The DIBS Method... No Free Lunch continues

Ok another post on the trade: Still free riding, will she break to to upside?

WHY did you take that trade? Where was the IB?

I dont like price action at the moment in both my GU and EURUSD positions. I closed my EU for +17
and I closed my GU for -5 (after already taking half off so net win result)
Things are rather sidewards at the moment.

Perhaps I should have just left EURUSD , oh well , learn to trade another day... one day at a time.

Is it just me or are Dojis failing at a spectacular rate nowdays? before you used to nearly rely on a doji dropping price
now, now they just seem to get trampled.

Hi enOx ,

I show taking the trade with post 6516, 47 hours ago.


Thanks

Dale

Depends on what season the market is in.

Yeah that one, already closed that one umm two days ago,...

I trusted everyone shorted GU based on DIBS rules? Already at free trade now.

It's been a while...

I stopped trading "pure" DIBS (as the main strategy), at least as per the original rules. As PG said, not all DIBS are created equal... There were too many false IB breakouts for my liking to simply apply the rules blindly. Anyway, don't want to sway off the thread topic too much.

But talking about IBs (not just DIBS), here's an interesting concept - I hope Jaroo wouldn't mind me posting a link at the DIBS thread

http://www.learntotradethemarket.com...rading-system/

Enjoy!

I have been a member of that site for sometime... Nials trading place. Quite good except I stopped going there a long time ago.

I agree, Use discretion trading any method.



Best Regards,

Dale

Sorry, Trumpcard, I though you were referring to the Daily Open (0000GMT), not to the "DIBS Daily open" (0600GMT). My apologies.

PG did mention that some guys trade Yen crosses based on 0000GMT (the action starts early in Asia). Anyway, on that day the price already made a big jorney up, and then down back to 0000GMT level. I guess normal DIBS rules would not apply after such huge "swings". When the price went down, it bounced off MA62 nicely to continue in-line with the previous major trend (but that's outside the scope of "pure DIBS" - not that one should trade DIBS blindly anyway).

I guess you exited near the top of the prior swing. Nice trade, even though R1. Sometimes R1 with clear risk is better that R3 where one was just lucky

For me, J16 (and BillyRay's "No brainer") were real eye openers. IMHO, one does need to understand why and where the price is likely to go. Only S/R levels (and PA) can tell you them, in principle.

Once you know which levels to pay attention to (and in which direction), it's then "simply" the matter of waiting for the right PA.

Out of all PA patterns IB, for me, is the least reliable (in its pure form) as IB means "indecision", i.e. it can go in any direction from a given point. Not to say that PG's approach doesn't work, but he couldn't describe all the nitty-gritty fine things and "the devil is in detail"...

I still dont see the benefit of this "daily open" except, it gets you to CHOSE a dirction and stick to it.

I am tempted to try sneak a seat next to our bank traders and see what they say about it . Dont get me wrong, I like this choosing a point in which to short and long however I often dont see any real difference in it. It seems more random then not. Just my two cents. open to debate. this is why I think I can have mine at 6:00GMT yours at 00:00 GMT and we both make money
Its not the time of the daily open, its the time of the day the market moves in your pair you trading that defines it. Taking an inside bar break at 3am GMT would be almost pointless in EURUSD and GBPUSD as its too thin on the ground.

Taking that same trade on USDJPY would proove better due to it still being traded here in asia.

again, I am not changing rules. Just my thoughts on it. PS I am still trading the DIBS way and still winning.

EDIT:ALE, dont burn me , just my views on the market and trading with my personality (the BIGGEST thing we should learn by the way... we are NOT Peter Crown and if you try trade exactly like him, you gonna get burnt unless you are exactly like him. I am not that cool calm and collected .... so I would eat myself alive trying to be him)

Hi guys, as I'm often not at my computer, can someone recommend a trade management script or EA that will simply take half the position off at 1:1 and move the stop to breakeven and even have the option of trailing? I want to still enter trades manually though. Also simple instructions on what parameters to put in would be great!

Currently long USD/CHF and USD/CAD (missed the initial shorts)

We can go into hours of debate on this. The thing is S/R levels are important, we all know that. One should watch out for them in trading in ANYTHING.

I was also a card carrying memeber of J16, however I do see there is benefit so far with DIBS, only traded it two weeks now so need far more data but I have pulled a fair wake of pips out of it. Risking only 1% or 0.5% I have (using dibs but with my own personality and watching S/R and price action) made the account 12% higher. That is not bad for being new to this technique.

Also what I found (thanks to Dale) is I have limited my basket to 3 pairs and trade them accordingly.

lets hope it stays good.

Trumpcard,

I have been toying this idea with oanda.
Putting a long order (or short order) to execute with half your position size.
In oanda you can same currency hedge in the one account, so this will close half the position in theory.

Are you with Oanda then is the next thing, cause MT4 does allow same pair hedge and that wont work then.

Hi, so for USD/JPY open price is at 00:00 GMT?

What ever you want to set it to..
mine is still 6am GMT, and I pulled over 150 pips in one trade last week out of it. Pulled only 60 pips this week from it though.. so your choice buddy.


PC does say his FRIEND trades it that way but then he adds. its your money
Well, what does that mean (lets interpret all his stuff like it has hidden meaning like the bible or quran) hmm it could mean, mate its your money, do what you want, test it what ever works for you.....

Or he could mean you are a fool for wasting your money......

Have order in maybe I can add a position