The DIBS Method... No Free Lunch continues

Well I really hope and according to the daily candle it will be on the upside. I will be ever so pleased if it does. At the moment it is just outside the channel, im up 120 pips and my SMA has locked in 60 of them. It really needs to break as the channel is running out of room for my SMA.

Still not much else out there so it could be a no trader, just let this one run its course

The pound/US is the only executable IB so far today. I have looked at the major TF's of 1, 4 hr and daily and nothing. If you were long on the pound with the IB your up a couple of pips

nice break above channel top now... needs to push through res @358 to have a chance.

hi guys.... i guess u are making money big time...Dont just break the backbone of the forex market : )


me too took two trades on the USDJPY... both longs one at .45 and second at .55.. locked in 40 pips

IS GBP USD preparing for a sell trigger ???

Well spotted. I got in on USD/JPY, too. I got out early, as there was a lot of resistance and I got distracted with another strategy. I was learning more about resistance only last night here on FF. It should be worth other Forex newcomers' time, to brush up on this subject of support & resistance and Fibonacci levels. It may help filter out bad DIBS setups.

I just need to absorb the new info and make it part of my knowledgebase before I can get back to trading DIBS more confidently. Right now, it's a major distraction as the chart below will show!





...

yea got u taking the pip.. even i was looking at the same at a 15 M TF... on the same TF there is a trendline ..breakdown point as of now is around .35 - .30 ...SL .70..will keep a watch ..may not trade it

I see the setup, but I'm staying out, as there is a lot of recent support around the .4280 level. My interpretation is that price may bounce off this level and take out SL. Having said that, I have only just been reading about S & R more indepth, so take that with a pinch of salt.

what abt GBP USD ... .4290-filter .. wus that be a sell trigger ???


PS :- guys wante an opinion from u ... normally EST = gmt - 5 ... but during these day light saving time.. i take EST = gmt -4... is that correct ??

GBP USD..another IB... let see where it breaks

If you're not in the UK/Ireland region, you don't need to change your timing. It just means the London session starts an hour earlier. GMT is constant. We are currently on GMT+1 because of daylight savings. If you're outside this region, it shouldn't effect you. If you normally start DIBS at 6am GMT, then that will stay the same, to catch the end of the Asian session.

Please correct me if I'm wrong.

me from India


GBP USD at 1.43.1..IB low is at .4294..so trigger would be .4289..SL .4335..huge SL ...isn't it .

this could turn out to be another IB

Hey,

Just wondering if going long off of this G/U IB is a possibility as well....

haha I actually ended up taking the advice to go short at .89 and when it was up 12 pips i closed the trade, still to new at DIBS to know what to expect. Can't complain though, i liked the selling pressure there when it broke the previous IB it spiked down 10 pips really quick.

Sainz4Pips,
advice of whom? whomever he/she is, it would best for you to trade base on your OWN analysis so u would know WHY u entered a trade, What price to enter & exit, & WHY u will exit.

& Good IBs break usually much more than 12pips, u will get to see&trade them soon..

Daily candle is up. You should be looking for reasons to buy the GBP/USD. Im am glad you took your 12 pips.

Going long on the last IB might be tough. It is a fairly large risk candle in terms of pips, and there is resistance around 4360. If we break this we will head further north.

lol hit it to the pip... and that doesn't happen every day!

i'm out catch everyone tomorrow

Absolutly. If you take trades based solely on the advice of someone whom may have no idea what there talking about (in my last post I said we are looking north so not too sure why there are some looking south, the daily open candle is bullish) you will wind up looking to blame them if the trade fails.

The rules of DIBS are clearly outlined in the opening post. My suggestion is you read it, along with the posts that follow and the info from Peter Crowe. It may just save your account

Nice call, I still have breathing space for the retrace if that is all it is, otherwise ill be out for just under 100 pips.

Wont be bad 330 yesterday 100 today pretty darn good week so far

Hi All,

I've been reading a fair bit about the DIBS system including all Peter Crown's posts (and what a guy for sharing such knowledge - if you still peruse these threads, thank you so much). It does fill me with some confidence that seasoned posters on here regard his posts as some of the most valuable they've seen on here.

I'd make the following comments on this thread: People on the most part don't seem able to read. It seems to be littered with "improvements" and "variations" on the system which by the sounds of on the whole to be very simple - almost as if you are tempting to confuse the likes of novice traders such as myself! The only things that Peter alludes to in terms of making the trade a more or less favourable one is that if the daily trend is also aligned with the weekly (and better still) monthly trend then it is more likely to have 'legs' (his post of Apr 24, 2008 1:26pm). If people are looking for support and resistance levels and drawing multiple horizontal lines on the chart, what does that tell you? If you are trading a breakout method such as this, not taking a trade 'because it is close to or trading off an S/R' is counterintuitive, surely? If the development of an IB is likely to lead to a conclusive breakout, as Peter states, why would taking S/R levels be relevant creteria to decide whether to take the trade?

I can see the potential 'infuriations' in the system though (if one struggles to deal with the emotional pain of losses). Today's my first day of trading it live (using spread bet, I don't have the funds to start buying lots through a DA broker) I took the USD-JPY (the top of the IB candle equal to the HB candle) buy at just after 1100GMT and the EUR/CHF sell after 1200GMT. Annoyingly, the first trade just resisted the "Free Ride" half-sell, and then closed out for a 22-pip stop-loss at just before 1500GMT before shooting up 100 pips to where it is now. I guess that is something to get used to. The other (sell) trade is at free-ride but has moved against me from its lowest point and I'm applying Bemac's 20% trailing stop rule (in conjuction with an MA based stop for medium-term holds) so it will currently knock me out for a 12 pip profit. But who knows, this one might run for hundreds of pips. I guess we'll see...

The first trade had a mainly sideways weekly and monthly movement, whereas the second has a strong upward monthly and weak downward weekly trend. At this stage this doesn't tell me much so I'll apply the 20% trailing stop or MA rule; perhaps I'll take profits quickly and ignore the stop rules if the longer-term trends are against the position.

Apologies if I sound like I'm coming out with both barrels blazing in my first post, this is an amazing site and a very valuable thread, but I can see where Peter got frustrated with being asked the same thing repeatedly but those who seek no-loss trading.

Cheers
SlideDog