The DIBS Method... No Free Lunch continues | Page 327 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The DIBS Method - No Free Lunch Returns 13 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

Peter Crown's DIBS method revisited 14 replies

DIBS Method EA 11 replies

Problem using Dibs EA 4 replies

Attachments: The DIBS Method... No Free Lunch continues
Exit Attachments

The DIBS Method... No Free Lunch continues

  • #6,521
  • Feb 16, 2009 3:42am Feb 16, 2009 3:42am
Well 92.00 was NOT exactly a nice pleasant area of support and resistance. I am not taking a chance on that level, as the trade was within spread of actually hitting the correct halving point, I moved it closer then halved it and let if for free trade.

Mantra 1: no turning winners into losers. And that S/R is very significant. Not taking the risk for what essentially is a few pips. I can rest easier now that in the free trade.

PS. Its pulled back something chronic, as anticipated. Forming DOJI on the 1hour, again not a very good candle for continuation. However my position is of a free trade therefore there is no need to close it.

Chris
Survive and Preserve
  • #6,522
  • Edited 8:24pm Feb 16, 2009 3:49am | Edited 8:24pm
My Risk level is for the above trade is at only 1/2 percent so I really do not care what happens to this trade, I also have two other methods that I trade in several larger periods.

Just think of the potential of this method for example, Lets say that The JPY/USD pair happens to trend for the next 6 month, how many 1/4 percent trades I might be able to plant in the market and trail using some method based on a larger period.

Best regards


Dale
  • #6,523
  • Edited 8:25pm Feb 16, 2009 4:05am | Edited 8:25pm
Here is a chart of what enOx is seeing so based on his predetermined plan he did the right thing, I am also doing the right thing to follow my plan regardless of what my fellow trader does. He may make money I may lose this time. Losses are just a cost of being in business.


Best regards

Dale
Attached Image (click to enlarge)
Click to Enlarge Name: post7 jpy.gif Size: 14 KB
  • #6,524
  • Feb 16, 2009 4:30am Feb 16, 2009 4:30am
Dale,

Did you trade long although the breakout was below 6:00gmt open?

T.

Quoting Dale
Here is a chart of what enOx is seeing so based on his predetermined plan he did the right thing, I am also doing the right thing to follow my plan regardles of what my fellow trader does. He may make money I may lose this time. Losses are just a cost of being in business.


Best regards

Dale
  • #6,525
  • Feb 16, 2009 4:34am Feb 16, 2009 4:34am
Hi Dale:
I think the enclosed chart is the Yen trade you just went long in. My question is when it broke out of the ib range, it was still below the daily open, and then continued to move up. I thought we only took a long trade if the break put it above the daily open, not if further along in the candle it then breaks above the daily open. Hope my question makes sense, it would have been a nice long trade, but I didn't think the rules said to go long in this situation. Thanks

Jim
Attached Image (click to enlarge)
Click to Enlarge Name: dibs 2-16-09.gif Size: 11 KB
  • #6,526
  • Edited 8:28pm Feb 16, 2009 4:38am | Edited 8:28pm
I have my open time set to 12:00 Eastern standard time. I read it somewhere in Peters Posts if I find it sometime I will cut and paste a post.

I believe using any of the Japanese/European opening times discussed on this thread captures the concept and takes advantage of the idea that Peter expresses. Maybe I am wrong but for now I need to remain with a consistent start time; the one I based my testing on.

Open times have been discussed in great detail already throughout this thread, so all of you will know the purpose of these posts are to discuss a little bit about dealing with losses and the idea of using dibs entries to establish longer term positions in a market.




Thanks for asking

Dale
  • #6,527
  • Feb 16, 2009 4:45am Feb 16, 2009 4:45am
Quoting Dale
Hi Tdeu

I have my open time set to 12:00 Eastern standard time. I read it somewhere in Peters Posts if I find it sometime I will cut and paste a post.

I believe using any of the opening times discussed on this thread captures the concept and takes advantage of the idea that Peter expresses. Maybe I am wrong but for now I need to remain with a consistant start time; the one I based my testing on.


Thanks for asking

Dale
Hi Dale:
Thanks for the reply, that explains it. Ha, it's funny, the old what time to start the day question, that beast won't die, LOL. Thanks again. If you're using 12:00, I will also, trying to match my charts to some more expierenced traders.

Jim
  • #6,528
  • Edited 8:30pm Feb 16, 2009 4:56am | Edited 8:30pm
Or, use nowandlatters or Jarroo's

I am not trying to confuse you. Just stay consistent for a long time with the start time you use and understand the reasons behind it. We want to employ some common sense to our trading.


Best Regards

Dale
  • #6,529
  • Feb 16, 2009 5:02am Feb 16, 2009 5:02am
Quoting Dale
Or use nowandlatters or Jarroo's

I am not trying to confuse you. Just stay consistant for a long time with the start time you use and understand the reasons behind it. We want to employ some comon sense to our trading.


Best Regards
Yes, I was originally, but they both don't seem to be posting much, it's helpful to be on the same page with people that are active. Thanks for replying

Jim
  • #6,530
  • Edited 8:33pm Feb 16, 2009 5:11am | Edited 8:33pm
Ok I been in this trade for two hours and it is doing nothing, My plan for this series of trades is that they either hit my target or get stopped out, So I do not allow my self to even think about it. I have other accounts that I trade with greater discretion and do well in. but I do not get to be discretionary here. So I can


A. Read a book

B. Go for a walk

C Set alarms and a take nap

anyway not following my plan I had PRIOR TO MAKING THE TRADE
is a path down the dark side, and leads to a loss of overall capital.

Maybe these posts will do somebody some good.


Best regards

Dale
Attached Image (click to enlarge)
Click to Enlarge Name: post8 jpy.gif Size: 14 KB
  • #6,531
  • Feb 16, 2009 5:15am Feb 16, 2009 5:15am
Quoting Dale
Ok I been in this trade for two hours and it is doing nothing, My plan for this series of trades is that they either hit my target or get stopped out, So I do not allow my self to even think about it. I have other accounts that I trade with greater discrestion and do well in. but I do not get to be discretionary here. So I can


A. Read a book

B. Go for a walk

C Set alarms and a take nap

Anyway not following my plan I had PRIOR TO MAKING THE TRADE
is a path down the darkside, and loss of overall capital.

maybe these post will do somebody...
Great posts Dale. Like the way you set these posts up.

Very helpful and fun.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #6,532
  • Feb 16, 2009 5:17am Feb 16, 2009 5:17am
bigjim,
i believe jarroo (whose name's Jim too! ) very much active. in fact, i just had 2 replies from another thread from him.
it may just be that he prefers to reply on certain thread on certain criteria, or as he deems necessary, i u get what i mean.

Stay active & i'm sure u will see them here/other threads.
  • #6,533
  • Feb 16, 2009 5:22am Feb 16, 2009 5:22am
Quoting Dale
Ok I been in this trade for two hours and it is doing nothing, My plan for this series of trades is that they either hit my target or get stopped out, So I do not allow my self to even think about it....
Dale:
These posts have been quite helpful thank you, I usually read a book, which turns into a nap.

Jim
  • #6,534
  • Feb 16, 2009 5:22am Feb 16, 2009 5:22am
Quote
Great posts Dale. Like the way you set these posts up.

Thanks for the encouragement Jim, good to hear from you.


Dale
  • #6,535
  • Feb 16, 2009 5:26am Feb 16, 2009 5:26am
Quoting supremeChaos
bigjim,
i believe jarroo (whose name's Jim too! ) very much active. in fact, i just had 2 replies from another thread from him.
it may just be that he prefers to reply on certain thread on certain criteria, or as he deems necessary, i u get what i mean.

Stay active & i'm sure u will see them here/other threads.
Hi supreme:
Sorry about that, didn't mean to put Jarroo on the MIA list, great to see him posting.

Jim
  • #6,536
  • Feb 16, 2009 5:29am Feb 16, 2009 5:29am
Quoting bigjim1958
Hi supreme:
Sorry about that, didn't mean to put Jarroo on the MIA list, great to see him posting.

Jim
I plan to be posting here again very soon. I've been on the MIA list for awhile. lol
Indicators show the past. Price Action "Indicates" the future.
  • #6,537
  • Feb 16, 2009 5:35am Feb 16, 2009 5:35am
bigjim,
sorry NOT taken... no need for it.

have u seen him now?
he seems to spring out when needed. just like i said earlier,
Quote
....as he deems necessary..
  • #6,538
  • Edited 5:48am Feb 16, 2009 5:38am | Edited 5:48am
Also thankyou BigJim and SupremeChoas.
  • #6,539
  • Feb 16, 2009 5:43am Feb 16, 2009 5:43am
hi all,

IB is forming on eur/usd, stay tuned
money... it's a gas baby, can't you take it! venezia
  • #6,540
  • Feb 16, 2009 5:50am Feb 16, 2009 5:50am
Thanks for the heads up
2 traders viewing now