread and I think I remember seeing this answer...so If anyone can help out I would appreciate it.

How long should we consider the IB a playable IB after it signals a BUY or SELL order. I have attached a 30M chart JUST FOR EXAMPLE of what I am talking about. I trade the strategy on the 1H TF.

In the example the candle breaks the BUY level 3 candles after the IB.

Whats a good rule of thumb?

Thanks..MikeG

I don't think there is a rule of thumb. Myself, I will go out as many as 6 hours sometimes.

One rule I that has served me well is that I will never take a position when the other side of the IB candle has been exceeded. In the example you posted, the lower end of the IB candle had been breeched so I would never take the long position until I received another DIBS signal.

T...
  • #5,869
  • Nov 10, 2008 8:52am Nov 10, 2008 8:52am
Quoting tsquad
One rule I that has served me well is that I will never take a position when the other side of the IB candle has been exceeded. In the example you posted, the lower end of the IB candle had been breeched so I would never take the long position until I received another DIBS signal.

T...
Ditto here. This was one of PCs rules as I remember, (I know some tweak this and reverse on the open bar however)

regards
wash, rinse, spin . . . repeat
  • #5,870
  • Nov 10, 2008 9:07am Nov 10, 2008 9:07am
Here's a nice dibs i've taken on Euro up 70 odd pips as we speak and i've 40 banked.....BUT missed the trade on cable which is now up 100 pips
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 30 KB
  • #5,871
  • Nov 10, 2008 9:18am Nov 10, 2008 9:18am
I was up about 200 pips today from the GJ and GU trades earlier, just got knocked out when prices dove the last hour.

Ended the day at about -23 pips.

I think tommorrow will be a much better day
  • #5,872
  • Nov 10, 2008 9:49am Nov 10, 2008 9:49am
Quoting Delfino
I was up about 200 pips today from the GJ and GU trades earlier, just got knocked out when prices dove the last hour.

Ended the day at about -23 pips.

I think tommorrow will be a much better day

200 pips not enough for ya??
use trail stop buddy...do not turn ur winners into losers...

sonic
  • #5,873
  • Nov 10, 2008 10:00am Nov 10, 2008 10:00am
Quoting sonicdeejay
200 pips not enough for ya??
use trail stop buddy...do not turn ur winners into losers...

sonic
those 2 trades did end in profit, but I had 2 usd/jpy trades that got stopped out earlier, and the first eurusd got stopped out.

but yes, if I had readjusted those stops a little more I would have broke even or locked in profit for the day.
  • #5,874
  • Nov 10, 2008 10:24am Nov 10, 2008 10:24am
Result of Euro trade is +50, looks now like i could've banked more pips but i don't believe in letting too many pips get away.

Delfino

I think u should seriously look more closely at where your placing your stops. To let 200 pips turn into a loss is no way to trade, think of it this way, will u ever be able to make a living trading is your gonna let your +200 pip trades turn into losers ?
  • #5,875
  • Nov 10, 2008 10:54am Nov 10, 2008 10:54am
Quoting Billy73
Here's a nice dibs i've taken on Euro up 70 odd pips as we speak and i've 40 banked.....BUT missed the trade on cable which is now up 100 pips
This is a really nice IB reversal trade, but I don't think that it is a DIBS trade since you would only be looking to go long as the IB did not straddle the daily open price and the IB was above the daily open price. Please correct me if I'm wrong.
  • #5,876
  • Nov 10, 2008 10:58am Nov 10, 2008 10:58am
Quoting byorkFX
This is a really nice IB reversal trade, but I don't think that it is a DIBS trade since you would only be looking to go long as the IB did not straddle the daily open price and the IB was above the daily open price. Please correct me if I'm wrong.
Ok seems i might be trading these dibs in a different way to the rest of u guys. Reason i took that trade was because of resistance up at 1.2920 area which wasn't breached so therefore i was looking to sell.
  • #5,877
  • Nov 10, 2008 11:01am Nov 10, 2008 11:01am
Quoting Billy73
Ok seems i might be trading these dibs in a different way to the rest of u guys. Reason i took that trade was because of resistance up at 1.2920 area which wasn't breached so therefore i was looking to sell.
It was a great trade - reversal at support. I just wanted to make sure I didn't have my open time wrong this morning or that I wasn't missing something else. I always like to see successful trades and good price action (IB around s/r), so thank you for posting your trade and clarifying your technique! Nice work!

-Brian
  • #5,878
  • Nov 10, 2008 11:25am Nov 10, 2008 11:25am
Quoting byorkFX
It was a great trade - reversal at support. I just wanted to make sure I didn't have my open time wrong this morning or that I wasn't missing something else. I always like to see successful trades and good price action (IB around s/r), so thank you for posting your trade and clarifying your technique! Nice work!

-Brian
Thanks very much byork .

I've been trading these IB's a few months weeks now but as i said i base my trades around support and resistance levels which works great for me. I'd also look to buy or sell oversold or overbought levels as well as support and resistance, the more positives i see for a trade the more chance of it ending in profit.

I haven't had time to read this whole thread, as u can see i've just jumped in so that's why i caused a bit of confusion.
  • #5,879
  • Nov 10, 2008 12:14pm Nov 10, 2008 12:14pm
Hi,

This is my first post here, after having discovered the DIBS method few days ago.

The first thing I would like to do is to thank Peter and all knowledgeable poster like jarroo since their informations have teached me a lot in very short term.
I have opened my eyes to the "good" way of trading (at least for me) and I am confident that profit could come as soon as I have climbed the steep learning curve.

I have entered the following position today (demo account)
Short GU in the afternoon.
Right now, the trade is a free trade and I am running a profit of 196 pips for a ratio of 4.16:1. I am quite happy with it but I am not 100% sure of the rationale.

I took the position since we are on a long term downtrend as seen on the daily chart. Have anybody played the same move?

As far as I have understood I should play with S/R levels to turn trades into profitable ones. Am I correct? I am asking this since I don't want to remove loss, but I want to take "clever" positions, meaning positions that are not against the mkt.

Cheers
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 10 Nov 08 - GBP.JPG Size: 176 KB
Click to Enlarge Name: 10 Nov 08 - GBP Long term trend.JPG Size: 175 KB
  • #5,880
  • Nov 10, 2008 2:23pm Nov 10, 2008 2:23pm
Quoting tsquad
I don't think there is a rule of thumb. Myself, I will go out as many as 6 hours sometimes.

One rule I that has served me well is that I will never take a position when the other side of the IB candle has been exceeded. In the example you posted, the lower end of the IB candle had been breeched so I would never take the long position until I received another DIBS signal.

T...
Thanks TS and TIC, good info.

MG
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