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The DIBS Method... No Free Lunch continues

  • #8,161
  • Jun 18, 2009 8:33am Jun 18, 2009 8:33am
Quoting Yahoomt4
thanks for sharing you signals here!

Regards
Thanks for not taking any signal(s) before doing your own homework.

Z
  • #8,162
  • Jun 18, 2009 7:47pm Jun 18, 2009 7:47pm
Hi Jarroo et al,

Just finished going though the entire thread. You've done a great job of capturing and explaining IBs (credit to Peter Crown) and it's appreciated.
  • #8,163
  • Jun 19, 2009 7:02am Jun 19, 2009 7:02am
Just thought i should share the following:

"Anything easy to implement and test is also easy to destroy. DIBS will be more difficult to destroy because no two of you will trade the concept the same way.

-Peter Crowns-"

Z
  • #8,164
  • Jun 19, 2009 8:41am Jun 19, 2009 8:41am
Gave this valid DIBS a miss, heading into too much resistance! Could have made 1:1 but would have been going against my trading plan (not usually a good thing).

Z
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  • #8,165
  • Jun 22, 2009 4:20am Jun 22, 2009 4:20am
Nice DIBS this morning. Interesting setup on the 30min chart tells me a lot of traders are in a free trade now!

Z
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  • #8,166
  • Jun 22, 2009 4:27am Jun 22, 2009 4:27am
Beautiful sideways market. Possible 1:1 whenever a valid DIBS sets up?

Z
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  • #8,167
  • Jun 22, 2009 4:40am Jun 22, 2009 4:40am
Great DIBS on the Aussie. Missed it totally!!! Also had a good setup on the daily.

Z
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  • #8,168
  • Jun 22, 2009 6:57am Jun 22, 2009 6:57am
Too soon to go short on the cable?!?! Valid DIBS but am passing on this one.

Z
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  • #8,169
  • Jun 22, 2009 8:11am Jun 22, 2009 8:11am
I had an IB for a potential short on USD JPY at 11:00 GMT. Would this have been considered invalid once price has broken has broken the high of the IB?

Appreciate your comments.

Matt
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  • #8,170
  • Jun 22, 2009 8:20am Jun 22, 2009 8:20am
No. This happens frequently.Only if it breaks hard the wrong way, or starts consolidating, should you withdraw your trade. If you search for Peter Crown's profile and then read his posts, from the first one, you will get a clear insight into his trading methods, on which this thread is based.
Gone to a better place
  • #8,171
  • Jun 22, 2009 9:18am Jun 22, 2009 9:18am
Quoting smikester
No. This happens frequently.Only if it breaks hard the wrong way, or starts consolidating, should you withdraw your trade. If you search for Peter Crown's profile and then read his posts, from the first one, you will get a clear insight into his trading methods, on which this thread is based.
Thank you smikester. I will go through from the beginning again.
  • #8,172
  • Jun 22, 2009 9:55am Jun 22, 2009 9:55am
Quoting FxMatt
Would this have been considered invalid once price has broken has broken the high of the IB?

Matt
Hi Matt,

I've attached two charts to try and explain your very valid point. I no

1. For the DIBS setup, you are looking to take short trades when an inside bar forms below the day's open (6am GMT) and you are looking to take long trades when an inside bar forms above the day's open

2. On most of Peter's charts, the break of the first inside bar is what he seems to take (even when one or more inside bars from after that point).

3. A slight break above the inside bar does not invalidate the inside bar. Although Peter does not lay emphasis on the strength of the inside bar break, i feel it's down to each individual what they look for.

4. Its my understanding (from going through the thread several times) and reading what Peter wrote that we'll all take the DIBS differently. Find what works best for you and apply it consistently.

The excellent risk/reward of this setup is what makes it such a nice setup for me.

Hope this helps?

Z
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  • #8,173
  • Jun 22, 2009 10:09am Jun 22, 2009 10:09am
Quoting zuret9
Hi Matt,

I've attached two charts to try and explain your very valid point. I no

1. For the DIBS setup, you are looking to take short trades when an inside bar forms below the day's open (6am GMT) and you are looking to take long trades when an inside bar forms above the day's open

2. On most of Peter's charts, the break of the first inside bar is what he seems to take (even when one or more inside bars from after that point).

3. A slight break above the inside bar does not invalidate the inside bar. Although Peter does not lay emphasis...
This is exactly why we want to go with the momentum of the day. The above Hikkake or false breaks where all against the daily momentum and then the market continued. We want to be on the continue side. If at the end of the day the market doesnt false step and it moves higher then no loss our our behalf, we just dont get a trade.

Razor

BTW this was more an answer to Matts question just using adding to your post
  • #8,174
  • Jun 22, 2009 10:16am Jun 22, 2009 10:16am
Quoting zuret9
Hi Matt,

I've attached two charts to try and explain your very valid point. I no

1. For the DIBS setup, you are looking to take short trades when an inside bar forms below the day's open (6am GMT) and you are looking to take long trades when an inside bar forms above the day's open

2. On most of Peter's charts, the break of the first inside bar is what he seems to take (even when one or more inside bars from after that point).

3. A slight break above the inside bar does not invalidate the inside bar. Although Peter does not lay emphasis...
Thanks for the charts Z.

I did not take the USD JPY trade as I was concerned that it was opening into too much congestion.

I missed that 11:00 GMT Cable IB all together. Must keep my eyes fresher and sharper.

I agree with you on the R:R ratio. This does make inside bars very appealing. The James16 thread never discusses them. Any idea why they prefer to pass on IB's? IB's seem to work well for me.

Thanks for you help

Matt
  • #8,175
  • Jun 22, 2009 10:18am Jun 22, 2009 10:18am
Quoting Razor_trader
This is exactly why we want to go with the momentum of the day. The above Hikkake or false breaks where all against the daily momentum and then the market continued. We want to be on the continue side. If at the end of the day the market doesnt false step and it moves higher then no loss our our behalf, we just dont get a trade.

Razor

BTW this was more an answer to Matts question just using adding to your post
Thank you for helping me out. I had the same question as FXMatt when i first started looking at the DIBS.

Z
  • #8,176
  • Jun 22, 2009 10:22am Jun 22, 2009 10:22am
Quoting Razor_trader
This is exactly why we want to go with the momentum of the day. The above Hikkake or false breaks where all against the daily momentum and then the market continued. We want to be on the continue side. If at the end of the day the market doesnt false step and it moves higher then no loss our our behalf, we just dont get a trade.

Razor

BTW this was more an answer to Matts question just using adding to your post
This makes a lot of sense. Thank you Razor.
  • #8,177
  • Jun 22, 2009 10:31am Jun 22, 2009 10:31am
I'm sure it's just a mistake, or you are a broker but your point 1. above is incorrect. I have pointed this out before and you managed to misinterpret PC's meaning, taking along a few other members with your interpretation.

I will post another quotation from PC which, I think, is clearer in meaning:


QUOTE:


"Thanks for the questions in such a logical order.

1. You mentioned earlier that you only buy on up days and sell on down days. You also said that you look for entries in the first 9 hours of a trading day. How soon into the trading day can you determine whether the day is an up or down day and not an outside bar?

I see where the difficulty is. As traders we have no idea if a day will be an "up" day or a "down" day. (Actually, that isn't absolutely correct, but for the purposes of this method it is.)

If you know what the opening price of the day (and the closing price of yesterday) is, you know at any moment if the price is "up" or "down" vs. yesterday's close ."

UNQUOTE

OK? Does that clear it up once and for all? 6am is where we start to look for inside bars, not the start of the day.

This is absolutely crucial.

Sorry to be so pedantic but people are learning here.

I'm done with policing this thread.
Gone to a better place
  • #8,178
  • Jun 22, 2009 10:36am Jun 22, 2009 10:36am
Quoting smikester
I'm sure it's just a mistake, or you are a broker but your point 1. above is incorrect. I have pointed this out before and you managed to misinterpret PC's meaning, taking along a few other members with your interpretation.

I will post another quotation from PC which, I think, is clearer in meaning:


QUOTE:


"Thanks for the questions in such a logical order.

[i][color=Blue]1. You mentioned earlier that you only buy on up days and sell on down days. You also said that you look for entries in the first 9 hours of a trading day....

6gmt is the start of the day
  • #8,179
  • Jun 22, 2009 10:39am Jun 22, 2009 10:39am
Quoting zuret9
Thank you for helping me out. I had the same question as FXMatt when i first started looking at the DIBS.

Z
More than welcome
  • #8,180
  • Jun 22, 2009 10:42am Jun 22, 2009 10:42am
Quoting smikester
I'm sure it's just a mistake, or you are a broker but your point 1. above is incorrect. I have pointed this out before and you managed to misinterpret PC's meaning, taking along a few other members with your interpretation.

I will post another quotation from PC which, I think, is clearer in meaning:


QUOTE:


"Thanks for the questions in such a logical order.

[i][color=Blue]1. You mentioned earlier that you only buy on up days and sell on down days. You also said that you look for entries in the first 9 hours of a trading day....
You totally lost me with this one????? If you go back and re-read what i wrote you notice i placed in brackets (6am GMT).

Am not too sure what point you are trying to make?

Z
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