PUMMELED yesterday, that was an ugly day for DIBS. On 3 of my trades we got OB which got me in with about 5 pips of profit and reversed quickly.
Such a YoYo month so far. Stick in there.
Razor
Such a YoYo month so far. Stick in there.
Razor
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DislikedPUMMELED yesterday, that was an ugly day for DIBS. On 3 of my trades we got OB which got me in with about 5 pips of profit and reversed quickly.
Such a YoYo month so far. Stick in there.
RazorIgnored
DislikedHello,
I am new to DIBS and am currently reading through this thread....Ignored
DislikedShorts are scalps. Longs are Longer term trades for this EY.
B,
TomIgnored
DislikedWelcome Josh, nice to have you here. I've also read through all of James16 thread and sometimes contribute there also.
You got the setup correctly however there is a filter that Peter posted in one of his post that is easily over looked. He said that we should take trades only in 'the long term direction'!
We've only recently established that the close at 12midnight the prior day should act as a guide. If the DIBS sets up a long entry towards this close, we pass on the trade. The red line here is the close at 12midnight and i would have been looking...Ignored
DislikedThanks for the update Z. So, If I'm understanding correctly, then we mark our charts at 00:00 GMT as well as at 5:00 GMT (or 6:00GMT). Then we only trade long when we are above BOTH prices and only short when we are below BOTH prices...
Thanks... will get back to reading now. Just thought I'd introduce myself.
JoshIgnored
DislikedThats what i thought initially but if you take a closer look at his charts, you'll notice that each trade was at least 6bars (1hour) away from where he drew the midnight line.
Also if midnight was 6am for him he would be breaking one of his rules (taking trades in the first 6-9hours of a session). Some of his trades are over 12hours from where he drew his midnight lines!
There is a old saying in the pits; "never sell or buy a quite market". I believe this is one of the reasons why Peter recommends using 6am GMT as a time to start looking for...Ignored
Dislikedwhen comparing charts, look at the date and then open the same period on your brokers charts, broker times vary and can cause charts to be miss undestood.
Peters only line in the sand is 0600gmt - keep it simple is his rule, don't change it for summer/winter time changes.
up/down days are referenced to this line and we also look to see if the day is up on the previous day and also the weekly open price.
the first 6-9 hours are the most profitable as this is when london session is open and runs into the NY session - the largest amount...Ignored
DislikedI agree with you on most of your points. Keeping it simple is key. For the DIBS we draw a line in the sand at 6am GMT and the midnight is just a guide. From my understanding of candlestick patterns, the inside bar setup is a trend continuation pattern.
I've attached a document of what Peter wrote which might lead one to believe that we should trade in the direction of a longer term trend!
I urge everyone to find what works for them and 'knock em dead'.
Z
I also look at sessions outside of the London Open.Ignored
DislikedDouble inside bar did not generate a sell signal but am still watching for a possible DIBS..
ZIgnored
Dislikedi find that double IB's have produced better resulst and these meet my criteria
below todays open
todays open was below yeterdays open
and also below mondays (weekly) open - if only by a few pips
each to there own as they sayIgnored
Disliked
you will also see on his charts a 79sma and a 90sma - what do you make of these?Ignored