The DIBS Method... No Free Lunch continues | Page 404 | 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

  • #8,061
  • Jun 12, 2009 5:59pm Jun 12, 2009 5:59pm
Zuret9,
from your post it sounds likes you are trading s/r and the DIB isn't adding anything - espescially when you say you wait for s/r to break and a DIB to form.

Looking at the GJ chart you posted here's my read of it
- GJ in an uptrend
- forms a range with support at 161.65
- breaks under support and a DIB forms under support which is now acting as
resistance.
- take the trade on the break of the low of the DIB around 161.30

The thing is if you think 161.60 is resistance why not enter there with a tight stop? Why wait for the market to drop 30 pips? You can see that 160.80 is likely to be support so an entry at 161.30 has a risk of about 40-50 pips for a potential gain of 50, unless you think that that support level will go. Which given the strong uptrend GJ is in is on the unlikely side.

The trade at 161.60 with a 30 pip stop and 80 pip target (160.80 as before) has a much better r/r.

So coming back to my point - is the DIB adding anything to your reading of s/r?
  • #8,062
  • Jun 12, 2009 6:00pm Jun 12, 2009 6:00pm
Quoting tradertt
Yeh I understand. Everyone has their own way of trading

Just wanted to get some ideas on how to incorporate DIBS with the Support and resistance.

Thanks for your explanation.
I find having the levels along with fib levels definitely helpful in when to take profit off or if I get a reversal candle off a strong level I can anticipate the ride being over.
  • #8,063
  • Jun 13, 2009 4:04am Jun 13, 2009 4:04am
Quoting jzw
Zuret9,
from your post it sounds likes you are trading s/r and the DIB isn't adding anything - espescially when you say you wait for s/r to break and a DIB to form.
I look for confluence, not just support & resistance. DIBS is time specific, 6.00am GMT in the direction of 'least resistance'. Am not sure i would be doing a good job if i don't take note of a DIBS that stops at a major support/resistance zone?

Quoting jzw

The thing is if you think 161.60 is resistance why not enter there with a tight stop? Why wait for the market to drop 30 pips? You can see that 160.80 is likely to be support so an entry at 161.30 has a risk of about 40-50 pips for a potential gain of 50, unless you think that that support level will go. Which given the strong uptrend GJ is in is on the unlikely side.

The trade at 161.60 with a 30 pip stop and 80 pip target (160.80 as before) has a much better r/r.
There is no right or wrong answer here. There is nothing wrong will taking advantage when the market pauses in an uptrend/downtrend. Trend trades are great but counter trend trades work out great too.

Quoting jzw

So coming back to my point - is the DIB adding anything to your reading of s/r?
I am not trying to read S/R. I personally have them on my charts as areas where i expect price could stall/pause.

DIBS has many advantages and i suggest you re-read some of the postings in this thread again. As with any method/system we traders need to go away and establish how we can add it to what we are currently doing. Some people i guess trade DIBS with indicators they are comfortable with. I could ask the same question: Does DIBS add anything to your reading of your indicator? There are some better questions that come to mind:
- How can i add DIBS to what i am currently doing?
- PC ( a floor trader) has traded DIBS for over 15years. Why would he trade DIBS for so long if it doesn't give him an edge?

As stated earlier, trading is trader specific. Find what works for you and have fun working it.

Have a great weekend.

Z
  • #8,064
  • Jun 13, 2009 10:40am Jun 13, 2009 10:40am
Quoting zuret9
Pull up a month, weekly, daily and 4Hour chart of EU and what story are they telling you. We are at a major crossroad on the EU. A pin bar on Friday doesn't mean we are heading for a weekend? A bearish/bullish engulfing day on Friday doesn't mean we are heading for a weekend? Why should a 'valid' break of a double inside bar formed on Friday not be acted upon on Monday?

Z
where can i find indi dibs for 4-h?
  • #8,065
  • Jun 13, 2009 1:40pm Jun 13, 2009 1:40pm
Quoting avi
where can i find indi dibs for 4-h?
Hi Avi,

I haven't come across one but will be on the look out. But have you had a look at the following links?
http://www.forexfactory.com/showthread.php?t=125450 and

http://www.forexfactory.com/showthread.php?t=66048 also

http://www.forexfactory.com/showthread.php?p=2800915

If you do find one, please post and share it with all.

Z
  • #8,066
  • Jun 14, 2009 12:24am Jun 14, 2009 12:24am
Hi Trumpcard,

What is your average Win/Loss ratio? And which pairs do you trade?

I personally let half run to 1:1. Then I try to take partial profits at daily pivots/S/R, trail stops and close the remainder around the daily close.

tdeu

Quoting Trumpcard
hi Perry, the main filter is just to buy breaks of IBs above the 6.00GMT open and short the breaks below the open....
  • #8,067
  • Jun 14, 2009 4:01am Jun 14, 2009 4:01am
Quoting tdeu
Hi Trumpcard,

What is your average Win/Loss ratio? And which pairs do you trade?

I personally let half run to 1:1. Then I try to take partial profits at daily pivots/S/R, trail stops and close the remainder around the daily close.

tdeu
Also this is something we are trying in a little group that trades this system. Instead of setting up for 1:1 when you execute your trade we are letting the system run its course and only setting up 1:1 after the market has gone past that point. What we have found, especially with low pip risk trades is that we can get to a point beyond 1:1 pretty nicely after which we will set 1:1. If the market ultimatly comes back to that point then we are at Free trade, if however we get past that point we now have an opportunity to take 2:1 or greater on our orginal half lot.

This has made growth a little better because we are extracting some profit where we would normally have just had a free opportunity.

It is more a thing you can do if you are watching trades or in the vicinity of your computer. You can also set alarms to give you a heads up. If you are not going to be near your computer then setting the 1:1 for safety is naturally best.

Just some food for thought on something we have trialled during our time as dib'ers.

Razor
  • #8,068
  • Jun 15, 2009 1:15am Jun 15, 2009 1:15am
Anyone still have any positions open on Friday's EU DIBS? I've still got half my position open and we are heading for some key resistance area. I feel we might test the low of the upward channel on the daily chart.

Lets see how she reacts through resistance.

Z

The double inside bar on Friday seem to have shown their hand!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 203 KB
Click to Enlarge Name: D.jpg Size: 219 KB
  • #8,069
  • Jun 15, 2009 1:37am Jun 15, 2009 1:37am
DIBS on GJ but into traffic.. Daily chart looks promising though. Will look to go short (on 30minute chart) once resistance is broken.

Z

NB: This is not a recommendation to trade, just my views.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 209 KB
Click to Enlarge Name: GJ.jpg Size: 216 KB
  • #8,070
  • Jun 15, 2009 1:59am Jun 15, 2009 1:59am
Anyone trade this pair? I missed this inside bar/pin bar combination on the 1hour chart.

Z
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NU1.jpg Size: 75 KB
Click to Enlarge Name: NU.jpg Size: 87 KB
  • #8,071
  • Jun 15, 2009 2:20am Jun 15, 2009 2:20am
We've just broken a round number (1.39) on the EU and seem to be forming an inside bar on the 1hour chart and double inside bar on the 30min chart.

I guess a third opportunity to add to ones position?!? Any thoughts?

Z
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU.jpg Size: 216 KB
Click to Enlarge Name: EU30.jpg Size: 212 KB
  • #8,072
  • Jun 15, 2009 2:46am Jun 15, 2009 2:46am
This could be the start of a very good couple of weeks. The weekly charts appear to have room to now swing and we are starting to see it early london already, continuing from asia. The markets are moving and we look to be at the peaks of our Bull/bear runs. This is a time where if you can hold a trade you can make some serious addage to your accounts.

Take care, may this week be good to us all

Razor
  • #8,073
  • Jun 15, 2009 4:41am Jun 15, 2009 4:41am
Moved my stop to the high of the inside bar and will let the last half play out. Will not be adding to my position even though there is a valid entry setting up as this is not yet part of my trading plan.

Z
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 216 KB
  • #8,074
  • Jun 15, 2009 5:16am Jun 15, 2009 5:16am
1Hour pin bar on the EU, have i over stayed my welcome? It is clear on the 4hour chart why price stopped where it stopped. If i get stopped out, i'll look to re-enter however i will not sell/buy a quiet market (one of my trading condition).

Z
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU1.jpg Size: 211 KB
Click to Enlarge Name: EU4.jpg Size: 204 KB
  • #8,075
  • Jun 15, 2009 5:51am Jun 15, 2009 5:51am
Quoting zuret9
1Hour pin bar on the EU, have i over stayed my welcome? It is clear on the 4hour chart why price stopped where it stopped. If i get stopped out, i'll look to re-enter however i will not sell/buy a quiet market (one of my trading condition).

Z
I did not take this trade because of the 4 hr PPZ. I try to mark these S/R lines on my 1 hr charts keep me out of these trades if I can.

Did not take USDCHF and EURJPYfor same reason.
"Money is easy to make, but hard to keep" - FWV 1975
  • #8,076
  • Jun 15, 2009 5:54am Jun 15, 2009 5:54am
Quoting zuret9
Anyone still have any positions open on Friday's EU DIBS? I've still got half my position open and we are heading for some key resistance area. I feel we might test the low of the upward channel on the daily chart.

Lets see how she reacts through resistance.

Z

The double inside bar on Friday seem to have shown their hand!!!
http://i41.tinypic.com/vg2c0h.jpg
I am still in that trade and just took the next one as well, not sure how it will go but if stopped out will still hang onto the first one as I feel there may be more downside to come.

Trade Well
Perryg
  • #8,077
  • Jun 15, 2009 6:00am Jun 15, 2009 6:00am
looks like we all did ^_^
Attached Image (click to enlarge)
Click to Enlarge Name: 7.gif Size: 18 KB
  • #8,078
  • Jun 15, 2009 6:19am Jun 15, 2009 6:19am
Quoting bjohn34
I did not take this trade because of the 4 hr PPZ. I try to mark these S/R lines on my 1 hr charts keep me out of these trades if I can.

Did not take USDCHF and EURJPYfor same reason.
I tend to start from the daily charts and look for charts where price is not heading to a major support/resistance area. I then look at the 4hour chart and finally i look for the 1hour setup. However, sometimes i will take the 1hour setup knowing where to expect the price to stall and i will act accordingly when price gets there.

Eur/Jpy has run into some resistance and i would rather see it clear this zones prior to placing a trade.
Usd/Chf is falling to fast for my kind of trades. I'd rather wait for the uptrend to resume and clear 1.090 before looking for the 1hour setup.

Z
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EJ.jpg Size: 210 KB
Click to Enlarge Name: UC.jpg Size: 214 KB
  • #8,079
  • Jun 15, 2009 6:22am Jun 15, 2009 6:22am
Quoting perryg
http://i41.tinypic.com/vg2c0h.jpg
I am still in that trade and just took the next one as well, not sure how it will go but if stopped out will still hang onto the first one as I feel there may be more downside to come.

Trade Well
Perryg
Nice one Perryg, am still in this one too, lets see where we go with this. Very close to taking me out though.

Z
  • #8,080
  • Jun 15, 2009 6:36am Jun 15, 2009 6:36am
im loaded up

EUR/GBP short
USD/CAD long
USD/CHF Long

Provide USD/CAD is running ill be looking at adding some silver shorts aswell.

Looking for more as we go but the above are pretty heavy at the moment.

Razor
1 trader viewing now