The DIBS Method... No Free Lunch continues

another question that needs answering please. My esignal data will start at 10 pm sunday night,if I set the charts for a 6am to 6am gmt bar this will mean i will have two shorter time bars,one for friday and one for sunday,do these count as proper bars,thanks

sunday bars are not counted as per the my information... but let the seniors answer

hi Concept :-

" Also, for some silly reason I am having a hard time figuring out what 6:00GMT is... I am in the MST Time zone. So when would market open be my time?"

try goolgling GMT desktop clock...u wil find ur answer there

also try greenwichtime.com

Thanks simply does that mean i will have a bar from friday 600am gmt to monday 6am gmt thanks

what matters only is the 6 gmt open price and the bars after that .... any data provider in anytime zone would have a hourly timeframe in the software...please fine tune it in such a way that u are able to make out an 6gmt open


for friends who are still having a difficulty in understanding the 6 GMT thing... please do open a demo account with IBFX ... and keep ur live accounr as well as the IBFX software open ..hope that solves

Concept,
This website will show you current gmt time or the current time in any major world city. I hope this helps.
timeanddate.com/worldclock/
Take care,
Dave

I am so used to figuring out times in PST/MST/CST that this GMT is really starting to irritate me.

Like I know that if it is 10:00 PST its 11:00 MST and 1:00 CST

Now PC said that 0:00CST is 6:00 GMT, Is that correct? Because if it is... that means that it would be 10:00 PST for me.

Its just rather... stupid how to figure this out.

Dan....thanks very much for the more detailed explanation; definitely something to study!

No. You are waiting for the completed 0600GMT bar to close. Based on the finish of this bar, whether it is green or red (bullish, bearish) is your bias for the day. You are then looking for IB for the next 9-12 hours as these are the busier periods.

If you take entries based on early candles (asian, australia) there is not the same volume as the london and New york and there a chances that your orders may not work aswell as when there is volume driving the markets.

Hope this clarifies

I simply set my laptop clock to GMT so that I whenever Im on it it gives me the london time. I dont need to know what time it is here, if i do I look at my watch but because your trading from a PC or laptop it is easier to have that time set so that when the clock hit 600am in the morning on your laptop/PC you know that london is open. You can then look at your watch to work out what time it is in your area.

Much less confusion that way and then if you ever travel from 1 side of the country to another, nothing changes because your system is always the same, just the time you need to be prepared to trade will change.

Hope this helps

and another area where you will frequently visit that can give you GMT aswell. Didnt even think of this one nice job.

SO long as you have something to show you what time it is in london currently, then nothing else matters because regardless of where you are in the world, so long as you are carring something that can give you the time in london you will never miss an open.

For example it is now 0241 in london whilst here is perth 0941. I dont care to know the time in perth for trading reason, the only thing that matters is london open, so once 0600 appear on my laptop it is go time.

It depend on how you take profit. Some are using a particular indicator that when price comes back to they take profit, others may have a set price in mind.

The key is to trade your system, find out what works best for you and trade it ALWAYS.

For example trader A might aim for a 20 SMA. S/HE only exits if it gets touch. Trader B might have set limit markers along the way. Trader C might be ultra aggresive and have 1 set limit that they exit at.

The goal is to find something that YOU feel comfortable. It doesnt matter what trader A B or C does, if you dont feel comfortable with it, you wont do it. Successful traders have set parameters in place and they trade to these everytime, regardless of what happens.

If you are asking the question above, only to work out and justify whether you think this system is worth the time I would say to you that you are not ready to trade it. Not meaning to soung harsh but that is the reality of questions such as the one above.

People come in search of what every trader is doing and how they are performing before trialling something themselves. If everyone was to answer the same and say they are averaging 30 pips a week, are you going to trade this system. Probably not because you see other threads where guys are talking 200+ pips DAILY (which is hard to believe) but that is where people get sucked in.

I average 27.9 pips a week at the moment, however I have a trade that is currently 297 pips in profit which will raise this if it continues. Im happy with this number, but would you be. IF you are serious about trialling a method, and I mean serious, not a fly by ask some questions, get 1 word answers, trial half heartedly, take 3 losses and then decide its not worth it, THEN do the following.

WRITE DOWN YOUR PLAN: What you need to enter, your LIMITS (everyones limits are different because emotions play there role) that YOU FEEL COMFORTABLE WITH, and your monthly expectation of yourself. WHAT WOULD YOU BE HAPPY WITH.

BACK TEST THE SYSTEM: Back test it for as long as you need to. Use your limits to work out when you would exit and WRITE IT ALL DONE. Be honest aswell. Dont just skim over the surface and say "yeah i would have entered here, and I would have taken profit before the market wipsawed me and my 100 pips that i should/could have taken has turned into 0. Nothing beats being truely honest with yourself because at the end of the day it is your capital that you are taking into bat with you against the most notoriuous pitcher in the league.

FORWARD TEST THE SYSTEM: Open a small live account, Micro if you have to with what YOU CAN AFFORD TO RISK. This capital should be enough for you place trades and battle your emotional self (trust me you will with a small amount). Why not a demo? Because 99.9% of people dont care about a demo account. If you loose it what do you do, you ring up and reload it. You can take risks outside of what you would normally do with YOUR OWN MONEY. By trading with a small amount, you will hopefully experience some of the pain attributed with drawdown and loosing. BUT STICK IN THERE, no systems avoids this, NONE.

Once you have forward tested enough and are comfortable, 100% with what you are doing. You are able to place trades emotionlessly and execute your system exactly as you have specified in YOUR PLAN, then only you can decide whether you are ready to risk more.

LAST BUT NOT LEAST A JOURNAL: repeat I WILL KEEP A JOURNAL OF ALL MY TRADES. This will help you to keep you honest with yourself and to give you a hard record of your trades. I keep my trades in a book, some may use a spreadsheet or even record them live through a video stream. However you do it, please do it. It will make a difference.

I am far from a professional trader, however I have had to learn from my mistakes. I have taken 3 years before settling down and doing what I was told I should do when I first started. I have read many many threads, books and watch plenty of videos on this subject.

I have traded DIBS for a small time now, however I have traded it to a set of rules implemented by myself. I have taken bits of information from different sources to make my plan comfortable for me to trade and it has helped.

Last week was a bad week up till friday. I had a total of 6 trades (not include my EUR from the previous week which is still running) and of those 6 I had 4 losses for pips, 2 for free trades. The old me would have changed systems twice by now, but I have learnt, that there is gold at the end of the rainbow, if you are prepared to travel.

I hope you take this in the way it was meant. I still work for a living but my visualised goal is to trade full time. I have every confidence that I will get there. Im not planning to be a millionaire next year. Im 27 so if I make a million before im 40 that would be great, I can retire 25 years ahead of the average worker. Life is not a race and neither is trading.

Take care friend, and I hope to see you stick around for a long time to come

Razor many thanks for your comments, hope this week is good for you

Wise words Razor

Anyone else take USD/CHF long? Looking good for an upside breakout, and it's trending up anyway.

It is a great start to your trading week when you can finally have the discipline to allow the system to work for itself. The eur trade that I have been so patient with has almost gained 400 pips with this move and with my SMA trailing nicely I am locked in with at least 280 of those pips. It really shows that even with a bad week, if you shows some patience it can really pay off nicely in the end.

good luck to you all this week.

This is where you need to trade at your own discretion. I say this because for the major pairs, the london open candle was against the flow. Take the swissy and the euro. Both have changed direction since the last big moves a few weeks back and have broken support zones however there open candles, bearish for the swissy and bullish for the eur are against the trend.

This could mean that we are still carring some momemtum down from asian and when london and new york kick of things may rewind, or it could be that the market will continue.

DIBS method states that we trade in the direction of the daily trend, however it is up to you as a trader to make judgement on this.

All in all if you took the direction of the open candle worst case scenario is that you are waiting to see if the markets do swing around as you are not ina trade yet. This is part of what I was talking about when I was saying trade what you see and what you feel comfortable with.

great stuff thanks!

It is reaching some support from the last up trend. this could be one of the last support barriers to keep this pair up. After there we only have the horizontal supports. The open candle is bullish so this could mean that with a pin bar close we may get some bull action. Time will tell

morning all, well seems like i missed a big day on friday!

nice trading razor.... always a warm fuzzy feeling to see + several hundred pips on a trade!