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The DIBS Method... No Free Lunch continues

  • #10,041
  • Jun 20, 2011 5:42am Jun 20, 2011 5:42am
...but do you get mine?

I wonder what would happen if/when the weaker european countries fall out of the European Union?

Do you think this is a positive or a negative for the "wonderful" euro?

Only time will tell. Actually, TIME is critical.

KR
  • #10,042
  • Jun 20, 2011 9:48am Jun 20, 2011 9:48am
I'm still in that euro dibs trade. "It's just time"

Picked up the GBP on the daily too.

The other (stock) trades aren't doing too badly either.

The media would have you think the world is about to end. Perhaps, it is?

I wouldn't have my money in any of those southern hemisphere banks right now, would you? Santander springs to mind. That Labour Government couldn't wait for a Spanish bank to takeover some of those struggling bankrupt morsels. In time, I wonder whether Santander will offload these back on to us? We shall see.

Greece really is on the verge of bankruptcy, but the markets are peverse which is why GBP and the Euro are rising, not falling.

I feel genuinely sorry for the Greeks. The "Banksters" who have orchestrated this european debt debacle are licking their lips with the prospect of buying public assets for pennies on the dollar. Will the Greek people win this battle? You had better hope so, because the same thing will eventually happen to each and every one of us.

KR
  • #10,043
  • Jun 21, 2011 1:55am Jun 21, 2011 1:55am
Now we get a daily dib on this pair. What a surprise!
  • #10,044
  • Jun 21, 2011 1:52pm Jun 21, 2011 1:52pm
Quoting Knight Rider
I feel genuinely sorry for the Greeks. The "Banksters" who have orchestrated this european debt debacle are licking their lips with the prospect of buying public assets for pennies on the dollar. Will the Greek people win this battle? You had better hope so, because the same thing will eventually happen to each and every one of us.

KR
I agree. This is one of the reasons I take a liking to Forex; we all get an opportunity to beat the Banks.
  • #10,045
  • Jul 7, 2011 9:21am Jul 7, 2011 9:21am
Quoting jarroo
....
Hi, Jarroo,

Sorry for coming to this thread so late. DIBS encourages me. It is a pretty nice strategy. I have several questions about the entry time.

1) Mr.Peter Crowns mentioned 6:00 GMT, does he mean we enter a trade only after the 6:00GMT, no matter breakouts happens among 2:00 GMT~6:00 GMT? I dont know whether i misunderstand this?

2)have you encountered such things-----buy stop and sell stop orders all triggered the "stoploss"? how to avoid this? Here is the snapshot: thank you for your attention.

best regards,
Joey
Attached Image (click to enlarge)
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  • #10,046
  • Jul 7, 2011 11:36pm Jul 7, 2011 11:36pm
hi, Jarroo,

a few more questions about whether buy or sell. You said at the very beginning post that "First rule: We buy on a break of an IB if price is above the daily open and sell if it’s below." I dont quite understand this rule. Would you please give me a sample image please?


"If the price is> than the previous day’s close it is a buy trade"----Peter said. Does he mean that if the Inside bar forms above the previous days' close then we can buy?

After checking the H1 chart, I found it's hard to define a situation that price goes above or below the close price of previous day; more often, it ranges around previous days' close.As the follow image shows:

I really need some kind person give some help. Best regards,

Joey
Attached Image (click to enlarge)
Click to Enlarge Name: how to define price is than the previous day’s close it is a buy trade.jpg Size: 108 KB
  • #10,047
  • Jul 8, 2011 1:04am Jul 8, 2011 1:04am
Read the original thread, the rules are very simple.
  • #10,048
  • Jul 9, 2011 2:05am Jul 9, 2011 2:05am
@ hotjoey: I made a few comments on your chart in the other thread.

The very first post in this thread illustrates the meaning of "up or down on the day" and when to go long or when to go short.

You will get stopped out more often with this method than with most others, but the losses will usually be very small.
  • #10,049
  • Jul 10, 2011 10:39am Jul 10, 2011 10:39am
Quoting PeterCrowns
Hello to everyone who has contributed and benefited from this thread. I am very impressed with the size and quality of this major thread on FF.


Thanks Nathan, for the report on your efforts.

And thanks also to the fine individuals who have written to me with beneficial
input.

Trade on.

PeterCrowns
Hi,


In Peter's Post, he told us this trade made more than 700 pips, but I am still in confused by Peter's words and charts.

I have read Peter's 41 posts more than twenty times. I should have not promoted such questions. Peter emphasized again and again that we do enter a trade after the 6:00 GMT, but in many charts posted by Peter himself, taking the chart below for example, he entered the trade just at the 2:00 GMT, after the IB formed @ 1:00 GMT;

I know my question is stupid, and after reading his post times I still can't think it through. Hence, I humbly ask everyone who has already been successful in trading with the DIBS to tell me. Thanks and respect to you.


best regards,

Joey Lampert
Attached Image (click to enlarge)
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  • #10,050
  • Jul 10, 2011 10:57am Jul 10, 2011 10:57am
Joey,

Post 61: http://www.forexfactory.com/showthre...65#post1953065

"The open I look at is 00:00 CST or 01:00 EST. This would also translate to 06:00 GMT. Now if you wish to declare another time the official open of the day, it is your choice and your money. " P.C.

That is his basic advise. The man has been doing it for decades and has more hours of experience than probably almost everyone on this forum. My guess is that he found something that looked good to him for his personal and professional goals and went for it. Just start with the system and keep using it and studying it and in time you will find other things that work for you.

it's simple, find IB, place order, place SL, place 50% TP at 1R and then let the market do the rest. 0
A woman drove me to drink, and I forgot to thank her
  • #10,051
  • Jul 10, 2011 6:48pm Jul 10, 2011 6:48pm
Oanda has a "locale" setting, which enables you to change the times on the chart. Peter may have set his Oanda locale setting so the times on his charts are not necessarily GMT.

- TTP -
  • #10,052
  • Jul 10, 2011 11:58pm Jul 10, 2011 11:58pm
Quoting jarroo
I took the 1st IB at 0200GMT.

This trade is nice. But could you please explain for me that Peter's rule for DIBS is enter the trade after the 6:00 GMT, so, playing a IB @2:00 GMT is ok too? I also saw many of Peter's charts showing that he played the IB @ 2:00 GMT, just the rule and your chart confuse me. Did I miss something?

glad to see you play so well. thank you!

best regards,

Joey Lampert
  • #10,053
  • Jul 11, 2011 12:21am Jul 11, 2011 12:21am
Quoting simpleguy
Joey,

Post 61: http://www.forexfactory.com/showthre...65#post1953065

"The open I look at is 00:00 CST or 01:00 EST. This would also translate to 06:00 GMT. Now if you wish to declare another time the official open of the day, it is your choice and your money. " P.C.

That is his basic advise. The man has been doing it for decades and has more hours of experience than probably almost everyone on this forum. My guess is that he found something that looked good to him for his personal and professional goals and went...
Hi,
thank you for your reply. Please re-read my post. I said I've read Peter's rule for many times. He told us to enter @6:00 GMT, but his own chart, his own trade, entered at 2:00GMT; what he did is in conflict with what he ruled for DIBS. Please explain this only. Thank you


best regards,
Joey
  • #10,054
  • Jul 11, 2011 12:51am Jul 11, 2011 12:51am
Quoting hotjoey
Hi,
thank you for your reply. Please re-read my post. I said I've read Peter's rule for many times. He told us to enter @6:00 GMT, but his own chart, his own trade, entered at 2:00GMT; what he did is in conflict with what he ruled for DIBS. Please explain this only. Thank you


best regards,
Joey
Peter uses CST (Central) time zone and has his charts set that way--Oanda allows you to use your local time zone. 00:00 Central = 06:00 GMT. When his chart says 02:00, it's actually 08:00 GMT. That's why the discrepancy.
  • #10,055
  • Jul 11, 2011 2:01am Jul 11, 2011 2:01am
Quoting billflet
Peter uses CST (Central) time zone and has his charts set that way--Oanda allows you to use your local time zone. 00:00 Central = 06:00 GMT. When his chart says 02:00, it's actually 08:00 GMT. That's why the discrepancy.


I love you! billflet! your answer is so precious to me!!!

So, Peter's meaning is never enter before 6:00 GMT, because it is choppy time. Am i right?

so, Peter said,
Quote
"One last tip: You want to be particularly interested in the inside bar breakouts which meet the conditions early in the session, namely the first 9 - 10 hours."

that means, from 6:00 GMT---to---16:00 GMT, the 10 hours?

Much gratitude and respect to you, dude, thank you very much for the reply.


Joey Lampert
  • #10,056
  • Jul 12, 2011 1:01am Jul 12, 2011 1:01am
Hellow Jaro,Bemac

i've read the no free lunch thread its realy fruitful
do you think i need to read this thread too which look quite long
if so do you please advise me to a summery link if there is any
thanks in advance
you guys are really great
Learning is a Journey Not a Destination
  • #10,057
  • Jul 12, 2011 5:36pm Jul 12, 2011 5:36pm
Quoting FFStudent
Hellow Jaro,Bemac

i've read the no free lunch thread its realy fruitful
do you think i need to read this thread too which look quite long
if so do you please advise me to a summery link if there is any
thanks in advance
you guys are really great
Hi, i downloaded the PeterCrowns Summary.doc that is at the end of the first post. That can help. regards.
  • #10,058
  • Jul 22, 2011 10:28am Jul 22, 2011 10:28am
Hi all

I have read through peter's posts and the first and last 100 pages of this and will work my way through the middle ones next!

Great thread, the only part I am not sure of is under the rules, where the Entry would clearly be in one direction, say Long, would it matter if the IB was a Down Bar? Or would this be a judgement call, e.g. a Doji type would be OK but a full bar not?

Thanks

Alan
  • #10,059
  • Jul 29, 2011 6:19pm Jul 29, 2011 6:19pm
Nice chart. I especially liked those IB's next to the trendline, and on a 4h chart, great way of seeing where the price is heading.
  • #10,060
  • Aug 14, 2011 11:05pm Aug 14, 2011 11:05pm
Very interesting strategy. I tested it to see if I could integrate it into my Divergence strategy. It seems to enhance the system.
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