Seek not to change the world; seek only to change your mind about the world
The DIBS Method... No Free Lunch continues
- #10,125
- Dec 10, 2011 11:48am Dec 10, 2011 11:48am
I did say we had to break through this area, glad i did`nt take the trade now..lol.
Would have been stopped out.
, no setup, no trade.A quick look at the weekly chart gives a much clearer picture of the current price trend.
z9
- #10,126
- Dec 11, 2011 4:34am Dec 11, 2011 4:34am
I was watching this on the H1 chart and waiting for a clear breakout and pullback to go long
A quick look at the weekly chart gives a much clearer picture of the current price trend.
z9
Clear support at 1.00500 I suspect it will stall around the 1.0300 area again, hopefully a nice IB will present itself.
Seek not to change the world; seek only to change your mind about the world
- #10,131
- Dec 13, 2011 6:57am Dec 13, 2011 6:57am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
- #10,135
- Dec 14, 2011 2:34pm Dec 14, 2011 2:34pm
- Joined Apr 2008 | Status: Trader | 1,271 Posts
Thanks for the reply, maybe i`m getting confused (probably) I believe it was this post in which PC mentions something about "secrets".
http://www.forexfactory.com/showthre...75#post1924375
Like I say, I`m probably getting the wrong end of the stick here, I apologise for that.
Gez.
I could be totally wrong, but my persinal opinion is... DIBS is exactly that "secret"? or one of those secrets. Again - this is just my humble opinion...
I read and re-read all PC's posts... and I think that after he get what the power DIBS-method has - that was a start of his trading-success. And he was very unhappy everytime when somebody talks with doubts about this method. remember his post where he told about DIBS like Porsche 911. ???
I see there are many words around his statement - "not all breakouts are the same"... Again - I could be wrong but... He told us everything already about these "right" breakouts, which we all are looking for. 1)- the direction of the main flow - take only breakouts in this direction, and 2) - active trading hours. Remember he told - during up trends there will be more up-days, and taking only breakouts above open of that day is - our edge. Main move up - up-days (they would be there no matter if we trade it or not), taking trades above day's open. Opposite is right for down move.
And... after I did some sort of analyze I get the "key" (at least for me) - IB's are not the religion. IB's are just entery method, while you are following the main trend, the main flow.
i would copy here one of his first posts:
_____________________________________________________________
A1)I was in the Pit for 8 years. Traded the Swissy and DM primarily. I traded directional breakouts(1). Actually I trade the same way now from electronic terminals with less hassle.
A2)I would trade the "hot hand". The strongest/weakest market(2) got my business. Still does.
I traded simple, robust breakout setups that I had to wait for(3). I can't tell much change in profitability to right now.
I actually think it is easier to trade profitably now with forex. More choices, and you have much more variability in position size options.
________________________________________________________________
Take numbers 1, 2, 3 - and summarize in one picture, like puzzles - PC is telling us great things bettwen words. Or just very straightforward. We just do not want to get them. So what?
and for the end of my long post one fragment of his post:
__________________________________________________________
...
Always buy setups in the strongest daily markets, always take sell orders in the weakest daily markets.
And yes, I have come up with very simple methods to exploit this. Breakouts of inside bars on hourly charts is one very useable technique I use a lot. Pennants of various constructions work very well too. Once you know which markets to trade, and in which directions--- it is a pretty simple job.
After all, trading is just risk control. Unfortunately it can take a while for us to learn to use the simple tools we have available.
_____________________________________________________________
read bold text - one picture is showing to us...
And now - summurize the two fragments form two posts in one picture.
What do we get? - I think we get - go with the flow (main trend), and take the breakouts (IB's, narrow rangesm pennants etc.) only in the direction of the main trend, and then - trail the winner positions as long as the main trend is going in our favor. Of corse - many of your trade you will loose even by taking the trades with the rules... But hey! - the market is "living" object, right?
Remember - you will always loose in this game. There is no way to avoid loosing trades. We could only stack odds in our favor.
Sorry for long post.
Good luck! Take care!
- #10,139
- Dec 15, 2011 10:40am Dec 15, 2011 10:40am
- Joined Mar 2007 | Status: Trader | 8,618 Posts
Gone to a better place
