1 trade a day

Im serious thinking of using the 0.618 fib pull back as an entry.I may miss some flyer's but if I enter on the fib pull back with my SL at 0.00 +10pips it gives me a much smaller SL

I need to spend more time on this I have a few ideas about further entry positions if we get a flyer but not a pull back for entry..trouble is off on hols Sunday for 1 week

Hmmm always time time time

P

you stop should have been the low -10 pips, which according to your chart is 129.80 and was never hit.

This is unbelievable, how did that happened? EURJPY hit the SL i.e. the low of Asian session, or are we not using the same setting anymore? pls Paulus respond to this

kos

This is from the first post by paulus, the SL is the asian low which happens to be the 0.00 line of the fib. If you minus 10 from it then its another rule and that means your sell entry point is your SL point

kos

Paulus,

I think that is a great idea. I have been thinking of doing something similar. The smaller SL is very appealing. I was thinking of executing two trades... one being the original trade idea. The second trade... waiting for the pullback. I used your other idea of switching to the 5 minute chart and using the color osc indicator the other day and that seemed to work. The key is just figuring out how far it's going to move before pulling back to make a good entry.

kosomolate,

there is often more to a system than just the first post of a thread. here's where paulus clarifies his S/L.

if the stop is 10 pips above the high for a short, then a S/L for a long would be 10 pips beneath the low.

When do you calculate the hi lo asian session? at 8 gmt when the tokyo session end or at 6 gmt when london session start?

when london session starts.

Pierre, the London Session doesn't start at 06:00GMT mate.
It starts at 07:00GMT, which is 08:00BST. As London is currently one hour ahead of GMT because of daylight savings.

In October when British Summertime ends and the UK clocks are put back an hour, the London Session will commence at 08:00GMT.

Regarding calculating hi/lo of Asian session have a look at my post #429
where I asked for confirmation whether I was marking the session correctly.
You will see the Asian session is marked as 23:00-07:00BST (it is in BST because my Marketwatch time in MT4 is BST). The first candle outside of this range is 08:00BST (07:00GMT) which is the London opening as described above.

So.. dependent upon the MT4 marketwatch time I would set the 'block' like this:-
BST(GMT+1) - 23:00-07:00
GMT - 22:00-06:00
USA - EST - 18:00-02:00
CEST (Central European Summer Time) 00:00-08:00

It's the Summertime stuff which creates the confusion i think!

Cheers
LeafTrader

Another good day on Friday

Yellow box denotes TP

GBPUSD 50% at 161.8 50% at 200

EURJPY 50% at 161.8 50% at 200

GBPJPY 50% at 161.8 50% at breakeven

Also us break out this week

GBPUSD W no trade WW No trade
EURUSD WLWWW
GBPJPY WLWWW

P

How did you manage to win on GBPJPY on Weds Paulus?

I followed the system and it went long as the +10 was triggered, the price then reversed and got stopped out with a big loss.

I assume you did not take the long trigger?

Did anyone else go short on GBPJPY on Weds instead of long?

GMT is always GMT. The only change is BST is +1hr (Summertime). In the winter GMT=BST.

I see various positions on London opening and having looked on many sites and forums have come to the conclusion its 06:00 GMT. Only if someone were a trader, and I would want proof, would I now believe any different.

Anyhow thats not really what I cam to post. See next post.

Steve - does this imply that this site is wrong by saying 07:00GMT = London Open ??

http://forex.timezoneconverter.com/i...?timezone=GMT;

Cheers

As I know there are a number of us who would prefer a narrower stop range I have been re-reading the DIBS thread. This is based on an inside bar ( IB) and trading after the London Open (dont ask) and with a price higher or lower that the London Open (again, don't ask :-) ). The stop is then at the other end of the IB. There isn't always an IB that you can trade but as it's another technique based on London Open (guess!) it may be worth adding to your arsenal of openings and will give a lower risk position. Its worth a thought/read.
Regards
Steve
PS London Open is ...................wait for it :-)

Gosh,, That didn't take long. I have an open mind to this and must admit I think 06:00 a bit early. On what authority do they have to say what time London Opens a sits a 24hr market. I have decided I will be asking my broker on Tuesday as I have just opened a new account Iin London. Wouldn't want to suggest anyone is wrong but it does seem that there are a number of views on what it is.

Below are the rules for my above post
Steve

###############################################
This is a continuation of the DIBS Method which was started at the
No Free Lunch but all the coffee you can drink thread.

http://www.forexfactory.com/showthread.php?t=56907

The bottom of the page is all of Peter's posts, thanks to doubletop.

It is a must to read and study the above thread to be current with this thread.

I would like to thank NowAndLater for putting this together.

Opening time
I think MPP sums it up nicely:
0600GMT is always 0600GMT. GMT and UTC never move all other times are +/- of GMT/UTC. ie london is currently GMT+1, your broker times are set to a GMT time and never change. BST, DST and EST change at differrent times so can be confusing.

I believe PC uses 0600GMT at all times, this way he can set his charts up get used to where the 0600gmt open is and forget about the confusion of BST EST and so on.
Peter:
"I use 00:00 CST or 06:00 GMT as my open. Believe me, if you are off 1 hour due to Daylight Savings time it is not going to be a problem."
NowAndLater's great post:
http://www.forexfactory.com/showpost...&postcount=679


Thanks ozziedave:
The one constant in this equation is that 6:00 GMT never changes. The variables in the equation are your time zone, if you have daylight savings time and what your brokers time feed is. As I see it there are 3 possibilities for setting your start of day time.

The one constant in this equation is that 6:00 GMT never changes. The variables in the equation are your time zone, if you have daylight savings time and what your brokers time feed is. As I see it there are 3 possibilities for setting your start of day time.

1. Just find out what time on your trading platform corresponds to 6:00 GMT and adjust your start of day time on your trading platfoorm to reflect 6:00GMT.
2. Change the start of day time based on the London open, which is currently GMT +1. The big money doesn't start trading until the open of the Euro session (currently GMT +2) and really kicks in when London (GMT +1) comes on line. Keep in mind you may always have to adjust your trading platfrom due to it's time feed. For example, some platforms are always set at GMT +2.
3. Find a broker with a time feed that is GMT = 00:00 such as Interbank. So 6:00 GMT will always be 6:00GMT on your trading platform. Then you only have to adjust the time you sit in front of your computer based on daylight savings time.

Peter Crowns charts have a time feed of 00:00 CST/USA. When he wrote his posts 6:00GMT corresponded to 1:00CST/USA. So on his charts he would have had to adjust his start of day once per year to account for daylight savings time in the USA. The actual start of the 24 hour period on his charts (the time feed from his broker) never changes). The thing that changes is when he decides to start his trading day based on using 6:00GMT as the start of his day. I believe all of the options I have described will provide you with many chances to take quality DIBs trades. As PC himself said, if your an hour off due to daylight savings time it really won't matter that much. Let's face the fact that not everyone on this forum will choose the start of day time as 6:00GMT.



What’s an Inside Bar (candle)?
A bar with a High that is lower than the previous bar’s High and a Low that is higher than the previous bar’s Low. A stricter definition for trading the DIBS Method is that an IB cannot exceed the bounds of the previous bar. Meaning that a top and/or bottom (High and/or Low) can be equal to the previous bar. (see bottom charts)

IB on which hour?
You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.

Where to put the buy and where to put the sell:
First rule: We buy on a break of an IB if price is above the daily open and sell if it’s below.
Where to put the buy and sell has no where been discussed in great detail. Put the buy/sell 1 pip outside the IB range and remember to add the spread.
Example: IB range is high @ 1.5500 and low @ 1.5400. Buystop: 1.5501 + spread, SL 1.5399, BE 1.5603 + spread. Sellstop: 1.5399, SL 1.5501 + spread, BE 1.5297. (chart to follow)
Should we not take the high/low of bar prior to IB for our breakout range?
This is not by PC’s rules, if you feel that this is what suits you, then go ahead.

What is the TP? Or the FTT (Free Trade Target)
We are looking to exit half of our position at 1:1, which means that once you’re up the amount of pips which equals the amount of pips you’re risking (IB-range + 2 (1 up and 1 down for the breakout) + spread) then you close half you position. This is your FTT (Free Trade Target) If after this price comes back and takes you out, you haven’t lost anything. Do not move the SL on the remaining 1/2.


Variations: close 2/3 after 1:1 this will bank some profits. Or you could close 2/3 after gaining half the risked pips, this will give a free ride sooner, but if you price runs away in positive direction then this will win you less but when you have a doubt about a DIBS or see that there are technical levels that are too close then this may be the approach. PC closes half after 1:1 and I suggest you do it too.
There are different ways to trail the stop on the winning remainder. I would move my stop to new support/resistance areas but there are other ways to do it.

What if an IB has it’s high above the daily open and it’s low below the daily open?
Then you take the break that occurs, if it breaks to the downside then sell and vice versa.

2, 3 or more IB’s in a row – which one to take?
I would take the first one which is the largest just to be on the safe side.

How to avoid losses?
If you look to ask this question then you’ll have to start all over again! Read PC’s posts.

Peter Crowns:
"buying breakouts of inside hourly bars if the prices are "up" on the day, and selling downside breakouts of inside hourly bars if the prices are "down" on the day.
These types of trades are simple, low-risk and potentially high reward. The only problem is you do have to be conscious when they happen so you can take the trade!"

"What I like about these simple trades is the tendency to be able to cover your risk quickly by exiting half of your position at 1:1, allowing you to hold the remaining position with the initial stop (the other side of the inside bar) as a virtual "free trade".

"I've found 'elegantly simple' in trading is best."

"Simple works in the markets, because they are very simple.
Most traders complicate things incredibly. Because their minds probably can't handle the truth yet that the markets basically feed where the orders are."

"Win rate is not the most important factor in finding a good trading method. Profit potential/risk is."

"the best trades for us are the ones that don't give you ANY retracement after the breakout"

"The trade is simple and perverse at the same time. It also gives some of the best risk/reward trades possible and always ensures that you are with the daily trend. If you are also in tune with the weekly and monthly trends is when it gets exciting!"

The DIBS method is one of the surest "unknown" methods available for making money in Forex. I wish I had invented it.
Having traded the concept personally for more than 15 years, I know how good and also how irritating it can be. As you mentioned, trading during the active hours is key to the best trades. It is hard to beat the combination of low risk and high probability. Yet it stays in obscurity, which is the way of all good methods."
Attached Thumbnailshttp://www.forexfactory.com/attachme...1&d=1221081638 http://www.forexfactory.com/attachme...1&d=1221081672

I also went long. I happened to be watching the chart when the big drop occurred at the 0300 GMT candle. I believe it had something to do with the GBP news announcement at that time but I could be wrong. In checking the FF news chart for that day there was a RED flag next to the GBP news at 03:30 GMT. I should have checked for news announcements before I placed my trade.

Anyway... after I was stopped out for a big loss I switched the chart to a 5 minute chart and using the colored stoch indicator I waited for the retracement. So when I saw the price going back up I opened a new long trade and recovered my loss. I don't recommend anyone doing this as it could easily turn back the other way. But I figured with that big a drop that quickly it had to retrace some.

I love this system!

Unless I am seriously mistaken for which I apologise that looks to me like Thursday 21st??

Yes you are correct... It was Thursday Morning. I was just thinking it was still Wednesday because I just got home from my Evening job where it was Wednesday.

LOL! - You're not mistaken at all Steve... Sorry! - I meant Thursday!
Paulus still reports a 'win' - sadly I didn't share in that win.. it was a fat loss for me, so some deviation to the system was implemented by Paulus on 21/05