dear all,
look at GBPCHF set up with DIBS method long movement
rgds,
my30marahaba
look at GBPCHF set up with DIBS method long movement
rgds,
my30marahaba
Attached Image (click to enlarge)
The DIBS Method... No Free Lunch continues
- #5,943
- Nov 17, 2008 11:04am Nov 17, 2008 11:04am
hi all,
just sharing with you all,
here my set up for uj i think uj to be pull back to the resistance line
i use lower ib to entry at the support line with closely SL also i put my pending order at the support line if price fail to break s&r line the price be going down and break the support line to 95.25 this my analyst....
please correction me if i made wrong analyst for this curr UJ
rgds,
my30marahaba
My first little account was destroyed when i last traded some other methods, mainly because overtrading.
This time i will have more patience.
- #5,944
- Edited 3:17pm Nov 17, 2008 2:42pm | Edited 3:17pm
hi all,
just sharing with you all,
here my set up for uj i think uj to be pull back to the resistance line
i use lower ib to entry at the support line with closely SL also i put my pending order at the support line if price fail to break s&r line the price be going down and break the support line to 95.25 this my analyst....
please correction me if i made wrong analyst for this curr UJ
rgds,
my30marahaba
great thread
my30marahaba, what is vertical line you put on your graph ? Why it is on 3 GMT ?
I have also another question. As Peter mentioned you only take trades long/short when the day is up/down. As I understand he treats day like a session so i understand that new day starts at 6:00 GMT, so if we take a bar before this time we will have the day close. In other words is the 6:00 GMT bar open price treated like a level to figure if we are up/down ? And do you take open/close of IB as the signal or is it rather high/low ?
If the close of 5:00 GMT bar is 96,88, and the high/low of IB is 97,07/96,83 the signal was at 97,07 which was the trade that wouldn't give you money. If you took 2 lots at 97,07 with SL at 96,83, and TP1 at 97,31 (2*97,07-96,83) the first TP was not hit. Even if it was hit the price reversal would hit the SL finishing the free ride with no pips gained. Please correct me if i don't understand things good.
And the IB was 6:00 GMT bar...
Sorry about my english btw
I follow peter's rules and not trade after 9-10 hours is passed. Also not before 6gmt either(usually). He said its the volatility which is best to have maximised when trading. There is always another day, but good luck if you are entering on usdjpy!
My first little account was destroyed when i last traded some other methods, mainly because overtrading.
You are right sir, the better way discipline to follow PC's rule i'm out when the price hit IB on the 05.00 gmt (97.00) and close my pending order
best regards,
my30marahaba
- #5,946
- Edited Nov 18, 2008 2:08am Nov 17, 2008 7:03pm | Edited Nov 18, 2008 2:08am
Hi folks,
It was requested that I add the broker Spread to one of the indicators I posted earlier in this thread. So I will post the update here...
I removed "BarClock (AAD Mods v2)" do to new update, see direct link below:
BarClock (AAD Mods v2a).mq4
It was requested that I add the broker Spread to one of the indicators I posted earlier in this thread. So I will post the update here...
I removed "BarClock (AAD Mods v2)" do to new update, see direct link below:
BarClock (AAD Mods v2a).mq4
- #5,947
- Nov 17, 2008 7:06pm Nov 17, 2008 7:06pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I follow peter's rules and not trade after 9-10 hours is passed. Also not before 6gmt either(usually). He said its the volatility which is best to have maximised when trading. There is always another day, but good luck if you are entering on usdjpy!
My first little account was destroyed when i last traded some other methods, mainly because overtrading.
You'll soon find we need a way to select high probability trades, I wish Peter would have included this detail as well although I'm thankful to him for even telling us this much and all about DIBS.
- #5,950
- Nov 17, 2008 8:35pm Nov 17, 2008 8:35pm
Hi folks,
It was requested that I add the broker Spread to one of the indicators I posted earlier in this thread. So I will post the update here...
MG
- #5,951
- Nov 17, 2008 10:50pm Nov 17, 2008 10:50pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Yes, but if following DIBS rules, your direction is which side the price is howering compared to the 6gmt price. You are right about the overall trend being down, but you never know when the main trend will change, and by DIBS rules, you are mainly interested on "intraday trend" and if the longer trends allign too, its a bonus and you can then keep your winners open and trail them for example on 4h and daily and weekly charts
Peter said it pretty well:
"In the pit the first thing you learn--- when you are ready to actually make money...,...
Excellent point, I guess I've over thinking it all and second guessing myself. You're right, go with the direction DIBS says.
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #5,952
- Edited 1:28am Nov 18, 2008 1:16am | Edited 1:28am
Entered on usdchf long, hour ago, already in a "free trade mode"
Also one position on gbpusd(used 4gmt bar), not a free trade yet, needs to go 33+ pips for that.
edit: Just closed 2/3 of the gbpusd at 30+ pip, so now its also a free trade.
http://img.skitch.com/20081118-ts7ba...n8ansejf2f.png
Also one position on gbpusd(used 4gmt bar), not a free trade yet, needs to go 33+ pips for that.
edit: Just closed 2/3 of the gbpusd at 30+ pip, so now its also a free trade.
http://img.skitch.com/20081118-ts7ba...n8ansejf2f.png
Entered on usdchf long, hour ago, already in a "free trade mode"
Also one position on gbpusd(used 4gmt bar), not a free trade yet, needs to go 33+ pips for that.
edit: Just closed 2/3 of the gbpusd at 30+ pip, so now its also a free trade.
http://img.skitch.com/20081118-ts7ba...n8ansejf2f.png
rgds,
my30marahaba
- #5,954
- Nov 18, 2008 1:49am Nov 18, 2008 1:49am
Ok, but i dont "expect" anything, nobody can see the future. Most important is that the trade is already "free", so i will let it run or hit the initial stop.
In my opinion, letting it run for long is very important aspect of DIBS methods. The few good runners makes easility the small frequent losses. I could close this gbpusd for example now at 64+ pips but i wont(greed or fear?), i want to have the possibility for a longer runners and then trail them on 20 sma using dailys for example.
Greed is "not" good even if Gordon Gekko say it is, in the movie "Wallstreet" (1987):
http://image.guardian.co.uk/sys-imag...lstreet460.jpg
In my opinion, letting it run for long is very important aspect of DIBS methods. The few good runners makes easility the small frequent losses. I could close this gbpusd for example now at 64+ pips but i wont(greed or fear?), i want to have the possibility for a longer runners and then trail them on 20 sma using dailys for example.
Greed is "not" good even if Gordon Gekko say it is, in the movie "Wallstreet" (1987):
http://image.guardian.co.uk/sys-imag...lstreet460.jpg
I've been trying this method out as well but unfortunately if we take all the DIBS trades even within the 9 hour timeframe and trade just the pairs Peter mentions we still may not make any headway.
You'll soon find we need a way to select high probability trades, I wish Peter would have included this detail as well although I'm thankful to him for even telling us this much and all about DIBS.
- #5,957
- Nov 18, 2008 7:33am Nov 18, 2008 7:33am
You're very welcome,
I forgot to add the spread display around the top left hand chart corner (for those that don't want a display near the bars), so here's the final BarClock update...
- #5,958
- Nov 18, 2008 8:25am Nov 18, 2008 8:25am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Entered on usdchf long, hour ago, already in a "free trade mode"
Also one position on gbpusd(used 4gmt bar), not a free trade yet, needs to go 33+ pips for that.
edit: Just closed 2/3 of the gbpusd at 30+ pip, so now its also a free trade.
Light Blue Fib = large down trend
Yellow = s/r line
Price has come up the 38.2 fibo (lt. blue) not sure if it will break it or not and now the Yellow resistance line is looking like support. I'm waiting for one of these areas to give. Mind you, I've only been trading for weeks, so what do I know. Anyone feel free to provide constructive criticism you opinions.
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #5,959
- Nov 18, 2008 8:27am Nov 18, 2008 8:27am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
You're very welcome,
I forgot to add the spread display around the top left hand chart corner (for those that don't want a display near the bars), so here's the final BarClock update...
. Thank you.
Don't wish it were easier, wish you were better. ~ Jim Rohn