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The DIBS Method... No Free Lunch continues

  • #8,221
  • Jun 24, 2009 4:11am Jun 24, 2009 4:11am
I played this 08:00 GMT IB short on the USD CAD. Just touched my order to open and then went on to stop me out. Couldn't see any support at the open level. Any thoughts on why this one failed for me would be much appreciated.

Thanks
Matt
Attached Image
  • #8,222
  • Jun 24, 2009 4:25am Jun 24, 2009 4:25am
Quoting FxMatt
I played this 08:00 GMT IB short on the USD CAD. Just touched my order to open and then went on to stop me out. Couldn't see any support at the open level. Any thoughts on why this one failed for me would be much appreciated.

Thanks
Matt
I am just a newbie, but I don't see anything. Just a bar that failed. It was a pretty big IB bar (compared to some previous 1hr bars)... But that doesn't mean it should fail...

Josh
  • #8,223
  • Jun 24, 2009 4:30am Jun 24, 2009 4:30am
Quoting FxMatt
I played this 08:00 GMT IB short on the USD CAD. Just touched my order to open and then went on to stop me out. Couldn't see any support at the open level. Any thoughts on why this one failed for me would be much appreciated.

Thanks
Matt
Hi Matt,

Looking at the daily and 4hr charts, i think you called it right but are just a little too early.

Z
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  • #8,224
  • Jun 24, 2009 4:30am Jun 24, 2009 4:30am
Quoting FxMatt
I played this 08:00 GMT IB short on the USD CAD. Just touched my order to open and then went on to stop me out. Couldn't see any support at the open level. Any thoughts on why this one failed for me would be much appreciated.

Thanks
Matt
You were trading into support:

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A bit unfortunate that it took your order before it reversed, though. Sorry.
Gone to a better place
  • #8,225
  • Jun 24, 2009 4:36am Jun 24, 2009 4:36am
Quoting FxMatt
I played this 08:00 GMT IB short on the USD CAD. Just touched my order to open and then went on to stop me out. Couldn't see any support at the open level. Any thoughts on why this one failed for me would be much appreciated.

Thanks
Matt
Hi matt, well i can only tell you why i didn't take it. if you zoom out a little on your chart you'll see we've been trending (see pink lines) so i wouldn't be looking short just yet for other reasons not related to dibs (but many would).

it wasn't a bad trade matt just one of those things... move on buddy :o)

kind regards
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  • #8,226
  • Jun 24, 2009 4:38am Jun 24, 2009 4:38am
I would consider going short with a pullback if the highlighted area is broken. Price might just bounce off that area! Lets see.

Z
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  • #8,227
  • Jun 24, 2009 4:53am Jun 24, 2009 4:53am
Thanks guys

I can see the support zone. I need to widen my 1 hour out a bit to see what is on the left. It's just one trade so onto the next one.

The 16:00 GMT IB yesterday was better in terms of location and R:R but it was late in the day so I passed on it.

Thanks again.
Matt
  • #8,228
  • Jun 24, 2009 4:56am Jun 24, 2009 4:56am
Quoting tyler812
Does anyone in the eastern United States who actively trades DIBS want to share their secret for trading at all hours of the night? Trying to start my trading day at 2am (0600 GMT) is killing me, and I'm already a coffee-holic!

Tyler
Eastern Canada ... and I have been getting up for London open for 8 months. It was hard at first. In the winter I did Josh's two phase sleep thing but now its summer I like to have the afternoons to be outside or exercise.
If I get to bed early enough I am fine, otherwise my trading gets really dull. I have been keeping a sleep log, so I know if I am down to catch it up otherwise its a problem and that has helped.
To be honest I have done some testing and I think I could go back to just the US and Asian session opens, there are certainly good opportunities in all of them
Good Luck!
  • #8,229
  • Jun 24, 2009 4:59am Jun 24, 2009 4:59am
I am tending to pass on Dibs later than 15:00 GMT but thinking about this, if a Dibs appears in the right location & R:R is OK then I should be going for these (refering to the 16:00 GMT Cad bar yesterday).

How late in a daily session will you guys consider a Dibs set-up?

Also I am also reluctant to enter a trade after the AM London session on Friday's on the basis that there may not be sufficient time and momentum to carry the trade forward. What do you think to this?

I do like the idea of Friday afternoons off though.

Matt
  • #8,230
  • Jun 24, 2009 6:13am Jun 24, 2009 6:13am
EUR USD 1 hour Dibs @ 11:00 GMT.

Pro's for short:
- Found resistance at the 14100 level

Con's for short:
- Opening into some congestion (opening my chart up a bit this time).

This Dibs straddles the day open so could be played long or short but I am not keen on the resistance long; previous highs on daily and knocking on the monthly open level.

Just my thoughts.

Matt
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  • #8,231
  • Jun 29, 2009 12:24am Jun 29, 2009 12:24am
Well this thread has been quiet, thought I would wake everyone up. It has been a tough couple of weeks for the DIBBER's with chop chop and a side order of chop. How are we all fairing.

Razor
  • #8,232
  • Jun 29, 2009 12:58am Jun 29, 2009 12:58am
Hi all

I'm new here, just starting to read the first thread and beginning this thread from page 1, Hi Jim and Josh, Hi f4mnect.

I'm still learning and today's trading a demo account for DIBS forward testing, I wanted to backtest but peter's post about a guy that backtested 14 years of data just shocked the hell out of me, I got a bout 7 years of data though, I'll let you guys know when I'm done with the backtesting.

Happy Dibbing today
  • #8,233
  • Edited 5:45am Jun 29, 2009 3:02am | Edited 5:45am
I think there's an IB for USDCHF, long entry stop.
Also and IB on GBPUSD, due to these pairs correlating, and GBPUSD has been consolidating below the 1.66 level these last few weeks, I'd have a short bias.

USDCHF not looking good while I've entered long on EURUSD,GBPUSD,and GBPJPY

lets see how it will work out

USDCHF trade got stopped out.

Currently Watching USDJPY for an IB, bias is short.
  • #8,234
  • Jun 29, 2009 5:31am Jun 29, 2009 5:31am
Sideways market every where. Lots of fun just aiming for 1:1.

Z
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  • #8,235
  • Jun 29, 2009 5:42am Jun 29, 2009 5:42am
Quoting marcelnyo
I think there's an IB for USDCHF, long entry stop.
Also and IB on GBPUSD, due to these pairs correlating, and GBPUSD has been consolidating below the 1.66 level these last few weeks, I'd have a short bias.

USDCHF not looking good while I've entered long on EURUSD,GBPUSD,and GBPJPY

lets see how it will work out
I was watching the USD/CHF earlier but didn't take the trade because of the strong resistance that price was heading into. Lets see how she develops later in the day.

Z
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  • #8,236
  • Jun 29, 2009 6:06am Jun 29, 2009 6:06am
Quoting marcelnyo
I think there's an IB for USDCHF, long entry stop.
Also and IB on GBPUSD, due to these pairs correlating, and GBPUSD has been consolidating below the 1.66 level these last few weeks, I'd have a short bias.

USDCHF not looking good while I've entered long on EURUSD,GBPUSD,and GBPJPY

lets see how it will work out

USDCHF trade got stopped out.

Currently Watching USDJPY for an IB, bias is short.
Welcome Marcel!
I'm taking this USD/JPY trade short if it triggers. The bar just closed. All forward testing demo of course. Need a few months of getting used to what patterns I should be looking for.

One big thing I'm looking for in a trade setup is that the IB is a substantially smaller range than previous bar. The USD/CHF was close to the same range, which made it a no trade for me. The smaller the bar, the less risk (at least, less pips risk). Easier to get huge Rs.

Hmmm.... USD/JPY breaking higher. Will still take it south if it triggers though.

Part of my testing also records whether the DIB trade was in harmony with the weekly open. Meaning if we are trading lower than weekly open, I should only take shorts and vice versa... will determine if this is a good filter or not. (of course, only taking trades that are in harmony with 12:00am CT open, per DIBS rules).

Josh
Attached Image
  • #8,237
  • Jun 29, 2009 6:22am Jun 29, 2009 6:22am
Quoting Jduester
Welcome Marcel!
I'm taking this USD/JPY trade short if it triggers. The bar just closed. All forward testing demo of course. Need a few months of getting used to what patterns I should be looking for.

Josh
Hi Josh,

I see UJ heading into some strong resistance. However, the fact that the inside bar seems a lot smaller than the previous bars suggests that traders taking this trade will tend to lean on it more.

I would personally like to see the resistance line broken and wait for a minor pullback before going south.

Z
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  • #8,238
  • Jun 29, 2009 8:22am Jun 29, 2009 8:22am
Quoting zuret9
Hi Josh,

I see UJ heading into some strong resistance. However, the fact that the inside bar seems a lot smaller than the previous bars suggests that traders taking this trade will tend to lean on it more.

I would personally like to see the resistance line broken and wait for a minor pullback before going south.

Z
Just got stopped out. 3 pips shy of hitting 1:1.

Josh
  • #8,239
  • Jun 29, 2009 8:28am Jun 29, 2009 8:28am
It is set for a breakout, 30 pip range for the past 6-7 hours, once something triggers I think it will be off. Im currently long (different story wont get into it here) and holding, SL is fairly tight and can be given the range.

Razor
  • #8,240
  • Jun 29, 2009 9:17am Jun 29, 2009 9:17am
Quoting Jduester
Just got stopped out. 3 pips shy of hitting 1:1.

Josh
Reentered... tough to pass on 9 pip stop. (for me at least)...I agree Razor. It's ready to pop, either up or down....
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