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The DIBS Method... No Free Lunch continues

  • #7,041
  • Mar 17, 2009 8:22am Mar 17, 2009 8:22am
Hi Guys,
I would just like to check.

If there are multiple signals that come out around the same time,

which charts would you trade?

I use this method for the 4 majors
EURUSD
GBPUSD
USDJPY
USDCHF

I know that Peter ever said that he will trade the one that is down the most for the day. Is that how you guys trade?

However, I see 1 potential problem.

Everyday there is an avg range for each currency.

If a chart has fallen far enough that it is close to its daily range of even exceeds its daily range, don't you think its potential is very limited to go in at that time?

Hope someone can shed some light on this issue

Thank you
  • #7,042
  • Mar 17, 2009 8:24am Mar 17, 2009 8:24am
Hi,

I have traded this system for some time, and the overall results have mostly been good. I prefer trading manually, so I that I can keep track of movements and TP-levels, but sometimes I just don't have the time. I have tried the EA provided in this thread, but it doesn't perform as good as expected. Was there ever any progress or further development of the EA?

Regards

Archie
  • #7,043
  • Mar 17, 2009 8:31am Mar 17, 2009 8:31am
Quoting tradertt
Hi Guys,
I would just like to check.
.....

If a chart has fallen far enough that it is close to its daily range of even exceeds its daily range, don't you think its potential is very limited to go in at that time?
It's a low probability setup, for sure... DIBS that run faster are taken early at London session, according to Peter Crowns...

Personally I don't take IBs breakouts after a huge move or when we are reaching the daily range.... Forex is a probability game....

By the way, NowAndLater has some great stuff posted about the ADR as a filter for DIBS trades....

Hope that helped..

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #7,044
  • Mar 17, 2009 9:07am Mar 17, 2009 9:07am
hi ht the good filter is the higher tf 4hr support or resistance & ppz point
and just use the 1hr higher price and the lower price you can using the line the line act as like the tunnel now you can see clearly of the price movement
see the eu chart that i post yesterday......

and follow the peter rule to take the trade good luck

cheer
my30marahaba



Quoting HouseTrader
It's a low probability setup, for sure... DIBS that run faster are taken early at London session, according to Peter Crowns...

Personally I don't take IBs breakouts after a huge move or when we are reaching the daily range.... Forex is a probability game....

By the way, NowAndLater has some great stuff posted about the ADR as a filter for DIBS trades....

Hope that helped..

Cheers!

HT
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu.gif Size: 23 KB
Click to Enlarge Name: eu4hr.gif Size: 21 KB
Click to Enlarge Name: eudibs234567.gif Size: 22 KB
  • #7,045
  • Mar 17, 2009 9:08am Mar 17, 2009 9:08am
Quoting fxnoob08
for those on the east coast.. what pair do you find most profitable to trade and at what time do you get started? also any of you thinking about moving to london? it'd be so nice to wake up just as the market is getting started, not the other way around
im going to bump this for anyone that missed it
  • #7,046
  • Mar 17, 2009 9:58am Mar 17, 2009 9:58am
Quoting my30marahaba
hi ht the good filter is the higher tf 4hr support or resistance & ppz point
and just use the 1hr higher price and the lower price you can using the line the line act as like the tunnel now you can see clearly of the price movement
see the eu chart that i post yesterday......

and follow the peter rule to take the trade good luck

cheer
my30marahaba
Personally I tend to use higher TFs to draw my S/R levels..... weekly, to be precise, as we are discussing on Clockwork's thread (Silent Service).... I really don't take 4H S/R too seriously, but it's a nice TF to watch some PA... an 1H is a nice TF to pick a good DIBS entry point...

Good trading...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #7,047
  • Mar 17, 2009 10:23am Mar 17, 2009 10:23am
I have used the open of 6 GMT and so far I have traded 9 bars. Is there anyone trading all day or more bars than 9? How is success rate?
  • #7,048
  • Mar 17, 2009 10:46am Mar 17, 2009 10:46am
The IB signal is Harami candle pattern, it happen at when markets or Buyer and Seller temporary stop their fighting for various reason (news, hope, fear, take profit, stoploss...). We will not try to find out the reason, thing we do here is to see if buyer are willing to buy more or seller is willing to sell more. So the break out of this candle pattern will give you answer.
Open a demo account, stay tune to catch any IB signal you got...you will find some thing interesting, you will see finally after a break, markets will chose its direction to go higher or lower. Where you enter, how you enter and what will you do if market go against you? you will find the best answer when you try this method, taste it, feeling it...Use your Demo!
Keep your chart as most simple as it can... as now aday you can easily to find a Auto software tell you where, when, how..to enter the market... The writer should use this kind of soft to make 1millions each week instead of selling it to you for few thousand. And the IB - Harami pattern is most simple one i see, try it
  • #7,049
  • Mar 17, 2009 10:14pm Mar 17, 2009 10:14pm
Quote
-Bemac-

Your suggestion very smart.

I will keep an eye out for a new thread. I may be able to post from time to time.

This was a challenging week, but overall fairly profitable.

What I like is the fact I get fewer trades when the market is messy like this week.

Trend days are pretty obvious.

-PeterCrowns-

This was in Peter words.

I would just like to check. Did anyone get it when he said "Trend days are pretty obvious"

Cause when it is a range bound day, it tends to have many more Inside bars from my knowledge (Or it could be a misperception)

What do you guys think?
  • #7,050
  • Mar 17, 2009 10:22pm Mar 17, 2009 10:22pm
for how succesful this system is purported to be i dont see alot of activity on this thread makes me lose hope. is anyone actually making consistent profits using this system?
  • #7,051
  • Mar 17, 2009 10:39pm Mar 17, 2009 10:39pm
Quoting fxnoob08
for how succesful this system is purported to be i dont see alot of activity on this thread makes me lose hope. is anyone actually making consistent profits using this system?
This method is a gold mine. Perhaps it's a bit too KISS for most people.

Not much else to be said really, all the info you need is in post #1 and screen time takes care of the rest.
  • #7,052
  • Mar 17, 2009 10:41pm Mar 17, 2009 10:41pm
Quoting NuckingFuts
This method is a gold mine. Perhaps it's a bit too KISS for most people.

Not much else to be said really, all the info you need is in post #1 and screen time takes care of the rest.
the simpler the better is my motto. so thats not a problem for me. i just find the lack of feedback disheartening.
  • #7,053
  • Mar 17, 2009 10:46pm Mar 17, 2009 10:46pm
Why are you concerned with what others are doing? Do you need external confirmation? Your trading, your method, that should be your concern. I trade my method, my money and do care what others have to say. I'm the one trading my account, not them.
TRO
  • #7,054
  • Mar 17, 2009 10:59pm Mar 17, 2009 10:59pm
Quoting Toddfx
Why are you concerned with what others are doing? Do you need external confirmation? Your trading, your method, that should be your concern. I trade my method, my money and do care what others have to say. I'm the one trading my account, not them.
if we didn't need to be concerned with what others are doing, then whats the purpose of this forum, and sharing ideas, successes, and failures?
  • #7,055
  • Mar 17, 2009 11:31pm Mar 17, 2009 11:31pm
Quote
And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills.

Also on this, does anyone have any clue on what he meant?
  • #7,056
  • Mar 17, 2009 11:34pm Mar 17, 2009 11:34pm
Quoting tradertt
Also on this, does anyone have any clue on what he meant?
I'm guessing it's something that only plenty of screen time can teach you.
  • #7,057
  • Mar 18, 2009 1:40am Mar 18, 2009 1:40am
Quoting fxnoob08
if we didn't need to be concerned with what others are doing, then whats the purpose of this forum, and sharing ideas, successes, and failures?
It seems to me that in the context of the original post about the lack of posting in this thread, Todd's inquiry was spot on, mate. I post my charts showing setups and results. Some people like them, others don't. I am just showing how I do it. Some may learn from it, others may not. I don't fret over what someone, who I don't even know and will probably never meet, has to say about what I do or how I do it. It's not because I am rude, it's because what others think (about me) is really none of my business.

http://i39.tinypic.com/2eeaey0.gif
TRO
  • #7,058
  • Edited 2:39am Mar 18, 2009 2:24am | Edited 2:39am
Got stopped out on the USD/CHF short, then took the long. Got stopped out on that also. Then had a look at the 4 hour chart, which should have made me think twice about taking it on in the first place. It's a bit of a mess!
Attached Image
  • #7,059
  • Mar 18, 2009 2:52am Mar 18, 2009 2:52am
Today I got stopped out of two trades on the USDCHF. Currently I'm long on the USDJPY. Hope that works out fine.

I'm using 6 GMT as my open, and I wonder if I can use the 6 GMT bar as an IB? Then I'm using the 5 GMT bar as the outer bar, that couldn't be correct, right? The first outer bar would be the 6 GMT one, or am I wrong?

I only trade according to the first post.

Archie
  • #7,060
  • Mar 18, 2009 2:53am Mar 18, 2009 2:53am
Quoting takingthepip
Got stopped out on the USD/CHF short, then took the long. Got stopped out on that also. Then had a look at the 4 hour chart, which should have made me think twice about taking it on in the first place. It's a bit of a mess!

hi takingthepip,

here the entry point of usdchf see 4hr chart and dibs 1hr chart.

cheer
Attached Image(s) (click to enlarge)
Click to Enlarge Name: usdchf 4hr.gif Size: 29 KB
Click to Enlarge Name: usdchf 1hr.gif Size: 25 KB
Click to Enlarge Name: usdchf 50 move down see dibs mtd.gif Size: 23 KB
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