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The DIBS Method... No Free Lunch continues

  • #10,661
  • May 24, 2016 5:33am May 24, 2016 5:33am
Quoting kaltrax
How a newbie here, i want give a big thank you also to Dustbin, Dale , Jarroo for his generosity sharing his knowledge here. Now i want share my EURUSD today. For me Open bar is the easiest rule that i learnt about trading systems and too many traders seems so confused.... It's the most commom question at my first 300 pages read it. Same system two people ... diff. results. 50% closed at 1:1 and let run it now {image}
Nice trading
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,662
  • May 24, 2016 6:04am May 24, 2016 6:04am
Very interesting comments.

I was closed EURUSD (40 pips) , not following rules exactly. Now it's a day to day training and now shut off my pc and i like a clean state at this level (beginner)
Attached Image
"Let us strive to be more parents of our destiny than children of our past"
  • #10,663
  • May 24, 2016 8:05am May 24, 2016 8:05am
Quoting dustbin
Another update. there is another Cable IB and I'm taking it. I have setup a 1:1 close half order already in place. If you dont have specific trade management software, which I do, [you gotta spend money to get the good stuff made for you] then you can simply take two 0.5% orders. Set one without a Target point and another with 1:1 Target point. this way if you're not around your trade will always be closed half automatically. IMHO> If you are wonder why I exited the short quickly, the answer is that I believe that GU is an up trend on D1 and hence...
update on the USD/JPY
Its hit 1:1 and now its a free trade.
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,664
  • May 24, 2016 8:25am May 24, 2016 8:25am
Looks like Cable is gonna give us another free trade
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,665
  • May 24, 2016 9:13am May 24, 2016 9:13am
Quoting dustbin
{quote} update on the USD/JPY Its hit 1:1 and now its a free trade. {image}
I'd like to comment. If you CANT let them run. Don't trade this strategy. You have to drill this Understanding deep inside your mental framework. You have to agree to every cell level that Profits are Made with Letting Those DIBS Free Trades Run as long as Physically and Mentally and technically possible. IMHO. That EU Trade required 12Pips SLand its up over 65pips as I write. Now this is what we want. But we want those 1:10 and 1:20 winners.
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,666
  • May 24, 2016 11:57am May 24, 2016 11:57am
I have marked a 6 am UK bar - Have I marked the following Inside Bar correctly ( for a long) ?
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every Saint has a past. Every Sinner has a Future
  • #10,667
  • May 24, 2016 1:14pm May 24, 2016 1:14pm
Quoting turnip15
I have marked a 6 am UK bar - Have I marked the following Inside Bar correctly ( for a long) ? {image}
You've marked a 9am uK and 8am GMT Bar. The 6 or 7 GMT Bar, is two bars to the left.
(I use 7am UK , Frankfurt Open as my Open Price Level).

cheers
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,668
  • May 24, 2016 2:15pm May 24, 2016 2:15pm
Quoting dustbin
{quote} You've marked a 9am uK and 8am GMT Bar. The 6 or 7 GMT Bar, is two bars to the left. (I use 7am UK , Frankfurt Open as my Open Price Level). cheers
The small white vertical line with a small white "x" above it was the 6 am bar I thought -maybe my Metatrader chart is out ?
every Saint has a past. Every Sinner has a Future
  • #10,669
  • May 24, 2016 4:26pm May 24, 2016 4:26pm
Quoting dustbin
{quote} I'd like to comment. If you CANT let them run. Don't trade this strategy. You have to drill this Understanding deep inside your mental framework. You have to agree to every cell level that Profits are Made with Letting Those DIBS Free Trades Run as long as Physically and Mentally and technically possible. IMHO. That EU Trade required 12Pips SLand its up over 65pips as I write. Now this is what we want. But we want those 1:10 and 1:20 winners.
Implying so as long as your stop loss is not triggered, you just wait until...?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #10,670
  • May 24, 2016 5:16pm May 24, 2016 5:16pm
"Implying so as long as your stop loss is not triggered, you just wait until...? "


PC did give a suggestion in one of his post's. Ultimately though you will need to determine your exits based on you own research. I would not recommend you take another trade until have researched a valid statistical method for exiting your trades. If you do.....then it is called GAMBLING since you would be trading without calculated risk.

It is worth the work.
  • #10,671
  • May 25, 2016 1:00am May 25, 2016 1:00am
Quoting dustbin
{quote} I'd like to comment. If you CANT let them run. Don't trade this strategy. You have to drill this Understanding deep inside your mental framework. You have to agree to every cell level that Profits are Made with Letting Those DIBS Free Trades Run as long as Physically and Mentally and technically possible. IMHO. That EU Trade required 12Pips SLand its up over 65pips as I write. Now this is what we want. But we want those 1:10 and 1:20 winners.
The GU long ADD on DIBS just turned into a Free Trade right now. Such is the glory of Holding on to it.

below picture of entry from post above. Notice that in that picture many of us might have thought, "this looks like a very late entry and I'd rather wait for pullback" but I have managed to get rid of "off the trading logic" finally. but it does creep up from time to time.
Attached Image
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,672
  • Edited 6:03am May 25, 2016 2:45am | Edited 6:03am
Hi friends

Today SL EURUSD only BUY, waiting 2nd BO before 9 hours from Open Bar.

SL USDJPY only SELL , touch entry and reversed , waiting 2nd BO , new IB , only SELL at 110.115 , re-adjusted.

SL USDCHF only SELL, now 2nd BO started

Normally set my entry orders at 2 stages , 1:1 first and 2nd let it run . Always trying cover costs whith 50% at least.

IF my entry orders are not filled inside 9 hours from OB , it will be deleted.

UPDATE

ALL PENDING ORDERS CLOSED AT 15 GMT BAR FINISHED.

Only USDCHF sell 0.99145

Next....
"Let us strive to be more parents of our destiny than children of our past"
  • #10,673
  • May 25, 2016 5:08am May 25, 2016 5:08am
Quoting dustbin
{quote} The GU long ADD on DIBS just turned into a Free Trade right now. Such is the glory of Holding on to it. below picture of entry from post above. Notice that in that picture many of us might have thought, "this looks like a very late entry and I'd rather wait for pullback" but I have managed to get rid of "off the trading logic" finally. but it does creep up from time to time. {image}
Dustbin -I'm looking for an indicator that draws the midnight to midnight verticals and the horizontal lines that start from Peter Crowns 6am UK time period. I have looked for a download to highlight these but found none, Is there a file I can down load please?
every Saint has a past. Every Sinner has a Future
  • #10,674
  • May 25, 2016 5:11am May 25, 2016 5:11am
The Cable Trade taken at the high of IB at 8GMT 1.4549 and add on at 1.4611 at 14.00 GMT is now both up +131 + 70 i.e. roughly 200 pips running profit. There was a -1R Loss in between but overall the position is up by 131/26 = 5% and 70/27 = 2.5% i.e. total 7.5% -1% = 6.5% running profit. Not bad for not doing anything most of the day? An the daily trend is in full swing and THIS PAIR IS HOT. There is the element of scale involved imho. A pair can be Hot in a longer term and cool on shorter term, it can be hot on a shorter term, that is that particular session or day and yet cold on the longer term, that is that week/month. Something I learnt through the years of bleeding. But CABLE is HOT overall these days. Think Brexit.

ps. i had a NEXT moment on GJ this am, otherwise that would be a good long too. oh well NEXT...
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,675
  • May 25, 2016 6:08am May 25, 2016 6:08am
Quoting turnip15
{quote} Dustbin -I'm looking for an indicator that draws the midnight to midnight verticals and the horizontal lines that start from Peter Crowns 6am UK time period. I have looked for a download to highlight these but found none, Is there a file I can down load please?
Anyone?
every Saint has a past. Every Sinner has a Future
  • #10,676
  • May 25, 2016 6:18am May 25, 2016 6:18am
Nice job, dustbin. Your comments are appreciated by those using this method.
  • #10,677
  • May 25, 2016 7:10am May 25, 2016 7:10am
Quoting turnip15
{quote} Anyone?
This is the one I use. But it is a good idea to do these by hand, draw in a couple of weekly highs/lows as well.
Gone to a better place
  • #10,678
  • May 25, 2016 7:46am May 25, 2016 7:46am
Quoting smikester
{quote} This is the one I use. But it is a good idea to do these by hand, draw in a couple of weekly highs/lows as well.
Watchout for this guys comments, plus I agree its good to do it manually it gives you a perspective and keeps that in your mind. However, I have downloaded the first DIBS version indicator and later got me one coded by a coder that cost me less than $100. Really worth it. hehe

cheers

ps: thanks California

pss: anyone still inthe EU from the 12th of May. Really I should have kept that one. YD i took the short as well but it was NEXT...
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psss: todays UJ long trade has just hit 1:1 so its a Free Trade now
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,679
  • May 25, 2016 8:20am May 25, 2016 8:20am
Would this qualify as an Inside bar (arrowed) which is within a larger (Parent?) Bar ?
Thank you.
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every Saint has a past. Every Sinner has a Future
  • #10,680
  • May 25, 2016 8:21am May 25, 2016 8:21am
Quoting smikester
{quote} This is the one I use. But it is a good idea to do these by hand, draw in a couple of weekly highs/lows as well.
Thanks Mike
every Saint has a past. Every Sinner has a Future
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