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The DIBS Method... No Free Lunch continues

  • #8,521
  • Aug 11, 2009 5:09am Aug 11, 2009 5:09am
Quoting Razor_trader
Yesterday was a very good day. I took 3 trades in total but cut down the timeframe to 15 mins on the IBs i liked and got a nicer entry, in some cases the risk was only 12 pips (instead of 25-30) which allow me to load up a little more. I took my first trade off at 143 pips (full lots also, didnt come back to my 1:1 point) which worked out at close to 11:1, I still have 2 trades running, both full lots with Cable trade also at close to 100 pips, and my E/U ran overnight and has now pulled back slightly, however looks read to drop again with it forming...
Razor,

Do you pay any attention to larger time frames or do you just trade of the 6am open? for instance, if you have a long trade on a DIBS set up but the daily charts are bearish would you still take the trade or would your bias be towards shorts?

Gez.
Seek not to change the world; seek only to change your mind about the world
  • #8,522
  • Aug 11, 2009 8:56am Aug 11, 2009 8:56am
Quoting gez40
Razor,

Do you pay any attention to larger time frames or do you just trade of the 6am open? for instance, if you have a long trade on a DIBS set up but the daily charts are bearish would you still take the trade or would your bias be towards shorts?

Gez.
it really depends on the situation. There are bars/candles previous to IBs that can give some good indications as to where the market is at and what is may do. The other factors are S/R.

I do alot of my charting on a weekly (S/R) and these are my areas that I trade off. If we are inbetween then I will look lower (daily) to see if we are more likely heading up or down.

If for instance this week we have big Shooting Star on the weekly and the daily breaks down, I see this a confirmation that the weekly Pin may be in effect and my bias is to the down. My goal is now to look for pullbacks that offer me the best price and typically I look for 2 bar setups, whether they be Pin/IB, IB/IB or even an outside bar/Inside bar combo. Provided I get good price and good price action (I can get quick return on 1:1) then I will take the trade.

I love the idea of buying/selling with daily direction, however I prefer to put some other factors into play such as previous bar information, higher TFs information and whether we are at S/R and how strong it has been before. I have in the past taken every IB put before me, however months like the last 2 where it has been quite choppy have made me look a little more and not be as reckless. I miss some now and then and I loose some now and then, however most of my winners have remained at full lots passed 1:1 (yesterday I took those trades and took full lots well past 5x and still have 1 trade running at full lots that is 9x).

I also do take trades on daily charts but not weekly, the R/R ratio of weekly takes too long to mature and while the win rate is much higher that is not my plan. Dailys can offer better R/R and a steady ratio of Wins/Losses.

Feel free to PM if you have anything else m8.

Take care

Razor
  • #8,523
  • Aug 11, 2009 11:00am Aug 11, 2009 11:00am
Quoting Razor_trader
it really depends on the situation. There are bars/candles previous to IBs that can give some good indications as to where the market is at and what is may do. The other factors are S/R.

I do alot of my charting on a weekly (S/R) and these are my areas that I trade off. If we are inbetween then I will look lower (daily) to see if we are more likely heading up or down.

If for instance this week we have big Shooting Star on the weekly and the daily breaks down, I see this a confirmation that the weekly Pin may be in effect and my bias is to the...
Thanks for the reply Razor, just started using S/R levels myself, looking at the EURJPY today an IB formed right at the weekly pivot and fell like a stone, just a shame it opened above the 6am open, nice to see how it reacts to S/R though.

all the best

Gez.
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Seek not to change the world; seek only to change your mind about the world
  • #8,524
  • Aug 11, 2009 8:12pm Aug 11, 2009 8:12pm
Quoting gez40
Thanks for the reply Razor, just started using S/R levels myself, looking at the EURJPY today an IB formed right at the weekly pivot and fell like a stone, just a shame it opened above the 6am open, nice to see how it reacts to S/R though.

all the best

Gez.
And a good reason to break the rules. The bar that hit the WPP didnt close above (first sign of weakness) the next bar was an IB (another sign of weakness), so in this case you could have taken either direction, but based on the failure to break above and stay above the Weekly Pivot Point, plus from what I can see you are also below the Daily Pivot Point would have given me some bias to the downside. Subsequently had you shorted that point you would have made 1:1 quickly and then if the market resumed up you would have lost nothing but time.

I am all for following the rules, but PC stated there are better opportunities and some IBs work better than others. In any case I just take the information given to me and settle on it. The biggest thing I have learnt this year is to trade what you see and expect to loose. If you can take that mentallity then you can move past the losses while remaining in the opportunity flow. I still get losses today, the best part is that I know before I trade what I will loose, I dont know where my profits will take me but on most occasions it is past 4-5x risk.

Razor
  • #8,525
  • Aug 12, 2009 9:09am Aug 12, 2009 9:09am
Quoting Dale
Ok I been in this trade for two hours and it is doing nothing, My plan for this series of trades is that they either hit my target or get stopped out, So I do not allow my self to even think about it. I have other accounts that I trade with greater discretion and do well in. but I do not get to be discretionary here. So I can


A. Read a book

B. Go for a walk

C Set alarms and a take nap

anyway not following my plan I had PRIOR TO MAKING THE TRADE
is a path down the dark side, and leads to a loss of overall capital.

Maybe these posts will...
LEARN FROM THIS.
I dream, therefore I become.
  • #8,526
  • Aug 14, 2009 8:17pm Aug 14, 2009 8:17pm
Hi Gez,

Looking at your last chart post what a GREAT trade ! Are you still using your 39EMA and trendline break to confirm your I/B trades ?



Thanks ,

EZ
" Master Your Set-Up , Master Yourself "
  • #8,527
  • Aug 15, 2009 6:16am Aug 15, 2009 6:16am
Quoting EZTrades
Hi Gez,

Looking at your last chart post what a GREAT trade ! Are you still using your 39EMA and trendline break to confirm your I/B trades ?



Thanks ,

EZ
Hi EZ,

Yep, still use that strategy on a daily basis and doing very well, just lately though been trading DIBS as per PC`s rules, started to use pivots and S/R levels as well, as you can see from my last chart pivots look very interesting, don`t know why i`ve never used them b4

Gez.
Seek not to change the world; seek only to change your mind about the world
  • #8,528
  • Aug 17, 2009 1:38am Aug 17, 2009 1:38am
Nice DIBS trade to start the week on GBP/USD. There's a similar one on EUR/USD but I only took the GU.

Half off at 1:1 and the rest is a free trade
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  • #8,529
  • Aug 17, 2009 1:43am Aug 17, 2009 1:43am
Here's a chart of the EUR/USD setup for anyone that might not have access to the charts. If you took profit at 1:1 it is also on "free trade" territory
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  • #8,530
  • Aug 17, 2009 6:54am Aug 17, 2009 6:54am
Its heartbreaking when you have to go to work early because last week you couldnt due to outside controls. Its even more heartbreaking when you get home and see the IBs that have happened at the start of london that are now well beyond 1:1 without an retrace yet (meaning you could have saved 1:1 for longer and made 2x or 3x on your opening lot.

On the bright side this is still counter trend so it just gives us an opportunity when the bulls come back to take that bull by the horn and see if we can hold a trade past 10x or 20x profit. By now if we get to sub 6000 on cable (i have around 5750 as next major support(weekly)) then once we reach 6500 trouble zone that would equate to around 700 pips. On an IB of say 50 pips risk (we do get much smaller) then you will have well over your 10x, and that is only getting back to an area that has been a bull/bear fighting zone, past that we have got stacks of room

Hope you are all enjoying some clearer weather out there

Razor
  • #8,531
  • Aug 17, 2009 10:03am Aug 17, 2009 10:03am
Update on the charts posted above:
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  • #8,532
  • Aug 17, 2009 11:01am Aug 17, 2009 11:01am
Quoting CkM8
Update on the charts posted above:

...i love mondays
Seek not to change the world; seek only to change your mind about the world
  • #8,533
  • Aug 17, 2009 5:36pm Aug 17, 2009 5:36pm
Quoting CkM8
Update on the charts posted above:
My IBFX Meta chart does ot show IB at 7am on 17th Sept?
Got an IB at 11am that is not going anywhere.
every Saint has a past. Every Sinner has a Future
  • #8,534
  • Aug 17, 2009 6:24pm Aug 17, 2009 6:24pm
Hello, i took this trade agains the rules, but i noticed that 2 or 3 bars before the line it gives good IB signals, so i took it.
And i check my line again and it starts exactly at 6:00 GTM, but this last weeks the IB that appears 2 or 3 bars before the line start to show has been really good signals
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  • #8,535
  • Aug 17, 2009 11:24pm Aug 17, 2009 11:24pm
Quoting turnip15
My IBFX Meta chart does ot show IB at 7am on 17th Sept?
Got an IB at 11am that is not going anywhere.
I use FXDD for my chart.

Different brokers will have different feeds. Sometimes these Inside Bars are an IB by merely 1 pip so they sometimes generate a signal in one broker's feed and not the others'.
  • #8,536
  • Aug 17, 2009 11:33pm Aug 17, 2009 11:33pm
Quoting gez40
...i love mondays
Same here
This strategy seems to work the best on Monday.

disclaimer: I got no data to back that up. In fact I probably only think that because Mondays suck and a successful trade is about the only thing that brightens that dreadful day
  • #8,537
  • Aug 18, 2009 3:10am Aug 18, 2009 3:10am
Quoting CkM8
Same here
This strategy seems to work the best on Monday.

disclaimer: I got no data to back that up. In fact I probably only think that because Mondays suck and a successful trade is about the only thing that brightens that dreadful day
Psychologically Monday holds more potential because there is so much time to trade, as you get on in the week the time seems to disapate (for intraday and weekly traders) and by the time friday comes most are closing positions or doing things to prepare for the weekend, hence there can be some irratic volume at the end of the week but Monday are more of the set up. During good trends, trades on Monday can usually last the week also, where as later in the week the potential seems to be stifled by the pschology of less time.

Just a thought or 2

Razor
  • #8,538
  • Aug 18, 2009 8:09am Aug 18, 2009 8:09am
I think risky cuz after some hours after 6:00 GTM eu didn't decide were to go
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  • #8,539
  • Aug 18, 2009 11:09am Aug 18, 2009 11:09am
Fantastic thread and simple method. Just a query on the 4 Hrs method - do you set 0600 hrs GMT as the beginning of the day, or 0000 hrs GMT?

Anyone caught the hourly DIBS entry on the GBPUSD and GBPJPY 2 hours back?
Attached Images
  • #8,540
  • Aug 18, 2009 11:20am Aug 18, 2009 11:20am
That was my fist time I was trying this methode and I got de Gbpusd entry, that was a good trade, 50 pip !
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