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  • #7,101
  • Mar 19, 2009 3:51pm Mar 19, 2009 3:51pm
It's amazing how something so simple is so difficult for so many.

Thanks again for sharing, Peter.


http://i43.tinypic.com/312e6wl.gif
TRO
  • #7,102
  • Edited 5:04pm Mar 19, 2009 4:54pm | Edited 5:04pm
Great to hear from you again Peter and thanks for that very interesting and reassuring post.

I must also say that I'm extremely grateful and very much appreciate your contributions. I feel very fortunate to have come across this information so early in my Forex 'journey'.

I've been trying out the DIBS strategy for a couple of weeks, and am finally getting the hang of it, I think. My biggest problem has been getting out of trades that don't seem to be working out or taking profit too early, and not allowing trades to run longer, thereby not taking advantage of the most important aspect of DIBS. I've pulled out of a few trades early, only to later watch price do a 'runner'.

It's difficult for a beginner, I guess, to watch profitable trades reverse and get stopped out, but I've seen the power of letting them 'run' sometimes, so I need to improve my judgement when it comes to getting out of trades that seem to be going against me.

Thank you again, and I hope you'll continue to post here from time to time.

  • #7,103
  • Mar 19, 2009 5:15pm Mar 19, 2009 5:15pm
Quoting takingthepip
Great to hear from you again Peter and thanks for that very interesting and reassuring post.

I must also say that I'm extremely grateful and very much appreciate your contributions. I feel very fortunate to have come across this information so early in my Forex 'journey'.

I've been trying out the DIBS strategy for a couple of weeks, and am finally getting the hang of it, I think. My biggest problem has been getting out of trades that don't seem to be working out or taking profit too early, and not allowing trades to run longer, thereby not taking...
Hey takenthepip, i hear you on the struggle to let the trade run,but when you think about even this trade that peter has pointed out to us, even if you where risking 0.5% of your equity in the trade, to date at the highest point your equity has increased a massive 26% on 1 trade!!! 26%.
this should be all the motivation needed to let the trade unfold and go where it wants to.
cheers
Geoff
  • #7,104
  • Mar 19, 2009 5:47pm Mar 19, 2009 5:47pm
Simple. Profitable. What else is there?

http://i41.tinypic.com/311rta9.gif
TRO
  • #7,105
  • Mar 19, 2009 6:29pm Mar 19, 2009 6:29pm
Quoting geoffrod
Hey takenthepip, i hear you on the struggle to let the trade run,but when you think about even this trade that peter has pointed out to us, even if you where risking 0.5% of your equity in the trade, to date at the highest point your equity has increased a massive 26% on 1 trade!!! 26%.
this should be all the motivation needed to let the trade unfold and go where it wants to.
cheers
Geoff
Geoff, thanks for your encouragement. I look forward to letting more trades run next week. He who dares wins. (Still 'demo' trading, I must add).

  • #7,106
  • Mar 19, 2009 6:55pm Mar 19, 2009 6:55pm
Quoting takingthepip
Geoff, thanks for your encouragement. I look forward to letting more trades run next week. He who dares wins. (Still 'demo' trading, I must add).

no problem at all pal, i am by no means an expert in this.
i just see this as a simple setup and not withstanding the visual indication you get from looking at a trade that runs, the information that peter has offered previously and now this new information, as well as hints from people like TRT about the risk to reward ratio being a key to this simple systems success, i just cant walk away from it, when it all boils down to it, if the majority of my dibs trades can have half the position taken off at 1:1 then the trade is free, and sooner or later i will be in a trade that runs and runs and runs.
cheers
Geoff
  • #7,107
  • Mar 19, 2009 7:12pm Mar 19, 2009 7:12pm


Thankyou Peter Crowns:


Highest regards


Dale
  • #7,108
  • Mar 19, 2009 7:24pm Mar 19, 2009 7:24pm
Quoting Dale


Thankyou Peter Crowns:


Highest regards


Dale
Thank you Peter, it is a pleasure to see you return and give some insight. I read your post and even went to have a look at TheRealThing's posts also. Did some homework on some of the items you have wrote. I was most impressed by the infinite yield/utility theory and for me I am much more in tune with holding positions, provided you get them, for longer. It makes more sense to me.

You have been inspirational and whilst I havent held a winner yet, seeing the results of the last couple of days easily proves that persistancy and dedication with a strategy that for some is too simple, pays big dividends.

Congratulations to those still in the market, unfortunatly I had to sleep when the action happened and was working whilst it continued. Oh well more ops on the horizon that is for sure.

Once again PC thanks for dropping by

Cheers
  • #7,109
  • Mar 19, 2009 8:41pm Mar 19, 2009 8:41pm
Thanks a lot for teaching and guiding all of us Peter its quite generous of you.

I would be very grateful if you could answer just one question I have. I'm not asking for a solution to the question but just an answer please.

My question is do you take every DIBS trade in your recommended time period (9 hours you said)? Or do you further filter them out?

Many of us here are confused because you said you you have a way of knowing which ones have higher chances of success than others. Some of us here interpret that to mean your filter is only to take all the DIBS trade in the required direction for 9 hours starting from 0500GMT.

Others think you further filter these trades out by some method and only take a select few.

Owing to this misinterpretation by us lots of ppl are trying to find filters like pivots, averages among other things to further filter their trades while others are not.

Could you please just clarify this one point.

Thanks again
  • #7,110
  • Mar 19, 2009 9:09pm Mar 19, 2009 9:09pm
Quoting fugly
Thanks a lot for teaching and guiding all of us Peter its quite generous of you.

I would be very grateful if you could answer just one question I have. I'm not asking for a solution to the question but just an answer please.

My question is do you take every DIBS trade in your recommended time period (9 hours you said)? Or do you further filter them out?

Many of us here are confused because you said you you have a way of knowing which ones have higher chances of success than others. Some of us here interpret that to mean your filter is only...
Hey fugly, love the name!!!!
i think this question has been asked numerous times before, and i wouldn't be certain that peter will answer, although i hope he does, but my understanding is that peter takes the dibs trades when they occur in the first 6 to 9 hours of his day regardless, the only stipulation is if the close of the inside bar is up on the open of the day (up day) he looks to go long on the breakout of the inside bar and not short at all, and visversa. It may be that peter, thru experience, anticipates which inside bars will have a better probability of running than others, and that may be due to the day being an up in an up week in an up month ???? maybe??? might be worth while adding this criteria to your trade recording process, then over time it may give you a clearer picture.
If you start filtering out trades you will miss maybe the best, and to me it is surely curve fitting.
just my 2 cents
cheers
geoff
  • #7,111
  • Mar 19, 2009 9:25pm Mar 19, 2009 9:25pm
Quoting takingthepip
Geoff, thanks for your encouragement. I look forward to letting more trades run next week. He who dares wins. (Still 'demo' trading, I must add).
And going by that last sentiment, I suggest you switch to live trading asap. Understand the need to have the confidence in the skills that you have and I was the same. Trading 'pretend' money and making 'pretend' profits which although is kind of satisfying, it isn't really.

So, be daring and start winning matey!

Cheers.
  • #7,112
  • Mar 19, 2009 9:34pm Mar 19, 2009 9:34pm
Quoting Mr Benn
And going by that last sentiment, I suggest you switch to live trading asap. Understand the need to have the confidence in the skills that you have and I was the same. Trading 'pretend' money and making 'pretend' profits which although is kind of satisfying, it isn't really.

So, be daring and start winning matey!

Cheers.
absolutely agree, just control your risk, and be comfortable with it.
CHEERS
geoff
  • #7,113
  • Mar 19, 2009 9:37pm Mar 19, 2009 9:37pm
Quoting geoffrod
...It may be that peter, thru experience, anticipates which inside bars will have a better probability of running than others...
Yes it is a cool name

I think what is being asked cannot be answered in a neat little package.

I agree with what you have said above, experience is the answer.

As I have said before, IMO screen time is the key to unlocking this jewel.
  • #7,114
  • Mar 19, 2009 9:52pm Mar 19, 2009 9:52pm
Quoting NuckingFuts
Yes it is a cool name

I think what is being asked cannot be answered in a neat little package.

I agree with what you have said above, experience is the answer.

As I have said before, IMO screen time is the key to unlocking this jewel.
I crack up everytime i see your name NuckingFuts, see i did just then lol
cheers
geoff
  • #7,115
  • Edited 10:02pm Mar 19, 2009 9:58pm | Edited 10:02pm
Fugly,

Taking every DIBS trade wouldnt give you an edge. Taking a DIBS trade already gives you a higher statistic probability but if you look at Peter's post, with his years of experience, and the edge that he got ( which wasn't free), is used to confirm the DIBs trade. Now you and I don't have that luxury of that particular edge, but you and I obviously both know that it doesn't really make sense to take every single DIBS trade.
So some areas you can look into is fib retracement and price action near S/R level. Ill give you an example, a trade I took some time ago, price, on the 15 min chart had 3 bars that reacted strongly to a 50% fib, which happened to be a few pips above the R1. Then on the hourly, and inside bar formed, still respecting the fib an R1. Just to give you a picture, price had run up and retraced down to 50%fib level. Now if the IB was a long IB, I probably wouldn't have taken the long as there was another resistance not too far up, but since the IB was smaller, about 15-20 pips, and the lower end protected by 50 percent fib held up by multiple touches and R1, I decided to go long on the break of IB with a stop of 25 pips, right below the R1. And the next level of resistance on the top side was I think maybe 70-80 pips away so some free room there. And it did work out, but in the instance that it didn't and I was stopped out, I would be looking to reverse position as it would have been a strong move down breaking that resistance point.
So Fugly, hope you can kind of see what kind of selection you may look for in applying dibs. Alot of times dibs may go your way and you didn't take the trade and you may kick yourself, but I think you have to take those trades that gives you the least amount of risk and the ability to reverse position if stopped out. Not every dibs trade offers you the good s/r levels to work with so you should look for that. And as you get better at implementing the S/r and price action you can add in additional tools for overall direction to help you determine which side the trade may run the longest. And eventually you wil get an edge too that works for you. I don't use the Dibs exclusively myself either, but I keep an eye for it and if I have a confluence of situations working for the trade, I'll take the trade.

Ron
  • #7,116
  • Mar 19, 2009 10:02pm Mar 19, 2009 10:02pm
Quoting geoffrod
Hey fugly, love the name!!!!
thanks

Quote
i think this question has been asked numerous times before,

it sure has but it hasn't been answered by PC hence the confusion

Quote
and i wouldn't be certain that peter will answer, although i hope he does,

I hope so too Geoff

Quote
but my understanding is that peter takes the dibs trades when they occur in the first 6 to 9 hours of his day regardless,

appreciate your view on this but unfortunately lots of ppl have different understandings that why I asked the originator[/quote]

Quote
the only stipulation is if the close of the inside bar is up on the open of the day (up day) he looks to go long on the breakout of the inside bar and not short at all, and visversa.

yep I read that part by Peter no confusion there its very clear

Quote
It may be that peter, thru experience, anticipates which inside bars will have a better probability of running than others, and that may be due to the day being an up in an up week in an up month ???? maybe???

most folks here have the maybe, 'maybe' thats what the confusion is about. I too know its maybe but I was hoping for an answer from Peter, thats why I asked. I had asked Jaroo (I think - thanks for everything Jaroo ) and he wasn't sure either and suggested why not ask Peter.[/quote]

Quote
might be worth while adding this criteria to your trade recording process, then over time it may give you a clearer picture.

thats a great suggestion Geoff, I shall surely look into it thanks


Quote
If you start filtering out trades you will miss maybe the best, and to me it is surely curve fitting.

True but I also know ppl who lost money taking every trade in the 9 hour period


Quote
just my 2 cents
cheers
geoff

Definitely more than 2 cents, I greatly appreciate the reply but lets hope Peter replies and then there wont be a 'maybe' about it anymore
  • #7,117
  • Mar 19, 2009 10:18pm Mar 19, 2009 10:18pm
Quoting fugly
thanks



it sure has but it hasn't been answered by PC hence the confusion



I hope so too Geoff



appreciate your view on this but unfortunately lots of ppl have different understandings that why I asked the originator


yep I read that part by Peter no confusion there its very clear



most folks here have the maybe, 'maybe' thats what the confusion is about. I too know its maybe but I was hoping for an answer from Peter, thats why I asked. I had asked Jaroo (I think - thanks for everything Jaroo ) and he wasn't sure either and suggested why not ask Peter.[/quote]



thats a great suggestion Geoff, I shall surely look into it thanks




True but I also know ppl who lost money taking every trade in the 9 hour period




Definitely more than 2 cents, I greatly appreciate the reply but lets hope Peter replies and then there wont be a 'maybe' about it anymore [/quote]


we can but hope fugly, but it might be one of those things he isn't giving up easily, so therefore it's up to you if you want to know for sure to go and find out if it makes a difference, I think the hint is to get us started on the path of looking and finding out for ourselves, it will mean so much more to us as individuals if we put in the effort and do our due dilegents. it certainly wont be something we will dissguard easily if we go to great effort to confirm.
cheers
Geoff
  • #7,118
  • Mar 19, 2009 10:23pm Mar 19, 2009 10:23pm
Quoting geoffrod
I crack up everytime i see your name NuckingFuts, see i did just then lol
cheers
geoff


If you knew me in person, I think you'd agree
  • #7,119
  • Mar 19, 2009 10:44pm Mar 19, 2009 10:44pm
Quoting megamo
Fugly,

Taking every DIBS trade wouldnt give you an edge....
appreciate your reply Ron thats what I love about ff ppl are always helping each other

My basic question is when PC says I have a way of knowing which BIBS trade is more likely to be successful does he mean

1)Simply By virtue of taking all the DIBS trades in the time period and accordance with the rules I mentioned, as in this is the way I know which DIBS trades are more likely to succeed.

or

2)In addition to this (within these trades) I have a further method/filter of knowing which DIBS will succeed and will take only those trades.


If at all the answer is number 2

-I do realize its something he has developed
-I do realize its taken years of hard work
-I do realize its taken lot of experience
-I do realize he does not want to share it
-I do realize it would be unreasonable for me to even ask what it is

BUT

-you must realize I do not want to know what it is if it exists.


I only want to know whether the answer to my question is point number 1 or point number 2. Thats all. Jyst a simple typing of numeral number "1" or numeral number "2" is all I humbly ask.

Now you say

"Taking every DIBS trade wouldnt give you an edge."

whereas Geoff says

"If you start filtering out trades you will miss maybe the best, and to me it is surely curve"

Do you now see why I asked this question?
Its just not you two its a lot of other folks in here, almost all of us.

I'm simply interested in Peter's answer not the solution should the answer be point number 2. I realize if the answer is number 2 we must work hard to get that solution earn it from the sweat of our brow but once again this is not what I want to know. Please understand

Let me reiterate its very kind of you to put forth your view.

thanks
  • #7,120
  • Mar 19, 2009 11:29pm Mar 19, 2009 11:29pm
cheers fugly,
i understand and see your point.
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