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  • #7,381
  • Mar 31, 2009 11:05am Mar 31, 2009 11:05am
time for bed all,

Ill catch you all tomorrow for the open of a new day.

May the pips be with you
  • #7,382
  • Mar 31, 2009 11:12am Mar 31, 2009 11:12am
Quoting SlideDog
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...
I only use a 25 SMA for profit taking. I adjust my SL as it moves up/down and take whatever is given. I dont like to use S/R as areas to take profit because this is a breakout strat. If you get stopped you get stopped, move on to the next trade.

I am glad to see another face aboard this train. Im sure you will enjoy the simplicity of trading from this day forth.

Take care friend
  • #7,383
  • Mar 31, 2009 11:49am Mar 31, 2009 11:49am
Don't usually trade gbpjpy, but this was an exception.

Yellow line is open/close, blue lines are entries.

Blue lines are kind of hard to see. Sorry
Attached Image (click to enlarge)
Click to Enlarge Name: Dibbs 2.JPG Size: 175 KB
  • #7,384
  • Mar 31, 2009 12:27pm Mar 31, 2009 12:27pm
Quoting fxmike101
Don't usually trade gbpjpy, but this was an exception.

Yellow line is open/close, blue lines are entries.

Blue lines are kind of hard to see. Sorry
Hi FXMike. I see it's your first post. Welcome.

Nice catch. Very nice.

Interesting, because on my platform, the swing low was well below the 6AM GMT open, so the first IB at the bottom of the chart, just after price reverses, would have been a short entry signal for me. The risk was 62 pips for me and I didn't take it. Just as well!

You went long on that first IB, and your open time is not 6AM GMT. I was wondering: what are you basing your opening time on?

  • #7,385
  • Mar 31, 2009 12:32pm Mar 31, 2009 12:32pm
I was actually short into that low and I reversed based into major support area. With the inside bar going into london, it seemed pretty low risk
  • #7,386
  • Mar 31, 2009 12:59pm Mar 31, 2009 12:59pm
Quoting fxmike101
I was actually short into that low and I reversed based into major support area. With the inside bar going into london, it seemed pretty low risk
Having looked further into this (and I suppose contradicting my earlier post - sorry) there is a very useful post from johnedoe regarding use of SMA indicators to filter less likely trades (or rather, to advise on likely price action and momentum).

http://www.forexfactory.com/showthre...=56907&page=37

so in that case, with a breakout that isn't following the 24 or 10 SMA trends, I'd maybe consider holding off that trade, and would have taken the trade on the upside breakout of the next IB (as it happens it is consecutive IBs in this case). You would have definitely have made the free trade although calling the exit would have been tough.

I realise I'm only curve-fitting here though - to look at only one example is mighty foolish I know...
  • #7,387
  • Mar 31, 2009 1:06pm Mar 31, 2009 1:06pm
SETUP...

http://i44.tinypic.com/15nww1s.gif
TRO
  • #7,388
  • Mar 31, 2009 1:19pm Mar 31, 2009 1:19pm
anyone else taken this gbp/usa
  • #7,389
  • Edited 1:39pm Mar 31, 2009 1:32pm | Edited 1:39pm
Quoting SlideDog
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...etc.
SlideDog. Just read your post.

I refer you to a snippet of one of Peter Crown's posts:

"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."

This paragraph has stuck in my craw for the last few weeks, and I know others are curious about what this means too.

I've been trading DIBS AS IS, so to speak, for about 3 weeks now and have come away profitable, but could have done much better, because I missed a couple of good trades in that time due to snoozing around the 11am mark. Had I got in on those, I would be nicely in profit. (I am trading it the full 8-9 hours a day, Monday to Thursday).

As far as I'm aware, this 'edge' Peter mentioned has not been revealed. If it has, I would be grateful if someone could share more on that. (Yes, I have read Peter's posts numerous times, believe me.)

It may be that the path of least resistance is the better probability breakout given a choice.

Yesterday, first thing, there were multiple IBs and I had very little knowledge of support and resistance, only reading up on it last night. If I had, I may have been able to decide which of those IBs were the more probable, maybe not.

Only testing over time will tell.

Support and resistance is something that I thought might be worth at least trying with DIBS, for those who are 'getting frustrated'. It seems to be an important concept to trading in general, that's why I mentioned that newcomers to Forex should be better off with a knowledge of it whether they apply it to DIBS or not. I know I am much better off today, than yesterday, with a better understanding of it.

I tried applying S&R today to my DIBS trading. It's too soon to conclude anything about the value of applying S&R to DIBS. There were few setups today. I pulled out of one trade as it was stalling for hours around resistance, and it did in fact, do quite well in the end, so S&R did not work on that occasion. But it wasn't a proper breakout, more of a trend continuation, so just pot luck it seems. On the other hand, I stayed out of USD/JPY as I saw a potential bounce back from support that may have stopped me out, and it turns out, that I would have been stopped out on that one due to price bouncing off that exact area.

I do agree that there is enough info in Peter's posts to make this profitable. But as I mentioned, his '2 to 5 times' edge is bugging me and I think others are curious to know what it might be also.

It may be at the very least, as I mentioned, a useful way to decide which IBs to choose when there are multiple setups.

  • #7,390
  • Mar 31, 2009 1:50pm Mar 31, 2009 1:50pm
Quoting SlideDog
Having looked further into this (and I suppose contradicting my earlier post - sorry) there is a very useful post from johnedoe regarding use of SMA indicators to filter less likely trades (or rather, to advise on likely price action and momentum).

http://www.forexfactory.com/showthre...=56907&page=37

so in that case, with a breakout that isn't following the 24 or 10 SMA trends, I'd maybe consider holding off that trade, and would have taken the trade on the upside breakout of the next IB (as it happens it is consecutive IBs...


I haven't read through all of this thread. I am not familiar with who has posted what. Many years of Experience led to me taking this trade and the IB was a great tool for getting me into the trade and adding to it. Thats all.
  • #7,391
  • Mar 31, 2009 4:47pm Mar 31, 2009 4:47pm
Quoting takingthepip
SlideDog. Just read your post.

As far as I'm aware, this 'edge' Peter mentioned has not been revealed. If it has, I would be grateful if someone could share more on that. (Yes, I have read Peter's posts numerous times, believe me.)


He will not tell you and the reason being is that the edge is different for everyone. The EDGE is basically what you see, what you learn and what you implement as a trader to give yourself the best chances for success in your career.

Peter through years of trading will see the charts differently. He will see formations appear without having to drawn lines here and there, he will see candles form in ways that have been 2-5 times better entries over the year.

How many of you read a thread that unlocks something in your brain. What happens. You have an AH HA moment in with it seems that something that was there infront of your, forever has now become apparent.

Whilst reading the book Trading in the Zone (a must read) it basically gave me a number of AH HA moments that change my perspective.

The world gives us billions of signals everyday but in order for our brain to cope it filters 99% of this stuff out. AH HAs are when our brain allows that information through and we see things different

Hope this helps
  • #7,392
  • Mar 31, 2009 7:19pm Mar 31, 2009 7:19pm
GBP trade stopped out 1.4310 for 125 pips
  • #7,393
  • Mar 31, 2009 7:24pm Mar 31, 2009 7:24pm
Well this is the first time in 2 weeks I have got no trades in play

Looks like it is time to bait up and go fishing
  • #7,394
  • Mar 31, 2009 8:37pm Mar 31, 2009 8:37pm
Trading DIBS "AS IS" works. Once you start filtering, you will miss the big ones. Knowing when to ride vs. taking profit, maybe be what Peter Crown is alluding to with the "all breakouts are not the same". I don't know, I just trade.
TRO
  • #7,395
  • Mar 31, 2009 11:52pm Mar 31, 2009 11:52pm
Quoting Money4Nothing
Trading DIBS "AS IS" works. Once you start filtering, you will miss the big ones. Knowing when to ride vs. taking profit, maybe be what Peter Crown is alluding to with the "all breakouts are not the same". I don't know, I just trade.
And it could'nt be said better in my opinion
  • #7,396
  • Apr 1, 2009 1:50am Apr 1, 2009 1:50am
Quoting takingthepip
"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."

This paragraph has stuck in my craw for the last few weeks, and I know others are curious about what this means too.

Common sense.

An IB of 20 pips in a downward trend will, if it breaks lower, more likely go to at least BE and potentially retrn far more than an IB of 75 pips in a ranging market.

If the market is showing no clear trend then are the chances only 50/50 at best that the market will breakout of that channel?
  • #7,397
  • Apr 1, 2009 2:56am Apr 1, 2009 2:56am
Did anyone take USD-CAD after the 5am IB this morning? I didn't (was asleep) but as it broke downward directly off the opening, I think I would have taken it but have run a tighter profit take on it - as the 10SMA and 24SMA are both trending upwards, it's virtually unchanged on the monthly but highly up on the week.

That said, it broke to Free Trade quickly, and is currently sat well below. What do I know?
  • #7,398
  • Apr 1, 2009 3:27am Apr 1, 2009 3:27am
Quoting foredog
Common sense.

An IB of 20 pips in a downward trend will, if it breaks lower, more likely go to at least BE and potentially retrn far more than an IB of 75 pips in a ranging market.

If the market is showing no clear trend then are the chances only 50/50 at best that the market will breakout of that channel?
Perhaps you've hit the nail on the head. Could it be that IB candles with long wicks and tails and a small body (particularly if over 50 pips overall range) are the 'bad' IBs, but the lowest range candles, particularly if wicks/tails are not much longer than the body, are the best IBs? Even more so if with trend?
  • #7,399
  • Apr 1, 2009 3:45am Apr 1, 2009 3:45am
Anyone else catch the EUR/GBP?

I got in short as soon as price went below the IB, but got stopped out and was reluctant to go in again. The IB was below the open, but the top of it was touching the open line I had drawn, so a move up or down could have been taken, Strong resistance seemed to favour the short.

Then when price made the strong move down, and broke the 1HR and 4HR trendlines, I got in again.

Currently on free ride. Price has just broken through the Daily.

...
Attached Image
  • #7,400
  • Apr 1, 2009 3:58am Apr 1, 2009 3:58am
IB currently on the USD/CHF. I'll be taking a long entry if the opportunity arises.
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