The DIBS Method... No Free Lunch continues | Page 417 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

The DIBS Method - No Free Lunch Returns 13 replies

No Free Lunch but all the Free Coffee you can drink 736 replies

Peter Crown's DIBS method revisited 14 replies

DIBS Method EA 11 replies

Problem using Dibs EA 4 replies

Attachments: The DIBS Method... No Free Lunch continues
Exit Attachments

The DIBS Method... No Free Lunch continues

  • #8,321
  • Jul 9, 2009 8:47am Jul 9, 2009 8:47am
Quoting FxMatt
Stopped out on the USD JPY 12:00 GMT DIBS short. Unfortunately I didn't take the DIBS at the same time for EUR USD and USD CHF as I thought that the location was not the best. 3 poor decisions with hindsight.

Any thoughts on why I should have avoided the U/J trade would be much appreciated!

Onto the next trade...

Matt
You got topped and tailed in a time when markets where just a bit unsure. After a massive drop yesterday most pairs have found a small support base. Whether that support base is going to hold we will have to see. Given the nature of the markets for the past month nothing would surprise me at the moment. I missed my opportunity to get rid of my shorts and go longs of the weekly support but took over 900 pips of profit this week with all my trades.

While that may sound nice, I was up close to 1600 at the peak of the drop last nite. My SL where place at there points because they were above the new support turned resistance and were at the time a long way away. I am stoked to take that off the table given that I was more than happy with my 2/3rds off at 2:1, more profit than a free trade and the rest was allow to run.

Next trade is just around the corner mate. Trade the plan, the pips will follow

Razor
  • #8,322
  • Jul 9, 2009 8:55am Jul 9, 2009 8:55am
Quoting Razor_trader
Next trade is just around the corner mate. Trade the plan, the pips will follow

Razor
Thanks Razor - yes, onto the next one. One trade is no big deal but just trying to keep the learning going each time.

Great result on your part I will follow your journal more closely.

Matt
  • #8,323
  • Jul 10, 2009 10:48am Jul 10, 2009 10:48am
Hi There, Just a silent lurker with a question.

When trading using IB on Daily Time Frame, Do you know the time settings for each bar? Does he use what most brokers new daily bars are formed? 17:00 EST ? Or does he use the 0600 GMT for a new Daily Bar?

I'm guessing if for the hourlies it is 1:00 AM Est for the "if higher/lower Day Direction." It would mean his daily candles are 1:00-1:00 (0600 gmt) ?

I'm just not sure I remember reading SOMEWHERE about trading DIBS on Daily.

Thanks
  • #8,324
  • Jul 10, 2009 11:46am Jul 10, 2009 11:46am
Quoting fxcatty
Hi There, Just a silent lurker with a question.

When trading using IB on Daily Time Frame, Do you know the time settings for each bar? Does he use what most brokers new daily bars are formed? 17:00 EST ? Or does he use the 0600 GMT for a new Daily Bar?

I'm guessing if for the hourlies it is 1:00 AM Est for the "if higher/lower Day Direction." It would mean his daily candles are 1:00-1:00 (0600 gmt) ?

I'm just not sure I remember reading SOMEWHERE about trading DIBS on Daily.

Thanks
Hi Fxcatty,

For Daily setups, all i recall PC mentioning is that you use last weeks close as your line in the sand.

It would make sense if you are able to use 6am GMT as your start time but using your broker's start time should also serve the same purpose(in my opinion).

Z
  • #8,325
  • Jul 10, 2009 11:48am Jul 10, 2009 11:48am
Thanks Z

Thats what i thought, but I like confirmation from others as well.. Sense of security. The only bit we get.. Have a great weekend.
  • #8,326
  • Jul 10, 2009 11:50am Jul 10, 2009 11:50am
Quoting fxcatty
Thanks Z

Thats what i thought, but I like confirmation from others as well.. Sense of security. The only bit we get.. Have a great weekend.
I'll start posting 4Hr and Daily DIBS setups from next week. I've been amazed at how well the DIBS works on the 4hr charts this week..

Have a nice week.

Z
  • #8,327
  • Jul 11, 2009 2:04am Jul 11, 2009 2:04am
Sorry if this has been mentioned elsewhere, but just to double check:

For 1H IB's we use daily open.
For 4H IB's we use weekly open.
For daily IB's we use montly open.
  • #8,328
  • Jul 11, 2009 1:05pm Jul 11, 2009 1:05pm
Quoting runkarn
Sorry if this has been mentioned elsewhere, but just to double check:

For 1H IB's we use daily open.
For 4H IB's we use weekly open.
For daily IB's we use montly open.
For 1Hr DIBS we use the daily open at 6am GMT
For the 4Hr & Daily we use last week (the previous weeks) close as our line in the sand.

Z
  • #8,329
  • Jul 13, 2009 11:23am Jul 13, 2009 11:23am
Quoting luxinterior
I've not traded this method for a while but I thought some people might find the last version of the indicator I was using useful.

I think the only difference to the ones I've already posted is this one shows the weekly opening.

Hope it helps.

Lux

PS: I am not supporting this indicator at the present time.

Hi All
I have downloaded this indicator to my desktop but am having difficulty importing it into MT4. I have spent about 4 hours now searching for instructions on how to import indicators and EAs but to no avail. Could someone please point me in the right direction? By the way, I'm new here so take it easy on me Thanks
Mark
  • #8,330
  • Edited 1:00pm Jul 13, 2009 12:51pm | Edited 1:00pm
Hi all in here

This is my first post here in this thread. I am quite a new person in FF, trying and learning a lot here...

I took a DIBS trade today (I believe it was along with the rules) and it didn't do very well. The IB was quite small, my risk was only 26 pips, but I would like to know if I did anything wrong...

Here is my chart, I took long in EURUSD at 12 CET (which is GMT+1). It went about 28 pips up and them moved down and took my SL out... I should have moved my SL to BE at +26, but that is my mistake I am aware of

Could somebody experienced in this method please tell me if I did something wrong?

Thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 16 KB
Live it or leave it!
  • #8,331
  • Jul 13, 2009 1:40pm Jul 13, 2009 1:40pm
Quoting Slurpee
Hi all in here

This is my first post here in this thread. I am quite a new person in FF, trying and learning a lot here...

I took a DIBS trade today (I believe it was along with the rules) and it didn't do very well. The IB was quite small, my risk was only 26 pips, but I would like to know if I did anything wrong...

Here is my chart, I took long in EURUSD at 12 CET (which is GMT+1). It went about 28 pips up and them moved down and took my SL out... I should have moved my SL to BE at +26, but that is my mistake I am aware of

Could...
The inside bar was valid and you traded it in the right direction. The thing is with this method is they are not all winners, in fact a lot of them are not, but the winners pay for the losers.
If you follow Peter Crowns method then when you got to 1x your risk, or 1:1 which would have been +26 pips you should have banked half of your trade so that the trade would have been paid for and you would not have made a loss.

The markets are very choppy at the moment and EURUSD is really going sideways which does not help your trade.

Good trading
Nicola
  • #8,332
  • Jul 13, 2009 3:48pm Jul 13, 2009 3:48pm
Quoting elitejets
The inside bar was valid and you traded it in the right direction. The thing is with this method is they are not all winners, in fact a lot of them are not, but the winners pay for the losers.
If you follow Peter Crowns method then when you got to 1x your risk, or 1:1 which would have been +26 pips you should have banked half of your trade so that the trade would have been paid for and you would not have made a loss.

The markets are very choppy at the moment and EURUSD is really going sideways which does not help your trade.

Good trading
Nicola...
Thanks, Nicola, understood
Live it or leave it!
  • #8,333
  • Jul 14, 2009 1:44am Jul 14, 2009 1:44am
Quoting Slurpee
Hi all in here

This is my first post here in this thread. I am quite a new person in FF, trying and learning a lot here...

I took a DIBS trade today (I believe it was along with the rules) and it didn't do very well. The IB was quite small, my risk was only 26 pips, but I would like to know if I did anything wrong...

Here is my chart, I took long in EURUSD at 12 CET (which is GMT+1). It went about 28 pips up and them moved down and took my SL out... I should have moved my SL to BE at +26, but that is my mistake I am aware of

Could...
Hi,

Just to add to Nicola's post, that long trade was heading into the 14000 resistance area. For my set-up a 1:1 trade would have add to reach 13997 which is too tight for me, so I passed on that trade.

The short at the same time on the USD CHF had a little more room to breathe. Again heading into support around 10800 but my 1:1 would have been at 10815, so a more room for the trade to play out.

Just my take on this. Hope it helps.

Matt
  • #8,334
  • Jul 14, 2009 3:07am Jul 14, 2009 3:07am
DIBS on EU! Market is bouncing within a 50pip range.

Best to wait for a better setup or let the market show it's hand before deciding what to do.

Z
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 72 KB
  • #8,335
  • Jul 14, 2009 3:10am Jul 14, 2009 3:10am
Similar story to EU...

Z
Attached Image (click to enlarge)
Click to Enlarge Name: uc.jpg Size: 69 KB
  • #8,336
  • Jul 14, 2009 3:12am Jul 14, 2009 3:12am
Quoting zuret9
DIBS on EU! Market is bouncing within a 50pip range.

Best to wait for a better setup or let the market show it's hand before deciding what to do.

Z
I agree Z.

Dibs also on USD CHF at 08:00 GMT but very tight range. Will pass on that one also.

Ended yesterday down overall, but my fault for not being picky enough. Aim to do better today.

Matt
  • #8,337
  • Jul 14, 2009 3:13am Jul 14, 2009 3:13am
Took this daily DIBS on GU got 1:1 with my entry and dumped my last position once the daily pinbar was broken.

Z
Attached Image (click to enlarge)
Click to Enlarge Name: GU.jpg Size: 65 KB
  • #8,338
  • Jul 14, 2009 3:17am Jul 14, 2009 3:17am
Quoting FxMatt
I agree Z.

Dibs also on USD CHF at 08:00 GMT but very tight range. Will pass on that one also.

Ended yesterday down overall, but my fault for not being picky enough. Aim to do better today.

Matt
After trading for a few years one thing i have realized is to be a better judge of current market conditions.

Right now i am taking DIBS for 1:1 and waiting for the market condition(s) to change before aiming for higher r/r.

Z
  • #8,339
  • Jul 14, 2009 3:29am Jul 14, 2009 3:29am
Quoting markd85
Hi All
I have downloaded this indicator to my desktop but am having difficulty importing it into MT4. I have spent about 4 hours now searching for instructions on how to import indicators and EAs but to no avail. Could someone please point me in the right direction? By the way, I'm new here so take it easy on me Thanks
Mark
Hey mark
Save the indicator to somewhere you can find it easily. Then click START on your desktop, click EXPLORE, then click programme files. Look in your programme files for your trading platform. Click on your platform folder. Inside here you will find a folder called indicators, open this folder and copy and paste the new indicator there. Once done close down and restart your platform. Then veiw your custom indicators and new indi should be there. Then just add to chart as usuall. hope this helps.

Trade well
Perry
  • #8,340
  • Jul 14, 2009 3:42am Jul 14, 2009 3:42am
4Hr DIBS on GU that i missed... Above last weeks close.

Anyone trading the higher time frames?

Z
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 67 KB
7 traders viewing now