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The DIBS Method... No Free Lunch continues

  • #6,941
  • Mar 11, 2009 5:42am Mar 11, 2009 5:42am
Quoting simply123
my software shows the following OHLC for EURUSD ( 06:00 gmt )..please provide ur values too

1.2676 1.2676 1.2616 1.2641

just want to cross check if i am on the same platform as u are
thats exactly what I have (FXDD)
  • #6,942
  • Mar 11, 2009 5:54am Mar 11, 2009 5:54am
i m very grateful to u croesesFX sir for clarifying my doubt

FOR EURUSD :-
if i have understood the system correctly we must have an inside bar that breaks at a price that is above 1.2676 to go long or else have an inside bar that breaks at a price that is below 1.2676.. right now we are at 1.2710... so we are looking for a long entry as of now ...

by the way any trades yet croesesFX sir( based on DIBS on any pair , that wud help me with the system understanding sir ..)

Simple

UNRELATED TO THE THREAD :- do not know why eurgbp is failing to cross 9250 levels :roll:
Knock at the sky and feel the thunder
  • #6,943
  • Mar 11, 2009 6:04am Mar 11, 2009 6:04am
Quoting simply123
i m very grateful to u croesesFX sir for clarifying my doubt

FOR EURUSD :-
if i have understood the system correctly we must have an inside bar that breaks at a price that is above 1.2676 to go long or else have an inside bar that breaks at a price that is below 1.2676.. right now we are at 1.2710... so we are looking for a long entry as of now ...

by the way any trades yet croesesFX sir( based on DIBS on any pair , that wud help me with the system understanding sir ..)

Simple

UNRELATED TO THE THREAD :- do not know why eurgbp is failing...
yes you are right about the e/u.. so now we wait for a IB to form above the open.. dont forget all the other factors aswell before getting in!!
only one trade so far.. g/u on the 08;00 IB, short @ 3680 TP @ S1
  • #6,944
  • Mar 11, 2009 6:10am Mar 11, 2009 6:10am
attaching a chart of USD/JPY...

took the day's open for yen at 00:00 gmt ... there is an IB formed at the red arrow... as per the rules of DIBS we wud have to short breaking the low of the IB is that correct ????
Attached Image (click to enlarge)
Click to Enlarge Name: jpyusd.gif Size: 29 KB
Knock at the sky and feel the thunder
  • #6,945
  • Mar 11, 2009 6:15am Mar 11, 2009 6:15am
Quoting simply123
i m very grateful to u croesesFX sir for clarifying my doubt

FOR EURUSD :-...
We seem to be bouncing around the 50% retracement of the fall from the December high.
Gone to a better place
  • #6,946
  • Mar 11, 2009 6:19am Mar 11, 2009 6:19am
croesesFX

the red line is the day's open for gbp usd ( considered 01:00 EST ( 06:00 GMT ) ) ..the red thumb is the days opening candle and the up arrow is the bar that was a inside bar awith high taken out so longed there..took 20 pip profit ( unfortunately was DEMOing this time )

EDIT ( actually the day's open bar should have been the long hammer like thing that i would hit on my head if i went for a loss )

Simple

Did i do the right thing ???


Righty said smikester
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd.gif Size: 24 KB
Knock at the sky and feel the thunder
  • #6,947
  • Mar 11, 2009 6:22am Mar 11, 2009 6:22am
Quoting simply123
attaching a chart of USD/JPY...

took the day's open for yen at 00:00 gmt ... there is an IB formed at the red arrow... as per the rules of DIBS we wud have to short breaking the low of the IB is that correct ????

hold your horses 123... look at the chart you posted. there are 4 inside bars from 6am gmt 3 straddle the open THIS SHOULD TELL YOU SOMETHING!! if that wasn't enough can you see a triangle? please say you can....

what i'm trying to say is there are other things to consider when taking dibs trades

kind regards
  • #6,948
  • Mar 11, 2009 6:36am Mar 11, 2009 6:36am
getting u sir .............................. icarusfx


Thanks for ur kindest words
Knock at the sky and feel the thunder
  • #6,949
  • Mar 11, 2009 6:39am Mar 11, 2009 6:39am
Quoting simply123
croesesFX

the red line is the day's open for gbp usd ( considered 01:00 EST ( 06:00 GMT ) ) ..the red thumb is the days opening candle and the up arrow is the bar that was a inside bar awith high taken out so longed there..took 20 pip profit ( unfortunately was DEMOing this time )

EDIT ( actually the day's open bar should have been the long hammer like thing that i would hit on my head if i went for a loss )

Simple

Did i do the right thing ???


Righty said smikester...
yeah you did do right, if your not looking at any daily pivots (which on g/u is 3780) etc, etc, thats fine but you (well I do) look at the bigger picture, look at higher TF etc, I also have 200, 100 and 50MA if the market is near these on any TF I will not trade, but thats me.
  • #6,950
  • Edited 7:15am Mar 11, 2009 6:44am | Edited 7:15am
Getting u sir... croesesFX...but right now just trying to get a feel of the method and its basics .... since the system by itself does not use any MA's so not attaching it to the chart but i do have them all loaded up in the other charts

Thanks a lot friends for actively discussing

Simple
Knock at the sky and feel the thunder
  • #6,951
  • Mar 11, 2009 7:16am Mar 11, 2009 7:16am
traded this for a small profit... the arrow's bar low broken so shorted ( as per DIBS )


Simple
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 27 KB
Knock at the sky and feel the thunder
  • #6,952
  • Edited 10:34pm Mar 11, 2009 7:17am | Edited 10:34pm
oK The Eur and Jpy made 2x.



Sounds like your getting some good advice Simple123
See everyone has their different style they have learned and some sort of plan prior to placing the trade.




Best regards

Dale
  • #6,953
  • Mar 11, 2009 7:26am Mar 11, 2009 7:26am
thanks Dale...

guys keep an eye on EURGPB... the level of 9250 is imp for a sudden spike up
Knock at the sky and feel the thunder
  • #6,954
  • Mar 11, 2009 8:40am Mar 11, 2009 8:40am
guys where is Jaroo these days ??? any idea ???
Knock at the sky and feel the thunder
  • #6,955
  • Mar 11, 2009 8:41am Mar 11, 2009 8:41am
Quoting simply123
thanks dale for ur reply..would love to know why did i get it wrong ???

please do not mind the question as i m a newbie


DO i need to attach a picture ???

the bar marked "1" was the proposed inside bar and a break down ot the low was considered and the red line was the 00:00 gmt open
If you took the break of the low of the IB and had your stoploss just above the Ib then you did nothing wrong.

you did it right it's just this trade didn't work, thats why you have a stoploss and only risk 1 or 2% of your account on each trade...there will be losers
  • #6,956
  • Mar 11, 2009 8:43am Mar 11, 2009 8:43am
Quoting foredog
If you took the break of the low of the IB and had your stoploss just above the Ib then you did nothing wrong.

you did it right it's just this trade didn't work, thats why you have a stoploss and only risk 1 or 2% of your account on each trade...there will be losers

thanks fore... sir
Knock at the sky and feel the thunder
  • #6,957
  • Mar 11, 2009 9:39am Mar 11, 2009 9:39am
Quoting simply123
TO the thread's moderator or any person watching this thread for long

There are nearly 6900 posts in this thread and it would become very very time consuming to read each and every post from the start..Could anyone tell all the important posts in the thread so that it becomes a bit easier for newbies like me to follow

Simple
Post #1
TRO
  • #6,958
  • Mar 11, 2009 9:50am Mar 11, 2009 9:50am
@ Money4Nothing sir..

ha ha ha ha.. i had expected that from someone nice one...
Knock at the sky and feel the thunder
  • #6,959
  • Mar 11, 2009 9:53am Mar 11, 2009 9:53am
well just now a question popped up in my mind ... I m neither from Europe or US so am not very well versed with Day light savings etc ..

as peter said he used to consider 06:00 GMT or 01:00 EST as the open .. is there any change in EST during the day light saving sessions ???

kindly enlighten

Simple
Knock at the sky and feel the thunder
  • #6,960
  • Mar 11, 2009 9:54am Mar 11, 2009 9:54am
But it is true. Once you learn the setup, all that is left is for you to execute the DIBS trade. I post charts showing the setup and then the result. There is nothing else. The method needs no tweaks. It works fine AS IS.
TRO
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