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The DIBS Method... No Free Lunch continues

  • #7,621
  • Apr 15, 2009 9:33am Apr 15, 2009 9:33am
Hello everyone. I am new to this system, have just started observing it. I have the 1.1 version of the idicator, which I believe Lux created. It obviously has a few glitches. Can anyone direct me to an updated/recent version? I certainly appreciate it, and good trading to everyone.
  • #7,622
  • Apr 15, 2009 9:58am Apr 15, 2009 9:58am
Quoting TekBiz
Hello everyone. I am new to this system, have just started observing it. I have the 1.1 version of the idicator, which I believe Lux created. It obviously has a few glitches. Can anyone direct me to an updated/recent version? I certainly appreciate it, and good trading to everyone.
If you click on the little paperclip icon (top right of webpage) you can see and download ALL the files that have been added to this thread
  • #7,623
  • Apr 15, 2009 10:02am Apr 15, 2009 10:02am
Quoting ttradr
If you click on the little paperclip icon (top right of webpage) you can see and download ALL the files that have been added to this thread
Lol, obviously I am new to the forum too! Thank you my friend, you just taught me something very valuable.
  • #7,624
  • Apr 15, 2009 11:18am Apr 15, 2009 11:18am
I wanted to post one more trade I took because it shows how you can use the DIBS as a low risk entry along with another strategy.

This one goes against the wisdom of trading early in the day mentioned by PC, but what the hell, I think I have a reason...

Again this is a low risk entry because it has retraced back to a major resistance level.

Let me explain this setup:


The first chart is a D1 and although it is in an uptrend, it appears on a weekly chart to be beginning another swing down off the trendline that began as far back as July 2007. The last swing down was over 2000 pips.

I know this may be getting a little extreme looking at a weekly chart for this type trading, but every good trend starts somewhere, so you can always try to get in at the beginning -- especially with a system like DIBS to help.

That's one reason to be looking to go short on this one for the potential bigger win.

Another reason to go short here is that price has just retraced back up into the 99.50 area which is a daily and weekly s/r area and is a reasonable turning point.

Another, as if you needed one, price has retraced back to the 61.8 fib line from the 100.75 double top formed on Friday and Monday to today's low. (See the ellipse on the chart)

I'm looking for a test of todays low as a first target and if support is broken there, I will look at #2 and #3 support areas as possible targets simply because they are the next lower s/r areas on the daily or weekly charts.

And after all that planning I will most appear to be blowing hot air -- but at least I have a plan.

Have a profitable day...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dibs d1-1.gif Size: 47 KB
Click to Enlarge Name: dibs h1-a.gif Size: 55 KB
  • #7,625
  • Apr 15, 2009 12:41pm Apr 15, 2009 12:41pm
Anyone see USD/CAD getting back above 1.2080 today?
  • #7,626
  • Apr 15, 2009 12:44pm Apr 15, 2009 12:44pm
Quoting TekBiz
Hello everyone. I am new to this system, have just started observing it. I have the 1.1 version of the idicator, which I believe Lux created. It obviously has a few glitches. Can anyone direct me to an updated/recent version? I certainly appreciate it, and good trading to everyone.
And, I just wanted to say thank you Lux (if you are still around) for creating the indicator, and thanks to all of you folks that post information here to help others like myself. God bless you.
  • #7,627
  • Apr 15, 2009 5:20pm Apr 15, 2009 5:20pm
Could you please let me know the name and location of the indicator/risk reward-range in this chart o Could you please post a copy of it?
Thanks beforehand.


Quoting PistolDave
The trade I posted earlier has just hit the first target zone. I will trail the stop now behind the 20 sma on the H4 chart and see if it hits the second target or gets stopped out. Either way it worked out quite well. I wish they were all textbook trades like this.
  • #7,628
  • Apr 15, 2009 5:28pm Apr 15, 2009 5:28pm
And that is what trading is all about. Having a thought out logical plan and executing it. At the end of the day if it looses you move on to the next.

I like your thoughts. As mentioned I prefer the higher TFs. More pip risk but the info generated by patterns is more sound (not noise like smaller TF's).

I will be watching your posts. You give very good info, and great feedback.

Take care

Quoting PistolDave
I wanted to post one more trade I took because it shows how you can use the DIBS as a low risk entry along with another strategy.

This one goes against the wisdom of trading early in the day mentioned by PC, but what the hell, I think I have a reason...

Again this is a low risk entry because it has retraced back to a major resistance level.

Let me explain this setup:


The first chart is a D1 and although it is in an uptrend, it appears on a weekly chart to be beginning another swing down off the trendline that began as far back as July...
  • #7,629
  • Apr 15, 2009 5:36pm Apr 15, 2009 5:36pm
I will be Missing in Action for an unknown time from the trading arena. I had a terrible week (not trading) this week with nothing going right (except trading).

Lets just say the enemy of lawnmowing is bolts and other hidden stray metals. Not sure how but i manage to mow over a nice biggish bolt today which literally destroyed my reel and blade on my cylinder mower. The cost of fixing is quite big and I have taken the money from account to get it sorted. Im glad its cooling down now (middle of summer is peak period for lawns) so most lawns are dormant meaning i can get it fixed and then move on.

Trouble being not having money for the week (no lawns = no money) and having no money as we put most into our trip down south in 2 weeks.

I am glad that I have made money for the past month as it allowed me to not empty an account. I still have enough to trade but will be looking a little closer now lol.

Life always throws you a curve ball when you sitting on a fastball swinging for the fence. Result is it can make you look stupid (love baseball even as an aussie).

Journal will still be started next week promise.
  • #7,630
  • Apr 15, 2009 5:37pm Apr 15, 2009 5:37pm
Quoting Razor_trader
I will be Missing in Action for an unknown time from the trading arena. I had a terrible week (not trading) this week with nothing going right (except trading).

Lets just say the enemy of lawnmowing is bolts and other hidden stray metals. Not sure how but i manage to mow over a nice biggish bolt today which literally destroyed my reel and blade on my cylinder mower. The cost of fixing is quite big and I have taken the money from account to get it sorted. Im glad its cooling down now (middle of summer is peak period for lawns) so most lawns are...
This is why I want to trade full time and have the wife work full time.
  • #7,631
  • Apr 15, 2009 9:36pm Apr 15, 2009 9:36pm
Thank you Ragzor_trader, It is helpful.



Quoting Razor_trader
Depends on timeframe but usually if nothing happens in the next 2 candles it usually wont happen and if it does it doesnt always work out aswell. However there have been times on an hourly were there has been an IB and it has panned out nicely abit after.

I prefer the sooner, but i trade 4 hourly and daily aswell so there is no rush on my half.
  • #7,632
  • Apr 16, 2009 6:11am Apr 16, 2009 6:11am
It is a template or indicator? the information at the bottom of the chart, can you post it please?


Quoting PistolDave
This trade I entered yesterday is still open and moving in the right direction, but unfortunately I placed a second trade on that pair that was stopped out. That's OK, it's just part of it, and for some (lucky) reason price didn't knock out my first trade so that one is still alive.

Price made a strong break through support and closed lower on the hourly which is a good sign, and I hope the support turns into resistance and holds since there is nothing else major in the way down to the second target about 300 pips south.

I'll trail the stop...
  • #7,633
  • Apr 16, 2009 7:05am Apr 16, 2009 7:05am
Quoting Razor_trader
I will be Missing in Action for an unknown time from the trading arena. I had a terrible week (not trading) this week with nothing going right (except trading).

Lets just say the enemy of lawnmowing is bolts and other hidden stray metals. Not sure how but i manage to mow over a nice biggish bolt today which literally destroyed my reel and blade on my cylinder mower. The cost of fixing is quite big and I have taken the money from account to get it sorted. Im glad its cooling down now (middle of summer is peak period for lawns) so most lawns are...
When it rains it pours. Today I decided that as soon as possible, wifes vote no longer counts (dont tell her that) Ill be selling this blastered mowing round I do. My bill for the reel/cylinder mower is expensive and as such got around today with my crap rotary with dull blades only to have my edger shear a nut on the guard casing which resulted in a fracture to the casing which now needs replacing. SOMEONE SOMEWHERE really wants me out of the mowing business. Whether it is a devine sign that I should be doing something else, or a practical joke had by a higher order as they laugh at my toil and struggle.

So how was your day???
  • #7,634
  • Apr 16, 2009 8:00am Apr 16, 2009 8:00am
Quoting Razor_trader
When it rains it pours. Today I decided that as soon as possible, wifes vote no longer counts (dont tell her that) Ill be selling this blastered mowing round I do. My bill for the reel/cylinder mower is expensive and as such got around today with my crap rotary with dull blades only to have my edger shear a nut on the guard casing which resulted in a fracture to the casing which now needs replacing. SOMEONE SOMEWHERE really wants me out of the mowing business. Whether it is a devine sign that I should be doing something else, or a practical joke...
I'd hazard a guess we've all had days like that.

Probably, you've just had some bad luck and the Flying Spaghetti Monster or the local Mafia played no part.

  • #7,635
  • Apr 16, 2009 9:04am Apr 16, 2009 9:04am
you know this week i have tried to put on the Forex if I loose a trade just get over it and move on, but for some reason it is a material thing that is broken and I need it to move on. Forex rocks because whilst yes some trades may cost me as much as a new reel or blade or cover (or more) I can just plug in and move on.

This is my arguement at the moment and why I should sell up, stay at home with the kids and give trading a real chance. I dont want to get ahead of myself trying to put a pro trader spin on my situation and I dont want to overload my account with more than it needs but figure I put in a bit more money and the rest aside for things we need down the track. If things work out and I enjoy some success along the way then great Ill move from there and if it doesnt then heck looks like I better settle for grinding it out for the next however many years.

To me it is a rock solid case, to my missus she thinks it just me wanting to be lazy and sit on the computer all day. Women just dont understand (unless they are of the trading nature). Sometimes you gotta give things a real chance, who knows what the future holds but I always say 'better to have tried and failed than never tried at all'
  • #7,636
  • Apr 16, 2009 10:36am Apr 16, 2009 10:36am
Quoting Razor_trader
you know this week i have tried to put on the Forex if I loose a trade just get over it and move on, but for some reason it is a material thing that is broken and I need it to move on. Forex rocks because whilst yes some trades may cost me as much as a new reel or blade or cover (or more) I can just plug in and move on.

This is my arguement at the moment and why I should sell up, stay at home with the kids and give trading a real chance. I dont want to get ahead of myself trying to put a pro trader spin on my situation and I dont want to overload...
I hope you have been trading profitably for at least 6 months before trading forex full time ?
Anyway - good luck.
every Saint has a past. Every Sinner has a Future
  • #7,637
  • Apr 16, 2009 11:47am Apr 16, 2009 11:47am
Quoting turnip15
I hope you have been trading profitably for at least 6 months before trading forex full time ?
Anyway - good luck.
Im not looking to prove anything to anyone and whilst my results for the past 2 months have been great it is only due to my discipline that I have adhered to in that time.

I have self belief that this is something that can be achieved. I am not looking to make money overnight or this year, if it happens it happens. I will simply be looking to take something small and build upon it. I am fair from arrogant and ego has no place in the markets or in my system. If it did I would take every dollar and invest it. If I do get the opportunity I will take it with both hands and win or fail I will no doubt learn something about myself.

Is there an underlying reason and drive/motivating factor for my desire to be successful? Of course. Is it just money. Far far far from it.

Looking at the life my old man has had, working from the age of 12 to support his family, never having a chance to finish school. He works/ed 15 -16 hour days for a crappy pay packet in meaningless jobs and had very little quality time with his family. If at the end of the day, I get to spend more time with my kids, whilst making something on the side then my friend I dont need all the gold bars to fill a vault.

I dont need millions, they would be nice but I dont need them. I would be happy to build an account to a point were I could happily withdraw enough to pay my bills and put some food on the table on a regular basis.

Life is to be enjoyed. Money comes and goes but time is forever lost in memory. To be able to play with my kids, watch them grow and make a little on the side is quite simply all I need.
  • #7,638
  • Apr 16, 2009 12:23pm Apr 16, 2009 12:23pm
Quoting Razor_trader
you know this week i have tried to put on the Forex if I loose a trade just get over it and move on, but for some reason it is a material thing that is broken and I need it to move on. Forex rocks because whilst yes some trades may cost me as much as a new reel or blade or cover (or more) I can just plug in and move on.

This is my arguement at the moment and why I should sell up, stay at home with the kids and give trading a real chance. I dont want to get ahead of myself trying to put a pro trader spin on my situation and I dont want to overload...
can't help but agree with the person who said 'hope you trade profitably for 6 months before quitting the day job'.

Making a full time living from forex would be exceptionally difficult. These markets are so full of random noise, plus having to overcome the spread means 95% of people fail.

Lots of people on these forums claim they are making $$$ on a regular basis, unfortunately (and the odds on winning back this up) most of these claims are either fantasy or irrational exuberence after a winning trade.

The founder of a major forex brokerage recently let slip that less than 5% of his account holders were still 'up' after a year of trading. These are terrible odds.
  • #7,639
  • Apr 16, 2009 1:27pm Apr 16, 2009 1:27pm
[quote=Razor_trader;2673962]Im not looking to prove anything to anyone and whilst my results for the past 2 months have been great it is only due to my discipline that I have adhered to in that time.


I think you would be fine as you understand Forex is not a quick rich scheme but slow rich .....

Perseverance and learning from mistakes matters.


Good luck....
  • #7,640
  • Apr 16, 2009 2:19pm Apr 16, 2009 2:19pm
hi guys, i have a couple of questions:

1)which pairs do you trade most on this method and which pair has given you the largest profits?

2) also although i've made some good pips the past couple of days, there is still something that is bothering me. that is when the inside bar is very very close to the open price, so it could break either way. do you take it both ways? I know peter crown advices to watch both high and lows when this is the case but so far every trade i've taken both ways when it's so close to the opening price has turned into a loser. while every other inside bar trade i've taken has been a winner.

3) At what time do you stop trading. If i do the eur/usd it starts to heat up right around 10 eastern time. but as far as i know peter advices to stop trading at 11 am.

thanks and good pips to all!
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