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The DIBS Method... No Free Lunch continues

  • #8,181
  • Jun 22, 2009 10:46am Jun 22, 2009 10:46am
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

That is exactly what was posted. Besides can I clear something up which you have written

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.

Your quote doesnt specify timezone, it just says 6am. Sorry to point out the obvious, but since some are doing I thought I would too.

For all new traders. Its 6am GMT or 6am in London for those who are not familiar with GMT jargon.

London is the bigges market followed by US so we look for bias from this candle because it can give us early indication as to the orders being placed by the big markets.

Now back to trading

Razor
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. How...
  • #8,182
  • Jun 22, 2009 10:49am Jun 22, 2009 10:49am
Sorry Ill put a and a and finally a to show no hard feelings
  • #8,183
  • Jun 22, 2009 10:53am Jun 22, 2009 10:53am
OK razor trader. I did mean 6 am GMT. Sorry for that.

We should start looking for inside bars after 6 am GMT, or 6 am BST (which is what we are using at the moment)

We don't go long if the price is below midnight's (GMT) price. We don't go short if the price is above midnight's (GMT) price.

Midnight is the start of a new day, even if you don't eat your rice krispies then.

I think you know what I mean razor trader.
Gone to a better place
  • #8,184
  • Jun 22, 2009 10:58am Jun 22, 2009 10:58am
just to add more to the mixing pot
I dont trade if the market is in between the daily open and 06:00, maybe this is just me
  • #8,185
  • Jun 22, 2009 11:06am Jun 22, 2009 11:06am
Reviewing the start of the thread again it is clear that the start of the session is 06:00 GMT and we look for IB's from this point, but I am interpreting an up-day as when the IB is above the 06:00 GMT open price and a down-day if below. If the IB straddles the 06:00 GMT price then we can go either long or short.

Matt
  • #8,186
  • Jun 22, 2009 11:07am Jun 22, 2009 11:07am
LOL well while we're at it....

I only go from 6am gtm which is currently 7am london and 8am cet (my broker time)

if you follow the concept of "hot hand" or going with the strongest move/trend etc etc of the "day" then the 12am gtm day start is a mute point...but for a new trader/reader then accepted it will help as a definitive!

kind regards
  • #8,187
  • Jun 22, 2009 11:07am Jun 22, 2009 11:07am
Quoting smikester
OK razor trader. I did mean 6 am GMT. Sorry for that.

We should start looking for inside bars after 6 am GMT, or 6 am BST (which is what we are using at the moment)

We don't go long if the price is below midnight's (GMT) price. We don't go short if the price is above midnight's (GMT) price.

Midnight is the start of a new day, even if you don't eat your rice krispies then.

I think you know what I mean razor trader.
HE HE HE I sure did, its late and im about to go to bed after a good start to the week. Just like stirring it up a little every now and then

Take care m8

Razor
  • #8,188
  • Jun 22, 2009 11:08am Jun 22, 2009 11:08am
Quoting FxMatt
Reviewing the start of the thread again it is clear that the start of the session is 06:00 GMT and we look for IB's from this point, but I am interpreting an up-day as when the IB is above the 06:00 GMT open price and a down-day if below. If the IB straddles the 06:00 GMT price then we can go either long or short.

Matt
Correct
  • #8,189
  • Jun 22, 2009 11:10am Jun 22, 2009 11:10am
Quoting croesesFX
just to add more to the mixing pot
I dont trade if the market is in between the daily open and 06:00, maybe this is just me
Yes, same here. But I do take late dibs trades, eg the EUR/USD just now. Not sure if it's too close to support to do much, though.
Gone to a better place
  • #8,190
  • Jun 22, 2009 11:11am Jun 22, 2009 11:11am
Quoting smikester
Yes, same here. But I do take late dibs trades, eg the EUR/USD just now. Not sure if it's too close to support to do much, though.
a bit late for my liking smike but good luck with it!

regards
  • #8,191
  • Jun 22, 2009 11:13am Jun 22, 2009 11:13am
Quoting smikester
Yes, same here. But I do take late dibs trades, eg the EUR/USD just now. Not sure if it's too close to support to do much, though.
becareful there is a monthly pivot at 3839
  • #8,192
  • Jun 22, 2009 11:20am Jun 22, 2009 11:20am
The basic concept is the same for everyone however, how you filter the trades you then take is down to each individual.

"DIBS will be more difficult to destroy because no two of you will trade the concept the same way.

-Peter Crowns-"


Z
  • #8,193
  • Jun 22, 2009 11:30am Jun 22, 2009 11:30am
Quoting zuret9
The basic concept is the same for everyone however, how you filter the trades you then take is down to each individual.

Z
For sure zuret.

Yep icarus and croeses, thanks. Not a wise trade. I am prepared to take more risky dibs trades, though I wasn't aware the monthly pivot was so close.

One good thing - if that goes it won't look back for a while.
Gone to a better place
  • #8,194
  • Jun 22, 2009 8:31pm Jun 22, 2009 8:31pm
Alot of the majors are reaching there trendlines either today or sooner this week. There might be some minor chop whilst the direction is settled. Breaks will offer great rewards to those already in DIBS, but if we get some signs of support at these areas take some more off the table.

It is better to remove a portion of your profits and let a small amount run, incase we come back to the support for a retest and subsequently break it you will still have something in motion. Alternatively IBs if they form above todays london open may be reason enough to take profit and switch. If we do get a switch then we are back in with the major trend which is really a beautiful thing indeed.

Razor
  • #8,195
  • Jun 23, 2009 4:33am Jun 23, 2009 4:33am
We got a 22 pip IB on bar prior to open. Broke through low on opening bar. (using open as 1:00ET)...

Just under 5R was available... could still be in, with possible chance to add in 30 mins. with new IB.

Trying to keep it simple. Just watching and learning for me right now. Over 1/2 done with reading this thread and have finished the first one.

Happy Trading,

Josh
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  • #8,196
  • Jun 23, 2009 4:40am Jun 23, 2009 4:40am
What did you think of the first thread?
Gone to a better place
  • #8,197
  • Jun 23, 2009 4:48am Jun 23, 2009 4:48am
i will take the break of the I bar indicated either way long if it breaks up and short if it goes down
it will heavily depend on whether the Euro will break 1.3932
  • #8,198
  • Jun 23, 2009 4:49am Jun 23, 2009 4:49am
lol
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  • #8,199
  • Jun 23, 2009 5:10am Jun 23, 2009 5:10am
Dibs on Cable at 10:00 GMT but heading into support and round number. Quite a bit of support on daily as well. Could be nice if it broke though.

What do you think?
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  • #8,200
  • Jun 23, 2009 5:10am Jun 23, 2009 5:10am
Quoting smikester
What did you think of the first thread?
Just to make sure, the first thread that I'm talking about is Bemac's:
http://www.forexfactory.com/showthread.php?t=56907

As many have written, I think the first thread is a MUST read. This current thread is much more noise. All of PC's posts are in the first one, along with some other great posts. I"m mainly reading this thread for Jarroo's posts as well as some other nuggets (like Hanover's posts)...not getting too much out of the first 5000 posts in this thread, but I only have 3K left, so I might as well finish it.

Again, it's most important to (re)read PC's stuff and then create your strategy/method from that. Lots of people trying to modify his method and lots of arguing about correct entry time (still is happening, I notice) on this thread. Jarroo and others do provide great examples with charts on this thread though, which helps engrain the strategy into my brain.

Josh
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