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The DIBS Method... No Free Lunch continues

  • #6,821
  • Mar 4, 2009 7:04am Mar 4, 2009 7:04am
IB on USD/JPY?

Only by a couple of pips, on my platform though.
  • #6,822
  • Mar 4, 2009 8:04am Mar 4, 2009 8:04am
Took the USD/JPY DIBS trade as the risk was tiny, only 14 pips. (The IB was only 1 pip inside the previous bar on my setup!). A no brainer trade I thought, as it's with the daily and weekly trend.

It's going in my favour, but very slowly. Hoping for a move soon.
  • #6,823
  • Mar 4, 2009 10:06am Mar 4, 2009 10:06am
Quoting takingthepip
Hello everyone.

First post.

I've been following DIBS for the last week, and have also been studying Tom Demark trendlines.

I like the EUR/USD long setup as a breakout coincides with a Demark trendline breakout setup.

http://www.ukonlinewholesalers.com/i...rex/eurusd.JPG

Hi Prunto,

Nice call there! The trade also ended up being very profitable.

However, if you would have drawn that TD trendline to the top of the 05:00 candle, you could have gone long at about 1.2597. And if you look carefully on that same 1H chart, you ALSO have an IB set up at that time. Very nice set up...

Best wishes,
Algis
  • #6,824
  • Mar 4, 2009 10:47am Mar 4, 2009 10:47am
can the opening candle be considered as an IB to the previous day's candle? Im looking at today's cable chart for a potential setup....thx in advance.
CRAIGSLIST BARTERING CHAMPION
  • #6,825
  • Mar 4, 2009 10:50am Mar 4, 2009 10:50am
nevermind....im looking at the wrong time frame....i got it :-)
CRAIGSLIST BARTERING CHAMPION
  • #6,826
  • Edited 11:17pm Mar 4, 2009 10:15pm | Edited 11:17pm
Nice Trade

takingthepip
  • #6,827
  • Edited 3:49am Mar 5, 2009 1:52am | Edited 3:49am
Quoting algism
Hi Prunto,

Nice call there! The trade also ended up being very profitable.

However, if you would have drawn that TD trendline to the top of the 05:00 candle, you could have gone long at about 1.2597. And if you look carefully on that same 1H chart, you ALSO have an IB set up at that time. Very nice set up...

Best wishes,
Algis
Thanks Algism. My understanding of TD lines is that if they 'cut through' the bodies of candlesticks, then they are not valid or less valid. It's okay if they cut through the wicks though. Had I drawn a line to the 0500 point, then the line would have cut through 2 candlestick bodies.

http://tinyurl.com/amp4lg
  • #6,828
  • Mar 5, 2009 4:26am Mar 5, 2009 4:26am
Had a good DIBS day yesterday and today have had a couple of winners so far. Could have done better if I had managed to get up for 6am.

Here's a loser on the USD/JPY from yesterday. It was very late in the day, 3.00pm GMT, and very little movement in the market anyway. I just wanted the practise. The risk was minimal and the overall trend was up, so...little to lose and much to gain.

Also, the IB was VERY doubtful, only inside the previous bar by a pip.

:-)

http://tinyurl.com/b3mvfg
  • #6,829
  • Mar 5, 2009 4:50am Mar 5, 2009 4:50am
Quote
I just wanted the practise
.

The best practice is to only take the best trade.

Think about how a lion sneeks up on its prey, it knows what it is looking for ahead of time
  • #6,830
  • Mar 5, 2009 5:05am Mar 5, 2009 5:05am
IB on Eur/Usd now. A short would be following the bigger trend.
  • #6,831
  • Mar 5, 2009 5:14am Mar 5, 2009 5:14am
Quoting Dale
.

The best practice is to only take the best trade.

Think about how a lion sneeks up on its prey, it knows what it is looking for ahead of time
Hi Dale:
There are 3 DIBS setups happening this morning. Is your definition of the best trade the same as Peter's, the pair that has moved the most in that direction that day, the "Hot Hand"? Or do you use another method, one that is more subjective.

Thanks

Jim
  • #6,832
  • Mar 5, 2009 5:35am Mar 5, 2009 5:35am
Hi Jim

I am short Euro/Usd

My definition of the best trades are the ones that are according to your own trading plan.


I am only trading 3 pairs right now do to fill quality EUR/USD, JPY/USD, GPD/USD, if there is clearly a hot hand it is easy to see so I will favor that pair.


Hope my answer helps


Dale
  • #6,833
  • Mar 5, 2009 5:41am Mar 5, 2009 5:41am
Anyone short Eur/Usd? Do you see resistance at 1.2540 in a Fib retracement pattern?

Update: Price bounced of 1.2540-ish, so I'm out for a tiny loss.
  • #6,834
  • Edited 9:09pm Mar 5, 2009 5:53am | Edited 9:09pm
This is from one of the accounts I am forward testing how to apply this method.

Summary:
Deposit/Withdrawal: 0.00 Credit Facility: 0.00

Details:

Profit Factor: 3.14 Expected Payoff: 1.63
Relative Drawdown: 1.13%

Total Trades: 35 Short Positions (won %): 16 (31.25%) Long Positions (won %): 19 (68.42%)
Profit Trades (% of total): 18 (51.43%) Loss trades (% of total): 17 (48.57%)



Of course I won't leave this up for long as it is just a test run

Best regards

Dale
  • #6,835
  • Mar 5, 2009 6:07am Mar 5, 2009 6:07am
Appreciate the post dale. As a complete newcomer to trading, I'm not sure what to make of those figures. What's your conclusion?
  • #6,836
  • Mar 5, 2009 6:10am Mar 5, 2009 6:10am
Drawdown abd profitfactor are what matters to me, remember these numbers are a result of a trading plan

Quote
Do you see resistance at 1.2540 in a Fib retracement pattern

You want to be aware of the conditions prior to taking a trade,
  • #6,837
  • Mar 5, 2009 6:10am Mar 5, 2009 6:10am
anyone short on eur/usd should be aware of the interest rate decision @ 12:45.... if you get to free trade lvl then no worries otherwise be on your toes!

dibs on swissy atm i feel a break of 17720 would be needed...

regards
  • #6,838
  • Mar 5, 2009 6:15am Mar 5, 2009 6:15am
Quoting Dale
Drawdown abd profitfactor are what matters to me, remember these numbers are a result of a trading plan

sounds to me as traders we are very much alike!

nice trading figures btw
  • #6,839
  • Mar 5, 2009 6:29am Mar 5, 2009 6:29am
you all trade this system still in H1 ?

Regards
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  • #6,840
  • Mar 5, 2009 6:44am Mar 5, 2009 6:44am
The concepts can be used a several timeframes as Peter Crowns wrote
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