The DIBS Method... No Free Lunch continues | Page 396 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The DIBS Method - No Free Lunch Returns 13 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

Peter Crown's DIBS method revisited 14 replies

DIBS Method EA 11 replies

Problem using Dibs EA 4 replies

Attachments: The DIBS Method... No Free Lunch continues
Exit Attachments

The DIBS Method... No Free Lunch continues

  • #7,901
  • May 20, 2009 9:02am May 20, 2009 9:02am
hello all.... well that gbp/usd would be looking real good about now if i were still in it! ah well not to worry :o)

also missed a great set up on usd/cad (short) ib set up against previous low so a break of the low would also break res.... (was out the office) but it broke and is now +70 odd pips or would be + 3% the way i trade.

tomorrows another day

just pointing out the above as a good trade example

regards
  • #7,902
  • May 20, 2009 9:06am May 20, 2009 9:06am
What sparked that move. Oil invents are out for another 30mins and the FOMC meeting is quite aways away.
  • #7,903
  • May 20, 2009 9:48am May 20, 2009 9:48am
Quoting Razor_trader
What sparked that move. Oil invents are out for another 30mins and the FOMC meeting is quite aways away.
Geitner was/is speaking... don't know what he said but he made some waves!
  • #7,904
  • May 20, 2009 12:35pm May 20, 2009 12:35pm
I love these guys in Washington. Bernake, Paulson and geitner (to name a couple). Whenever they open there talk box, the lies, deception and manipulation that they have pulled for the past 18 months is starting to come clear and the markets generally react nicely, and to more a degree, in the correct manner. It gives me hope to see the USD head lower (strictly a bias view as im short right now) just so that others and I can enjoy the ride.
  • #7,905
  • May 22, 2009 6:10am May 22, 2009 6:10am
Quoting daveadamsbds
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

Hi,
I am new here but have also been testing the DIBS method for 2 weeks on a demo account and am up and learnt alot which are both good i guess! How's your first week been at testing this?
  • #7,906
  • May 22, 2009 6:18am May 22, 2009 6:18am
Hi Chris,
I have also been demoing this sysetm for a few weeks now and like you my biggest issue is when to take profits......I have tried letting it run.....once for 2/3 days and saw profit go up and down hugely......I am settling on a 20 SMA as the best.....plus if it works for Mr Crowns must be ok!? I am interested to undersatnd how to best define support and resistance on this system for the purpose of taking profits, do you use your chosen platforms news/guidelines to assist you?

Thanks,
J



Quoting Chris P
Hi everyone!

This is my first post to this thread, but I've been demo'ing this method for a while now. Just thought I'd chip in with a DIB trade I took yesterday morning on the USDJPY. The IB is marked on the chart with an arrow. Now the conundrum I'm faced with is when to exit this trade... I'm not looking for an answer from anyone here, as this is something I really need to work out for myself, but here are my differing thoughts:

1) Use a trailing stop method such as a 15min or 1hr BAT.
2) Trailing stop using an MA
3) Exit all at identified...
  • #7,907
  • May 22, 2009 7:14am May 22, 2009 7:14am
Quoting JamesBranson
Hi Chris,
I have also been demoing this sysetm for a few weeks now and like you my biggest issue is when to take profits......I have tried letting it run.....once for 2/3 days and saw profit go up and down hugely......I am settling on a 20 SMA as the best.....plus if it works for Mr Crowns must be ok!? I am interested to undersatnd how to best define support and resistance on this system for the purpose of taking profits, do you use your chosen platforms news/guidelines to assist you?

Thanks,
J

well it's up to you james, i don't use an sma for stops in general although im mindful of them... (very yoda esc lol) i'll set moving stops on some trades but mostly i'll close or place stops at support of resistance as defined by trend line or high/lows etc

regards
  • #7,908
  • May 22, 2009 7:25am May 22, 2009 7:25am
For taking partial profits on intraday trades try using floor trader pivots/S/R derived from NY daily close. Or use weekly/monthly pivots/S/R for long term.

tdeu

Quoting icarusfx
well it's up to you james, i don't use an sma for stops in general although im mindful of them... (very yoda esc lol) i'll set moving stops on some trades but mostly i'll close or place stops at support of resistance as defined by trend line or high/lows etc

regards
  • #7,909
  • May 22, 2009 8:23am May 22, 2009 8:23am
Quoting tdeu
For taking partial profits on intraday trades try using floor trader pivots/S/R derived from NY daily close. Or use weekly/monthly pivots/S/R for long term.

tdeu
hi tdeu,

thanks for the suggestion, but my trading isn't hugely influenced with pivots.... i've got them plotted alright but i wouldn't really pay much attention to them as quite simply i look for specific types of setups in the first-place.

pivots are i feel are like a lot of tools within trading in that they are self fulfilling. I know they've been around a while and that traders use them, and because traders use them they work (to an extent) but i give higher time frame pivots more respect as the less diluted something becomes the stronger its effect.

I've started to ramble sorry the simple answer is, I do use pivots but only weekly or monthly and only if they fall within my trade plan! i wouldn't plan to trade off them specifically.

regards

tfi friday lol
  • #7,910
  • May 22, 2009 8:48am May 22, 2009 8:48am
Where to take profit??? It is the most difficult, and emotional question a traders faces because ultimatly it is one of the most important for account growth. If I take profit too soon I may miss more pips and therefore add strain when facing trades that stop you out in succession. Push the limit to take profit later and you may get a spike that takes out your stop loss, or just reverses quickly and you get less than if you acted earlier.

I dont believe there is a set method for taking profit because no situation is identical to the next. By limited yourself to defined take profit zones or methods you can potentially handcuff yourself. On the otherside being to flexible can be just as dangerous.

I dont have a particular method. My take profit is usually taken when I feel that the trade will no longer benefit by being open. Sometime it may be a candle that is of significance in that it shows a retracement/reversal may be on the cards, It could be a major area of support and resistance, it could also be because I need to close the trade to free up margin for another potentially larger trade. Whenever I make the decision I accept it for what it is and move onto the next oppotunity.

One of the biggest elements that we face as traders is in the form of hindsight and the disappointment/elation that it carries, and its ability to make us second guess. This is in all areas of the trade from setup, to management to closure. We look at what has happened after in regards to something we did or didnt do and simply say along the lines of 'geez i should/nt have done that, look what happened next' or 'ill know better next time'

Sometimes you will make a great decision, sometimes a poor one but you cannot know at the time of executing that choice what will happen next.

So to take profits here or not to take profits here, that is the question.
  • #7,911
  • May 22, 2009 10:20am May 22, 2009 10:20am
Wel... the 1 million pip question...

This is so personal... I would say.. There is not a "right" way to trail your SL, or to close the trade.... One must use what makes him comfortable.

I trade basically 2 ways...Short Therm, got signals and entry on 15M.... adopted the "free run" on 1:1 (thanks to Mr. Crowns), and after the free run achieved, exit when got a contrary signal...

Log therm, when I often use DIBS for entry, and after the free run achieved, I jump to 4H TF, without moving my SL.... Then I move it according to the 4H PA, when we start to see the most important S/R zones (that's thanks to Clockwork's Silent Service thread).... but that one requires a lot of patience, indeed...

Cheers!
Many share my views with me. But I don't share them with them...
  • #7,912
  • May 22, 2009 10:22am May 22, 2009 10:22am
Quoting Razor_trader
Where to take profit??? It is the most difficult, and emotional question a traders faces because ultimatly it is one of the most important for account growth. If I take profit too soon I may miss more pips and therefore add strain when facing trades that stop you out in succession. Push the limit to take profit later and you may get a spike that takes out your stop loss, or just reverses quickly and you get less than if you acted earlier.

I dont believe there is a set method for taking profit because no situation is identical to the next. By limited...
Nice post, Razor... especially the bold part...

Cheers!
Many share my views with me. But I don't share them with them...
  • #7,913
  • May 22, 2009 5:08pm May 22, 2009 5:08pm
Quoting HouseTrader
Nice post, Razor... especially the bold part...

Cheers!
Thank you Housetrader. It is something that I have recently accepted and wish I had it told to me 4 years ago. Even just at the core of PCs methods, the simplicity of his trading mind and the 1:1 trade, I have never had more confident trades and the results are currently very good. In 4 years I can safely say I have never grown an account by over 30% irrespective of its size and the fact that i have been live on this method with this current account for just beyond 2 weeks is unbelievable.

The power that one holds when the emotions that typically revage traders are at bay because the mind is at ease with a Freetrade are to me, uncomparable to anything I have learnt previous to reading PCs posts. Having the safe knowledge that a single trade can have an unbelievable impact on your account growth and at worst looses nothing is astounding. I can also safely say my outlook has never been so positive.

Now to continue and the journey ahead will be long but I feel quite prepared for my encounters with the unknown.

Take care

Razor
  • #7,914
  • May 23, 2009 5:39am May 23, 2009 5:39am
Hi,
I am revisiting this thread as an adjunct to another breakout system "one a day" and have a question. If you get stopped out after making a trade and the price then reverses and goes back through the original break within the same bar do you take it again., all original conditions stil in place i.e. price breaks high, gets stopped at low and then reverses back through the high.
Thanks
Steve
  • #7,915
  • May 23, 2009 6:25pm May 23, 2009 6:25pm
Quoting stevecartwright
Hi,
I am revisiting this thread as an adjunct to another breakout system "one a day" and have a question. If you get stopped out after making a trade and the price then reverses and goes back through the original break within the same bar do you take it again., all original conditions stil in place i.e. price breaks high, gets stopped at low and then reverses back through the high.
Thanks
Steve
Hi Steve,

Personally, I don't believe too much in time-frames (after all, market DOESN'T have time-frames...)... So, the IB that DIBS is about is a clue of market indecision...and this indecision can be a little wider, or last a little more time thant strictly 60min...But, IMO, if the stop is caught due to a huge movement to the "wrong" side, I'd be much more cautious to believe in the original signal...

If I have my SL caught by a move that passed it 3 or 4 pips, I still think the original entry is reliable...

Hope that helps....

Cheers!
Many share my views with me. But I don't share them with them...
  • #7,916
  • May 23, 2009 10:22pm May 23, 2009 10:22pm
Quoting HouseTrader
Hi Steve,

Personally, I don't believe too much in time-frames (after all, market DOESN'T have time-frames...)... So, the IB that DIBS is about is a clue of market indecision...and this indecision can be a little wider, or last a little more time thant strictly 60min...But, IMO, if the stop is caught due to a huge movement to the "wrong" side, I'd be much more cautious to believe in the original signal...

If I have my SL caught by a move that passed it 3 or 4 pips, I still think the original entry is reliable...

Hope that...
Alot would also have to do with the size of the orginal SL. A stop loss that is of 20 pips means much less than a SL that is 50-100. In the first scenario then you could argue that it was a little move backwards before heading forwards again so if you wanted to make the trade you still could, but personally I would be looking for my next setup instead of looking to chase a trade. The second situation you would be moving onto the next trade regardless.

I guess its really a trader by trader call. When your Setup for an IB is normally of a limit entry nature, the only way to be stopped out is to first have the market head in your direction then reverse on you. It happen to me the other night on the USD/JPY. Got me in, move my way for a bit, stopped me out on the pip and ran back to my 1:1. I could have got back in, but without know what is going to happen do I really want to risk 2 x the trade. If that is the case then my orginal 1:1 needs to be stretched out and I spend more time thinking about the trade. Just my opinion.

Razor
  • #7,917
  • May 25, 2009 1:19pm May 25, 2009 1:19pm
At last find a method which makes sense. Thanks to Peter for his enlightenment, and others contributing to this forum.

Just want to make sure I am on the right track.

Attached shows usdjpy & eurusd pairs that I had my eyes on today...got stopped out on jpy pair, and no trade was initiated for eurusd.
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS1.gif Size: 37 KB
Attached Image
  • #7,918
  • May 25, 2009 1:51pm May 25, 2009 1:51pm
Quoting candletrader
At last find a method which makes sense. Thanks to Peter for his enlightenment, and others contributing to this forum.

Just want to make sure I am on the right track.

Attached shows usdjpy & eurusd pairs that I had my eyes on today...got stopped out on jpy pair, and no trade was initiated for eurusd.
Welcome aboard!

Just a tip... DIBS is a breakout strategy.... we NEED the Big Money to pump the engine... today, it's a NO TRADE day for "Dibbers", IMO.... cause GB and US Bank holidays... Tomorrow perhaps we can see some action...

Good Trading!

Cheers!
Many share my views with me. But I don't share them with them...
  • #7,919
  • Edited 2:42pm May 25, 2009 2:28pm | Edited 2:42pm
Quoting HouseTrader
Welcome aboard!

Just a tip... DIBS is a breakout strategy.... we NEED the Big Money to pump the engine... today, it's a NO TRADE day for "Dibbers", IMO.... cause GB and US Bank holidays... Tomorrow perhaps we can see some action...

Good Trading!

Cheers!
Thanks HouseTrader---Living near Antarctica, should have known better that you folks up there are on holiday:-) Let's hope for a better trade. Cheers.

p.s. analysing the usdjpy trade (put aside the low volume issue), it wasn't a very wise trade. As peter mentioned, the best trades are achieved when there aren't near any support/resistance area. In this case, usdjpy was at the resistance area 95.20, so buying that breakout wasn't a smart move...IMO.
  • #7,920
  • May 25, 2009 2:46pm May 25, 2009 2:46pm
Quoting candletrader
Thanks HouseTrader---Living near Antarctica, should have known better that you folks up there are on holiday:-) Let's hope for a better trade. Cheers.
Hey candles.... living in South Chile???? (cerca Antartica )....Soy de Brasil... perdon por mi "portunõl"... pero estuve en Chile hace dos aņos, creo que mi castellano/espaņol es terrible ahora....

Been in Santiago and just loved your country... been traveling just to the Santiago cercanies, Valparaiso, Viņa, las vinicolas...

Bienvenido!

HT
Many share my views with me. But I don't share them with them...
21 traders viewing now