The DIBS Method... No Free Lunch continues

That. I totally agree with you

I read Peter Crown posts from a while back and he held his position for quite some time so yeah I think we have to play this like a domino effect, catching the IB from small TF and then see it avalanche through the bigger TF.

Im testing the inside bar.
Looks promising.

The weekness lies in the potential false breaks, even if you filter trading with the dayly trend, weekly, etc...which is necesary anyway.
Taking profit on at 1/1, on half a lot is nice..but you need to be aware.

Scaling down has a big danger, you make sure that your loosers are full load, and your best winners only reach there with half.
So one needs to practice a lot, be selective, and have a well planned strategy, to let the "second lots winners" go as far as possible..

Any situation with a loosing streak of 3 or more, makes recovering an uphill battle..
Trading is business as usual...

Hi

I dont know of your experience and whether you are a consistently successful trader. But judging for your reply, there is a lot to learn. This thread is the only one I subscribe to on FF. Its changed my life. PC's original posts, someone compiled them in a pdf, thanks to them. Literally changes your paradigm. The stuff you said, I said 5 years ago. But I was wrong.

all the best ...

Interesting, maybe you can elaborate pleae..

Hi

There is no need to elaborate. What I'm trying to say is that if you read PC's posts that are found in that pdf, you will start asking different questions. Your perspective will change.

It all then depends on these,
What do you want from trading?
What type of a trader are you?
How do you manage risk?
How do you manage money?
how deep is your understanding of your own personal mental and emotional understanding?
How much are you motivated and what is the strength of your desire to succeed in your trading business because the level of your self discipline depends entirely on this and the level of your trading success is a directly proportional to the level of your self discipline.

How deep do you go down the rabbit hole? not much, just deep enough to know how serious are you about trading?

Its a very simple method.

We draw "a line in sand" every day and say, ok I will only go long/buy if there is a smallish inside bar on the hourly chart above this line and the opposite for selling.

Then comes the most important bit of this strategy. as PC Says, "psychologically harder things to do". And be willing to do the things that others are not prepared to do.

1. Which pair to chose to trade from the list of only 4. (the hot hand concept) its easy peasy really. Which even moves the most, trade that one. Don't trade the one that does not move thinking, this will catch up. no no it will not catch up.

2. How to let this trade run long enough so that it becomes part of a large structure. The structure will include many small inside bar trades converted into free trades.

e.g. 12.00 GMT (time might be an hr off) there was an inside bar on EUR/USD. that turned into a free trade within the next 3 bars. its never come back to that level after that. Entry was at 1.1435, Its currently sitting at a floating profit of 570+.

Initial risk 17pip (say you risk 1% per trade) You took half at 1:1 and let the rest run. You're up around 0.5% p (banked) plus 16% (floating).
that is 16.5% in around 3 weeks.

Now if you knew how to let those trades run and you knew the power is in letting them run and adding on to your positions to create "the structure" of those free trades then you would not have hesitated and taken another inside bar on the same day, 2 hrs later.

that would be another 15% floating profit.

Meanwhile you would have had a Breakeven entry on the 19th of oct and a -1% on the day before. But on the 21s of oct you would have added another free trade to the structure (entry at 11.00 gmt bar 1.13507 (floating profit of 482pips ie. another 8% making it a total of 16 + 15 + 8 = 39% floating profit ) (approx just making a point)

If you know how to let them run as this EUR/USD example... I'd love to learn it from you too. Tell me I'll buy a plane ticket and knock at your door within 24hrs.

Its all about letting them run.

ps: you can still make a decent living even if you were able to let them run just on a daily basis. oh yes. quite possible. The key is to keep it simple.
pss: I'd like to apologise in advance if I've made mistakes or said something wrong. All IMHO!

DUSTBIN - Really excellent post. Very informative and right on the button. Peter could not have said it better.
Keep them coming. Thanks
Tom

I'm glad to see that the DIBS threads are still going strong, because the ideal DIBS setups are still happening on the majors...

Attached Image (click to enlarge)

I enclosed the IB with orange lines, and I took the prices from the forex.com feed. I put in some possible TPs as well. (I forgot to mark the daily UK opening price ; hopefully I'll remember that next time...

The first TP gives you a profit of about 109 pips (1.5360 - 1.5469), if all of your prices were hit without slippage.
The second TP gives you a profit of about 241 pips (1.5228 - 1.5469).

DIBS ... first edge (FWIW) i learnt at FF....years back

DO READ (in its basic form)...you will learn something useful... (esp for trending markets)

Deserves a BUMP

Hi guys!

Yesterday evening trades:
EurGbp buy breakout (higher the DOL)
GbpUsd sell breakout (lower the DOL)
Both SL.

Do I do everything right basing on first page rules?

Thank you!

There isn't much that's trending well right now. (Please correct me if I'm wrong) Those trades don't look very inviting to me for lots of reasons. In a way, it's good that they failed. Had they succeeded you would be on the false trail.

Thanks, Smikester.

But please correct me,
Peter Crowns said only about BO and DOL. No trend looking or other "usual" Forex basis.
Am I wrong?

I don't know what BO or DOL are.

Peter's strategy was only H1 inside bar's Break Out + Daily Open price,
wasn't it?

Oh. I see. Well, looking at your first trade. You were near the top of an hourly range which was on its fifth day. Why would you choose that time of day for a volatility break out? Also it looks like it was six or seven hours before you got the fill? After the price had meandered all over the place? I'm wondering how you saw that as a "hot hand"?

Yes, now I see all the mistakes of the 1st trade. Thanks

Also shouldn't SL be at the low of the first IB trade taken. Looks like you set it too close.​

I'm really glad that I stumbled upon the continuation of the thread. I haven't really gone through the pages just yet. So my apologies if this question has been asked or been explained. Peter. C uses open as 06:00GMT how about the close ? He cited he used yesterdays close to determine if its an up or down day. Does it matter at all ?

I spotted a buy on EURGBP I know its reoccurring and definitely not the first buy flash. The IB breakout high or higher than todays open I use 06:00GMT for now no promise of any further move up higher just yet. Is it still valid ? Would you have waited or go long now ? (Although I think its risky to go long now) remember 11GMT spike is coming before lunch

Been reading this thread. Can't earn enough pips strictly w/IB trades with EU or GU. So I added it to my TDI indicator and trade both w/London market 15M. TDI I only take long trades w/TDI and short and long w/ IB trades.

SL fixed 12 pips unless it hits previous candle high low sooner. Exit is next opposite colored candle, usually a trendline break.

Any input appreciated.

You might as well call it something else, give it a new name, and start a new thread!!! Hope you understand my point...

​TWO MORE DIBS TRADES occurred over New Year's...

I hadn't spotted any DIBS setups since the holidays got under way, but just after the New Year's holiday was finished, I found these two charts with clearly-defined IBs.

(The USDCHF and EURJPY trades occurred at the same time. My chart-making skills are not the best, but you can verify the charts with your own software, as I "erased" the bar that comes before the IB on the EURJPY chart.)