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The DIBS Method... No Free Lunch continues

  • #7,861
  • May 15, 2009 6:24am May 15, 2009 6:24am
Quoting daveadamsbds
Just discovered this thread and the more I think about DIBS the more sophisticated I realise it is.
Two questions if anyone would be good enough to help.
First
Is the IB considered defunct if it doesn't work first time ie if a trade is triggered then price goes against you and...
I'm uk as well dave,

if ibs are broken in the "wrong" direction they are indeed defunct! and no you would not trade any subsequent break of a defunct bar.

regards
  • #7,862
  • May 15, 2009 6:30am May 15, 2009 6:30am
Quoting daveadamsbds
Oops, just realised you live in OZ.
Cheers
LOL I understand we are a rare breed who spend more time drinking and carrying on then working.
  • #7,863
  • May 15, 2009 6:32am May 15, 2009 6:32am
Quoting icarusfx
I'm uk as well dave,

if ibs are broken in the "wrong" direction they are indeed defunct! and no you would not trade any subsequent break of a defunct bar.

regards
Right on. We are looking for the breakout, and if the breakout is in the oppo direction then the IB is void. It will happen as has happened to me a few times in the past weeks. Its best that way, whilst you miss that opportunity you may find that the ones that dont follow your general rules will fizzle out at around 1:1 before coming back.

Take care
  • #7,864
  • May 15, 2009 6:50am May 15, 2009 6:50am
Quoting Razor_trader
LOL I understand we are a rare breed who spend more time drinking and carrying on then working.
I worked over your side of the world in sydney.... and i have very fond memories of walking home with a case of tooheys or crownies (oh i used to love crownies) on my shoulder b4 an evening bbq in the park!

why am i living in the uk again?

taxi!
  • #7,865
  • May 15, 2009 11:25am May 15, 2009 11:25am
time for bed. ava good weekend all
  • #7,866
  • May 15, 2009 2:51pm May 15, 2009 2:51pm
Quoting Razor_trader
First off FANTASTIC RESULTS SO FAR .

Second I am starting to come around to looking also at a few other setups, not because I want to overtrade, but because I am starting to recognise some IBs as being a waste of time while others are really good setups. The other PA bar that I am looking at, and will eventually trade with the same confines, ie 1/1 Free rides and runs, is Pin Bars. Why? Quite simply because they can be the 1st bar of a new wave, especially off support/Resistance areas.

[b]If the biggest thing I have learnt from...
Than you got it!!

I was used to trade DIBS much more than nowadays... still do it, but have to wake up at 3:00am to get the London Opening.... sometimes I'm too tired for it... but As many others that were more present here at the beginning (Jim, NowAndLater, Trumpcard, Ozzie, MPP....).. I guess one of the greatest insight here is the FREE RIDE.... Got some DIBS, lately, but my main approach is different, and now I'm using the FREE RIDE on almost every trade.... cut the losses, let profits run... We got some great discussions here about it before...

I'm glad you guys are doing fine with this great strategy!!

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #7,867
  • May 15, 2009 2:53pm May 15, 2009 2:53pm
Quoting icarusfx
I'm uk as well dave,

if ibs are broken in the "wrong" direction they are indeed defunct! and no you would not trade any subsequent break of a defunct bar.

regards
Just loved the "defunct IB" concept...

Cheers!
Many share my views with me. But I don't share them with them...
  • #7,868
  • Edited 3:12am May 16, 2009 2:28am | Edited 3:12am
Quoting tigertrader
Hi folks,

anyone know where I can find an indicator for inside bars like the image below? Thanks.
OK so I am talking to myself again. Thanks guys! Never mind, I got tired of waiting so I coded my own - actually patched it from existing code.
Attached Image (click to enlarge)
Click to Enlarge Name: IB Indicator.GIF Size: 32 KB
Never argue with a fool....
  • #7,869
  • May 16, 2009 5:06am May 16, 2009 5:06am
Tiger
I think that was a tro donation indicator, I dont have it.
your indicator looks good


Quoting tigertrader
OK so I am talking to myself again. Thanks guys! Never mind, I got tired of waiting so I coded my own - actually patched it from existing code.
  • #7,870
  • May 17, 2009 8:09pm May 17, 2009 8:09pm
Quoting tigertrader
OK so I am talking to myself again. Thanks guys! Never mind, I got tired of waiting so I coded my own - actually patched it from existing code.
Not sure why you were expecting a reply for anyone, it has been stated time and time again that this method doesnt use indicators (apart from the profit EMA) and that it is a human element thread (ie EAs or other automated programs) just are not used. Sorry
  • #7,871
  • May 17, 2009 8:10pm May 17, 2009 8:10pm
GGGOOOOOOOOODDDDD morning Dibbers. Hope you all had a good weekend. I am refreshed and looking for IBs. Bring em on
  • #7,872
  • Edited 10:50pm May 17, 2009 9:58pm | Edited 10:50pm
Quoting Razor_trader
Not sure why you were expecting a reply for anyone, it has been stated time and time again that this method doesnt use indicators (apart from the profit EMA) and that it is a human element thread (ie EAs or other automated programs) just are not used. Sorry
Good Morning Razor!

Which EMA levels do you use to trail DIBS?
Do not follow my trades. Trade what you see on your own charts.
  • #7,873
  • May 18, 2009 12:03am May 18, 2009 12:03am
Morning Dibbers

This will be my first week trying out this method (using very small stakes).

I see an IB on G/U - possible long trade- waiting waiting
  • #7,874
  • May 18, 2009 2:02am May 18, 2009 2:02am
Quoting igmak
Good Morning Razor!

Which EMA levels do you use to trail DIBS?
I use either the a 20 ema or just price candles. Sometime i will use neither and just try to let a trade run for a long as possible.

The problem with the EMA is it can catch up during consolidation and take you out before a run may start.

The problem with PA candles is that sometimes you get a wrong signal and miss more profit

The problem with doing nothing is that sometimes a big move backwards that the above 2 would have told you to exit on knocks you out for nothing.

Ultimatly I will make decisions based on how I feel about a trade, the one thing I dont do once I reach a 1:1 spot is allow a freetrade to cost me. If I make 20 pips from a 100 pip move, thats just bad luck. If I take 20 pips only to see a 200+ pip move thats when I shoot myself in the foot. But thats trading and you can only do what you can do.

Take Care
  • #7,875
  • May 18, 2009 2:13am May 18, 2009 2:13am
The above post. It will always change your Take Profit level in regards to your account size and your living means.

For a small account, letting go of small profit to take a chance on higher profit is part of the game of getting your account to a happy, livable size. Once you are at that level, where 50 to 100 pips may be what you earnt in day, or 2 days or a week, is a point where you may lock in that security.

Everyones financial goals and future forex dreams are different. Mine is to first make enough money to take a large, if not all, chunk out of my mortgage. From there on if I can make $500 Australian a week then thats great. I mentioned a little while ago, Im not in this to make my dreams unrealistic, ill leave that to the people who want to donate to my account. I live a simple life and to have more time with my kids would be fantastic. Do I want to make a million, sure if it comes, and if it does ill make more. Am I going to peg my hopes and dreams on it, No way.

Greed can be a killer in this game. Once you reach a level of comfort, and you make what you want in 1 good trade a week, then there is no harm in locking in that LIFESTYLE mark and allowing the rest to run to give your account that buffer. Too many people chase goals that are bigger than they are.

Heres a small tip (and im not there yet but understand this). If you can grow your account to lifestyle stage then my friends you have done the hardest part, and in the process you will have, I hope, trading the same boring and monotonous way that will give you a great chance in the future. Once we are at that stage the sky can be the limits, if you want them to. It is far to early for me to say, but I am optimistic that I can get there.

Razor
  • #7,876
  • May 18, 2009 5:02am May 18, 2009 5:02am
Quoting Razor_trader
The above post. It will always change your Take Profit level in regards to your account size and your living means.

For a small account, letting go of small profit to take a chance on higher profit is part of the game of getting your account to a happy, livable size. Once you are at that level, where 50 to 100 pips may be what you earnt in day, or 2 days or a week, is a point where you may lock in that security.

Everyones financial goals and future forex dreams are different. Mine is to first make enough money to take a large, if not all, chunk...
Hear hear. Nice to hear someone else who isn't dreaming of megabucks but just a living.

Learnt a valuable lesson this weekend that I hadn't got from demo trading. Had an IB at 3pm on friday which I took. I was only risking 2% but then realised I was at a risk of slippage which led me to a having a mighty stressed weekend until sunday evening. As it happened, it's just gone free trade but stress of that wasn't worth it!

I've added another rule (or 'guideline', rather): My setup risk has to be no bigger than two squares of an MT4 chart when zoomed at one below maximum. This equates to the about 5% of the overall range for the last 115 bars - about a month at 4h TF, about 6 months at Daily TF. This way, I can expect to see the stop out or free trade sooner, which is better for the soul I find. Of course, If I see reasons to take it, I'll take it with lower risk, perhaps sell half sooner and accept I might have lost profit.
  • #7,877
  • May 18, 2009 5:12am May 18, 2009 5:12am
Quoting SlideDog
Hear hear. Nice to hear someone else who isn't dreaming of megabucks but just a living.

Learnt a valuable lesson this weekend that I hadn't got from demo trading. Had an IB at 3pm on friday which I took. I was only risking 2% but then realised I was at a risk of slippage which led me to a having a mighty stressed weekend until sunday evening. As it happened, it's just gone free trade but stress of that wasn't worth it!

I've added another rule (or 'guideline', rather): My setup risk has to be no bigger than two squares of an MT4 chart when zoomed...

Thats why im usually drinking at london open on friday, i usually dont trade for that reason. That way the only slippage I need to worry about is when Ive had too many and slip over lmao.

Good to see you had a stress weekend, mine was very very relaxing lol

razor
  • #7,878
  • May 19, 2009 1:05am May 19, 2009 1:05am
Quoting Razor_trader
Not sure why you were expecting a reply for anyone, it has been stated time and time again that this method doesnt use indicators (apart from the profit EMA) and that it is a human element thread (ie EAs or other automated programs) just are not used. Sorry




Well, Razor, common courtesy also seems not to be very much in use here either! Sorry that I was wrong to expect a reply!? What an arrogant attitude you have!

And you are wrong when you say that indicators are not used for DIBS trading. Probably just speaking for yourself. I hope you don't just blindly jump into every inside bar trade that crops up during the session? I have been trading DIBS very successfully for about a year now and use indicators to filter my entries. That has increased my success rate considerably. A casual click on the paper clip at the top will show you I am not alone. There are over 4 pages of indicators posted by fellow traders. Some of those contributions come from yours truly. Perhaps I should delete them? What have you contributed?

I have studied Peter Crowns posts religiously over the past year and nowhere does he say not to use indicators, so I am not sure who decided to get all high and mighty and preach that they should NOT be used with this method. It is purely an opinion of yours and maybe a few others. DIBS is discretionary and you can use whatever methods or indicators you want to filter your trades. Period!

And just to be factual what I was looking for is not really an "indicator" in the pure sense of the word. A casual glance at the graphic I posted makes that abundantly clear. It merely shows which currencies have developed inside bars on the various time frames so you can monitor them more easily. Personally I find that extremely useful. Obviously you don't.

Perhaps I have broken my golden rule?
Never argue with a fool....
  • #7,879
  • May 19, 2009 1:32am May 19, 2009 1:32am
Quoting tigertrader
[font=Arial][size=2]



Well, Razor, common courtesy also seems not to be very much in use here either! Sorry that I was wrong to expect a reply!? What an arrogant attitude you have!

[size=2][font=Arial]And you are wrong when you say that indicators are not used for DIBS trading. Probably just speaking for yourself. I hope you don't just blindly jump into every inside bar trade that crops up during the session? I have been trading DIBS very successfully...
Mate my apologies if my post came across as arrogant. It was not intended

Take care

Razor


  • #7,880
  • May 19, 2009 2:00am May 19, 2009 2:00am
morning everyone. A nice addition to thursday's setup on the EURGBP this morning.
Attached Image
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