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The DIBS Method... No Free Lunch continues

  • #7,441
  • Apr 2, 2009 3:51am Apr 2, 2009 3:51am
Quoting SlideDog
...would you advocate a slightly wider SL earlier in the session or when the IB is very close to/straddling the opening price, particularly with a short candle such as this one?...
It was too soon for me to have any hard and fast rules about this, but I may need to 'evolve' my thinking for this situation.

EUR/GBP had an IB this morning, 8 pips on my system and straddling the open. I caught the short, but pulled the trigger manually when I saw the price action.

It may be a good idea to add a 'buffer' zone either side of these small IBs of, say, 4 or 5 pips to allow for small movements either way that could easily stop me out. Also, when IBs are this small, it's not possible for me to setup buy/sell stops. "Price is too close to market".
  • #7,442
  • Apr 2, 2009 3:58am Apr 2, 2009 3:58am
Quoting takingthepip
It was too soon for me to have any hard and fast rules about this, but I may need to 'evolve' my thinking for this situation.

EUR/GBP had an IB this morning, 8 pips on my system and straddling the open. I caught the short, but pulled the trigger manually when I saw the price action.

It may be a good idea to add a 'buffer' zone either side of these small IBs of, say, 4 or 5 pips to allow for small movements either way that could easily stop me out. Also, when IBs are this small, it's not possible for me to setup buy/sell stops. "Price is too...
I agree - it makes sense. Also I note Peter Crowns avoids wide spreads for similar reasons, thus sticking to the majors.
Gone to a better place
  • #7,443
  • Apr 2, 2009 4:07am Apr 2, 2009 4:07am
With regard to this trade (and EUR CHF for that matter) I don't see an inside bar at or after 6am GMT?

EUR GBP didn't show any significant move between 00:00 and 06:00?

This is more of a break out trade than a DIBS trade?
Gone to a better place
  • #7,444
  • Apr 2, 2009 4:22am Apr 2, 2009 4:22am
Quoting smikester
With regard to this trade (and EUR CHF for that matter) I don't see an inside bar at or after 6am GMT?

EUR GBP didn't show any significant move between 00:00 and 06:00?

This is more of a break out trade than a DIBS trade?
The 6am bar is an IB - just... 14-pip range (including spread). So currently running at 5:1. nice
  • #7,445
  • Apr 2, 2009 4:50am Apr 2, 2009 4:50am
any of you guys taken this eur/usd.Im in and taken 1/2 off at 13304,heres hoping
  • #7,446
  • Apr 2, 2009 4:58am Apr 2, 2009 4:58am
Quoting smikester
With regard to this trade (and EUR CHF for that matter) I don't see an inside bar at or after 6am GMT?

EUR GBP didn't show any significant move between 00:00 and 06:00?

This is more of a break out trade than a DIBS trade?
I understand the IB is the 5AM GMT bar on EUR/GBP, (6AM UK/Ireland time with Daylight Savings now in effect). On my system it's 8 pips. I recall PC saying that he would trade the opening bar, the 6AM GMT bar, if the preceding was an IB.

So I was ready for a breakout and kept an eye on it.

I didn't place a tight buy or sell stop for this. Not possible without widening the stoploss/trigger. I saw the strong move down, breaking through 1HR and 4HR trendlines which were just below the IB anyway, and that, coupled with the IB, made the decision for me.

I had a similar trade yesterday that worked out well too. The combination of IB and Demark indicators, (trendlines), has proved worthwhile today and yesterday. These are the only lines I have on my charts. I occasionally will put up a Fib retracement pattern and horizontal S&R, though I'm not very experienced with those last 2 just yet.
  • #7,447
  • Apr 2, 2009 5:01am Apr 2, 2009 5:01am
In UK we are currently operating on BST - British Summer Time. This is 1 hour ahead of GMT - Greenwich Mean Time. The clocks went forward last weekend. So as I write this the time is 10:55 or 9:55 GMT. So, I hope I'm right here otherwise I am trading this strategy all wrong??
Gone to a better place
  • #7,448
  • Apr 2, 2009 5:08am Apr 2, 2009 5:08am
Thanks for the explanation and it looks like turning into a good trade. Envious really but that can't be helped. I took the AUD USD and although faltering now it took off well.
Gone to a better place
  • #7,449
  • Apr 2, 2009 5:10am Apr 2, 2009 5:10am
ITS LOOKING GOOD,another free trade off and running
  • #7,450
  • Apr 2, 2009 5:17am Apr 2, 2009 5:17am
ive been trading this system for nearly two weeks and so far am up over 300 pips live trading, and I only popped on the forumn just to see what was about. Clearly this works with good MM etc
  • #7,451
  • Apr 2, 2009 5:22am Apr 2, 2009 5:22am
wow, more action in my favour
  • #7,452
  • Apr 2, 2009 5:27am Apr 2, 2009 5:27am
Quoting julian
ive been trading this system for nearly two weeks and so far am up over 300 pips live trading, and I only popped on the forumn just to see what was about. Clearly this works with good MM etc
Congratulations, now you just have to stick with through the lull periods. I had mine last week and this week ive made 500 pips and currently 150 pips in profit on the EUR/USD from yesterday. Im going to let this trade run its course. I may have caught the bottom of this swing so Im gonna let this one ride out till i want to exit.

Like I said 500 pips this week so im not complaining by any measure. If this runs back to 50 or up to 500 it doesnt matter, im going to trial keeping my emotions at bay. BTW if this does keep running then my account has grown by 22% already since starting so this could add more fuel to the fire.

Take care
  • #7,453
  • Edited 5:37am Apr 2, 2009 5:32am | Edited 5:37am
I've been looking the USD/CHF IB but can't make much sense of recent PA. It looks to be in a channel, so a bit choppy. And there is strong resistance just above the IB from 4HR and Daily trendlines.

Also on the daily chart, looks like a correction from an uptrend reversal. A Fib overlay shows resistance at 38.2%. A long could easily retrace and stop me out.

(Update: Price has broken below the IB currently, thankfully. I didn't fancy being long on that one.)
  • #7,454
  • Apr 2, 2009 5:55am Apr 2, 2009 5:55am
takingthepip, arent you changing the rules off what this method is about,i thought it was very basic,so why re-invent the wheel. Ive got lots of experience in many methods but decided to follow this one as is written,two weeks up 300 pips.
  • #7,455
  • Apr 2, 2009 6:01am Apr 2, 2009 6:01am
Quoting smikester
Thanks for the explanation and it looks like turning into a good trade. Envious really but that can't be helped. I took the AUD USD and although faltering now it took off well.
Looks good. Well done. I don't trade that pair, so don't know the bigger picture, technically.
  • #7,456
  • Apr 2, 2009 6:07am Apr 2, 2009 6:07am
Quoting julian
any of you guys taken this eur/usd.Im in and taken 1/2 off at 13304,heres hoping
That's a good catch Julian. I didn't see an IB for that pair this morning on my setup, though.
  • #7,457
  • Apr 2, 2009 6:30am Apr 2, 2009 6:30am
Greetings:

Im wondering why only Inside Bars are traded for this system
What about Outside Bars Pin Bars Double Top Bars or other Price Action Bars Can they be incorporated into this system
This question was inspired by a PDF about Price Action Setups at a James16 thread

Thank you
  • #7,458
  • Apr 2, 2009 6:34am Apr 2, 2009 6:34am
All 3 GBP trades currently reversing, so have closed the lot for a 493 pip gain.

I want to get my 3 month old demo account back to 5,000, from 3,200.

Today's trading will help. When I started demo trading Forex just after Xmas, I didn't have a clue. Before I came across any kind of strategy, I just played around.

Not realizing I was trading standard lots, where each pip was worth 10 dollars, accounted for a 750 dollar loss one day as this is the default when using MT4 I believe?

Inexperience accounts for the remaining losses.

When I'm better off, balance wise, I'll let similar positions like today 'ride' for maximum yield.

I seem to be improving. I've gone from losing to breaking even.

Next step......consistent profit.

DIBS is helping.

...
  • #7,459
  • Apr 2, 2009 6:34am Apr 2, 2009 6:34am
http://www.forexfactory.com/showthread.php?t=30810
  • #7,460
  • Apr 2, 2009 6:35am Apr 2, 2009 6:35am
Quoting anskaven
Greetings:

Im wondering why only Inside Bars are traded for this system
What about Outside Bars Pin Bars Double Top Bars or other Price Action Bars Can they be incorporated into this system
This question was inspired by a PDF about Price Action Setups at a James16 thread

Thank you
Quite simple really. The thread is called DIBS which stands for Daily "inside bars". If we were looking at all the candle formations that appeared in front of us it would be the Daily Random Bars. Sorry to sound harsh but clearly you havent read to much of the thread.
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