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The DIBS Method... No Free Lunch continues

  • #8,101
  • Jun 16, 2009 2:54am Jun 16, 2009 2:54am
"
In the pit the first thing you learn--- when you are ready to actually make money..., and stop the bleeding, is:

  1. Only be willing to buy a market if it is up on the day.
  2. Only be willing to sell a market if it is down on the day."

Gone to a better place
  • #8,102
  • Jun 16, 2009 3:32am Jun 16, 2009 3:32am
Quoting smikester
"
In the pit the first thing you learn--- when you are ready to actually make money..., and stop the bleeding, is:

  1. Only be willing to buy a market if it is up on the day.
  2. Only be willing to sell a market if it is down on the day."

In DIBS we define the day as from 6am GMT and not the previous x number of bars. Taking a break above the 6am open would be classed as buying an up day! This is quite different from trading with the trend, which is what i believe you are referring to?

Z
  • #8,103
  • Jun 16, 2009 3:36am Jun 16, 2009 3:36am
Got short EUR/GBP
  • #8,104
  • Jun 16, 2009 3:40am Jun 16, 2009 3:40am
Quoting Razor_trader
Got short EUR/GBP
Nice one Razor, with the trend DIBS..way to go

GU is working out nicely for me too however, i am aware we are close to a resistance zone 1.642 and will dump my last half if it acts poorly.

Z
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Click to Enlarge Name: GU.jpg Size: 207 KB
  • #8,105
  • Jun 16, 2009 3:44am Jun 16, 2009 3:44am
That is what Peter Crowns meant zuret9.

However, since he is on your buddy list (I notice you are not on his) why don't you give him a ring and ask him to clear it up for us?
Gone to a better place
  • #8,106
  • Jun 16, 2009 3:53am Jun 16, 2009 3:53am
50% ret ringing in my ear. Stop moved to 1.6406 (within 5min chart) just what i am comfortable with.

Z
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  • #8,107
  • Edited 4:25am Jun 16, 2009 4:03am | Edited 4:25am
Quoting smikester

However, since he is on your buddy list (I notice you are not on his)


Although i do not speak for Peter, it is my belief that everyone willing to learn is his buddy at FF. However, this is not the case with me.

I'll clear up your point re:down day/up day later.

Z
  • #8,108
  • Jun 16, 2009 4:16am Jun 16, 2009 4:16am
Stopped out on my last 1/2 position. Moved stop to low in inside bar on 5min. On to the next trade.

Z
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  • #8,109
  • Jun 16, 2009 4:32am Jun 16, 2009 4:32am
Quoting zuret9
Stopped out on my last 1/2 position. Moved stop to low in inside bar on 5min. On to the next trade.

Z
nice trade
looks like you took the IB from the 15min TF, my SL would have been the cross of the 50 ema on the 1 min TF
  • #8,110
  • Jun 16, 2009 5:09am Jun 16, 2009 5:09am
Quoting croesesFX
nice trade
looks like you took the IB from the 15min TF, my SL would have been the cross of the 50 ema on the 1 min TF
Thanks CroesesFX,

I noticed the double inside bars on the 30min and zoomed into the 15min chart where i saw the series of inside bars. I waited for a full candle close outside the 'arrow' that this formed and went long with my stop just below the 'arrow'.

I've used this set up for about 3years now, first introduced to me by a friend who trades purely the commodities market. Works very well, i would say.

Z
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  • #8,111
  • Jun 16, 2009 5:33am Jun 16, 2009 5:33am
Quoting zuret9
Thanks CroesesFX,

I noticed the double inside bars on the 30min and zoomed into the 15min chart where i saw the series of inside bars. I waited for a full candle close outside the 'arrow' that this formed and went long with my stop just below the 'arrow'.

I've used this set up for about 3years now, first introduced to me by a friend who trades purely the commodities market. Works very well, i would say.

Z
are you not using any filters, such as, EMA`s, pivots, res etc?
  • #8,112
  • Jun 16, 2009 6:06am Jun 16, 2009 6:06am
Quoting croesesFX
are you not using any filters, such as, EMA`s, pivots, res etc?
No filters what so ever, just the 'arrow' formed by the inside bars. I wait for a close outside this 'arrow' and use the low/high of the bar that closes outside the 'arrow' to place my stop.

You will often see the 365ema on my charts but it really doesn't come into play when taking the double inside bar breakouts.

Z
  • #8,113
  • Jun 16, 2009 6:52am Jun 16, 2009 6:52am
Anyone take this inside bar breakout? Up over 120pips.

Z
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  • #8,114
  • Jun 16, 2009 6:56am Jun 16, 2009 6:56am
Just thought i should post these two charts. They show why EJ is reacting the way it is.

Z
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  • #8,115
  • Jun 16, 2009 6:57am Jun 16, 2009 6:57am
I took the E/J trade. I used the 4:00 GMT bar to cut down on risk instead of the 6 GMT. Free trade running.
  • #8,116
  • Jun 16, 2009 7:44am Jun 16, 2009 7:44am
I've just been through all the charts posted by Peter Crowns and everyone on the DIBS and i found that a key point that Peter looks at is being over looked by a lot of us (myself included).

Peter draws a line in the sand at midnight GMT and will take long DIBS trades if price action is above this line or short trades if price action is below this line.

Am sure most of us have our various methods for establishing an up day or a down day but for the DIBS (as introduced by Peter Crowns) up/down days are defined by our location in relation to the close of price at midnight the day before.

A valid point made by smikester earlier.

Z
  • #8,117
  • Jun 16, 2009 7:56am Jun 16, 2009 7:56am
hello

do you define a inside bar with high < previous high or high <= previous high ?

same as low ?


igi
  • #8,118
  • Jun 16, 2009 8:23am Jun 16, 2009 8:23am
I have seen in his post that he is talking about 6 gmt.

That is also on first post.


B,
T

Quoting zuret9
I've just been through all the charts posted by Peter Crowns and everyone on the DIBS and i found that a key point that Peter looks at is being over looked by a lot of us (myself included).

Peter draws a line in the sand at midnight GMT and will take long DIBS trades if price action is above this line or short trades if price action is below this line.

Am sure most of us have our various methods for establishing an up day or a down day but for the DIBS (as introduced by Peter Crowns) up/down days are defined by our location in relation to the...
  • #8,119
  • Jun 16, 2009 8:29am Jun 16, 2009 8:29am
Quoting igi
hello

do you define a inside bar with high < previous high or high <= previous high ?

same as low ?


igi
Igi,

The inside bar's high and low must be within the previous candle/bar ( you can have equal highs or lows). Generally, the smaller the range of the inside candle/bar (in relation to the previous candles) the greater the breakout usually is.

Z
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  • #8,120
  • Jun 16, 2009 8:37am Jun 16, 2009 8:37am
Quoting zuret9
Igi,

The inside bar's high and low must be within the previous candle/bar ( you can have equal highs or lows). Generally, the smaller the range of the inside candle/bar (in relation to the previous candles) the greater the breakout usually is.

Z
The breakout only seems greater because of the small risk in the initial trade. You can have the same breakout range on a higher risk that doesnt appear to be as big, only because you are looking at it against a larger IB.

I love the small IBs because, whilst there range is small leaving your SL exposed to small moves, the market also only needs to move a small distance to give you 1:1. These are best if you can leave your SL to after the point, that way if you do get a substantial move you can lock in more than 1:1 on your first half lot.

Your adding some great info to this thread and im enjoying the charts. Cheers

Razor
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