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The DIBS Method... No Free Lunch continues

  • #8,381
  • Jul 20, 2009 4:17am Jul 20, 2009 4:17am
Quoting advfntrader
placed orders on Friday for the break of the Daily inside bar, long order triggered Friday evening and I am currently up 200 pips and am closing half of my position. will leave the other half to run, stop at breakeven.


Do you combine this with the Hourly DIBS or do you just trade the Daily DIBS?

Z
  • #8,382
  • Jul 20, 2009 4:20am Jul 20, 2009 4:20am
Quoting nuclear62
Z, this is slightly stupid but could you share your great dailyopen indicator shown in your charts?
Big thanks =)

I have to ask also that which pairs do you have found the best? You trade other pairs also than PCs majors? I´m so confused with too many pairs and going to choose a few to trade.
Hi nuclear62

There is no such thing as a stupid question. Indicator attached.

I look at all the majors and some of the minors. My goal is to go with what the market is pushing. But i would always say, take your time and go with what works for you.

Z
Attached File(s)
File Type: mq4 daily_open_line.mq4   2 KB | 1,175 downloads
  • #8,383
  • Jul 20, 2009 4:20am Jul 20, 2009 4:20am
looking at both Daily and hourly at the moment. I prefer Daily though as I find it less stressful
  • #8,384
  • Jul 20, 2009 6:39am Jul 20, 2009 6:39am
Pretty good start to the working week with IBs that have run on most pairs. I have taken the ORB for GJ this morning and am up nicely on that plus I have 2 IBs on GJ to compliment, both are up.

Lets see how the week runs. Most J pairs have decending TL resistance that may come into play through New York or early this week. A break of that could see us pushing higher some couple of hundred pips and perhaps break the monotony of choppy conditions.

Razor
  • #8,385
  • Jul 21, 2009 3:18am Jul 21, 2009 3:18am
Fast moving market.....30min chart DIBS. Break of .7650, poetry in motion.

Z
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.jpg Size: 81 KB
  • #8,386
  • Jul 21, 2009 3:27am Jul 21, 2009 3:27am
Quoting zuret9
Fast moving market.....30min chart DIBS. Break of .7650, poetry in motion.

Z
Hi Z,

Interesting to see you using the 30M chart for Dibs. Have you used this time frame regularly with good results?

Best,
Matt
  • #8,387
  • Jul 21, 2009 4:26am Jul 21, 2009 4:26am
Quoting FxMatt
Hi Z,

Interesting to see you using the 30M chart for Dibs. Have you used this time frame regularly with good results?

Best,
Matt
I sometimes scan the 30M Charts when there is little signs on the Hourly charts. They work quite well too but i would say you need more confluence when trading them.

Z
  • #8,388
  • Jul 21, 2009 6:24am Jul 21, 2009 6:24am
Turned this morning's GU trade into a DIBS. Stop moved to the high of the inside bar on last lot (with an eye on Bernanke's speech later).

Z
Attached Image (click to enlarge)
Click to Enlarge Name: GU.jpg Size: 80 KB
  • #8,389
  • Jul 21, 2009 7:05am Jul 21, 2009 7:05am
Quoting zuret9
Turned this morning's GU trade into a DIBS. Stop moved to the high of the inside bar on last lot (with an eye on Bernanke's speech later).

Z
Stopped out.

Any views on what surprises Bernanke will present us with later?

Z
  • #8,390
  • Jul 21, 2009 7:38am Jul 21, 2009 7:38am
Quoting zuret9
Stopped out.

Any views on what surprises Bernanke will present us with later?

Z
Not sure, fundamentals dont really come into play in my technical arena. If he does say something I would just like it to really define some direction. This chop chop is keeping me out of the game. I took the 3 trades yesterday and closed each for small profit (2/3rds off at 1:1) for the first IB and the ORB to start the week, the 2 IB I lost on so Im up slightly.

Even today asia started lower and now heading into New York we are pulling back so really there is no continuance and for the better part of 2 months this has been the rhythm. If we are taking IBs I guess we may need to change some Profit Taking habits until market direction becomes clear which is hence why I am removing the 2/3rds at 1:1.

Lets see what the rest of the week delivers

Razor
  • #8,391
  • Jul 21, 2009 7:55am Jul 21, 2009 7:55am
Quoting Razor_trader
... I took the 3 trades yesterday and closed each for small profit (2/3rds off at 1:1) for the first IB and the ORB to start the week, the 2 IB I lost on so Im up slightly.....

Razor
I got IB, but what is ORB??

Rusty
  • #8,392
  • Jul 21, 2009 8:02am Jul 21, 2009 8:02am
Quoting Razor_trader
Not sure, fundamentals dont really come into play in my technical arena. If he does say something I would just like it to really define some direction. This chop chop is keeping me out of the game. I took the 3 trades yesterday and closed each for small profit (2/3rds off at 1:1) for the first IB and the ORB to start the week, the 2 IB I lost on so Im up slightly.

Even today asia started lower and now heading into New York we are pulling back so really there is no continuance and for the better part of 2 months this has been the rhythm. If we...
A strong Dollar will not help with the mess Bush left behind. You are right, i am also purely a technical guy and will wait (considering he is speaking for two days!).

We might see some good moves starting late Thursday or Friday into next week. Lets keep watching and picking up a few pips here and there.

However, am really enjoying this period. It is at times like this that our trading skills get sharpened, fantastic. It's still possible to keep picking 80pips here and there but i can't wait to get back to the 3digit profits.

Z
  • #8,393
  • Jul 21, 2009 8:59am Jul 21, 2009 8:59am
Quoting zuret9
A strong Dollar will not help with the mess Bush left behind. You are right, i am also purely a technical guy and will wait (considering he is speaking for two days!).

We might see some good moves starting late Thursday or Friday into next week. Lets keep watching and picking up a few pips here and there.

However, am really enjoying this period. It is at times like this that our trading skills get sharpened, fantastic. It's still possible to keep picking 80pips here and there but i can't wait to get back to the 3digit profits.

Z
Let me spread some blame around. The mess congress left behind. I'd like to see all of them packing there bags over the housing mess. I am against over regulating companies but agree that the housing market should have been addressed in 2004.
This is obongos mess now and with 33 new czars and tax and spend-we are in deep trouble.
  • #8,394
  • Jul 21, 2009 9:51am Jul 21, 2009 9:51am
Quoting rusty105
I got IB, but what is ORB??

Rusty
Opening Range Breakout.

Z
  • #8,395
  • Jul 22, 2009 6:46am Jul 22, 2009 6:46am
not seeing so many Hourly inside bars breaking away from the 6am open. GBP/USD today broke back through the open for a long
  • #8,396
  • Jul 22, 2009 6:56am Jul 22, 2009 6:56am
Quoting zuret9
Opening Range Breakout.

Z

Got it

Thank you!

Rusty
  • #8,397
  • Jul 22, 2009 7:12am Jul 22, 2009 7:12am
Quoting rusty105
I got IB, but what is ORB??

Rusty
As Zuret mentioned it is Opening Range Breakout and it essentially for me a trade at the start of the week that is based on a early breakout. The goal is to capture the move at the start of the week and if the market runs then you have some good profits. It is something that I am adding to my longer term stategy but is part of my journal and not this thread.

Razor
  • #8,398
  • Jul 22, 2009 7:13am Jul 22, 2009 7:13am
Quoting advfntrader
not seeing so many Hourly inside bars breaking away from the 6am open. GBP/USD today broke back through the open for a long
True, but that trade went to more than 2:1. If you banked half at 1:1 and moved your stop to break even you would still come out having made 1x your risk.
They dont work every day ... but the ones that do pay for the losers
  • #8,399
  • Jul 22, 2009 7:16am Jul 22, 2009 7:16am
There are some opportunities for some IBs today. So of the early ones would have worked out quite well with you being at least 1:1 and still in.

Direct, well for me the cable, G/J and E/J have made lower lows but have also pulled back. Most are currently still above the weeks opening and now playing above the 6 am candle which could help with longs, but there have also been some very strong moves down also. The new lows with lower highs tell me down, just as the higher TFs can confirm some bearishness. The current IBs are playing below the 6 am candle so time will tell if these get entered or not.

Razor
  • #8,400
  • Jul 22, 2009 8:43am Jul 22, 2009 8:43am
just learning this method but I see you HAVE to get out half at 1:1 as it can turn on your pretty fast !


Quoting elitejets
True, but that trade went to more than 2:1. If you banked half at 1:1 and moved your stop to break even you would still come out having made 1x your risk.
They dont work every day ... but the ones that do pay for the losers
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