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The DIBS Method... No Free Lunch continues

  • #10,981
  • Sep 8, 2016 12:27pm Sep 8, 2016 12:27pm
Using your example, I would make a note on my chart, "Do not trade today unless something really pops".

Most of my trades take place in the middle of the night so I write things like. "Only looking for long positions"


Respectfully
  • #10,982
  • Sep 9, 2016 1:48am Sep 9, 2016 1:48am
Quoting Dale
Using your example, I would make a note on my chart, "Do not trade today unless something really pops". Most of my trades take place in the middle of the night so I write things like. "Only looking for long positions" Respectfully
Dale, That is a good idea. thank you Sir.

I felt GU was upto something. Managed to turn it into FT now time to wait.
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,983
  • Sep 9, 2016 3:16am Sep 9, 2016 3:16am
Quoting dim4ik42
Hello, traders! There is not a secret there - the best DIBS trades do occur during imbalance market enviroment. The market is moving by its own. You have only to spot this possibility and join the move with the rigth technique which could help you to squeeze that "money-wave" as much as it is possible. The DIBS is THAt technique for sure. Just find the market in a solid trend, and make a living. Here you have USDJPY pair which shows us a nice down move. for now - the possibility of another nice down leg is very big. Why one wouldn't try to squeeze...

Hello traders!

As I have said it in my previous posts - attacking the market using DIBS-method is best when all of the conditions are getting together. Here we have a nice possibility when we could start attacking one market when we know exactly the bias and the time (after the correction).

This little baby at 1hr chart could be a nice "free" trade with a target around 99.60 or even better.

As Peter have said - once you know the market and the direction - this is pretty simple job.
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  • #10,984
  • Sep 9, 2016 7:20am Sep 9, 2016 7:20am
Ref to previous post: yes, nice trade there. I was short and took some good profits. I don't look for those LONG TAILS (yet) where you would let it run on a D1 chart. HARDEST but MOST rewarding is that one. I lose focus. But I'm going for SWING profits. I started with Intra Day profits and gradually build my way into swing. I believe markets move 1-3 days in one direction then pause for 1-2 days and then usually they resume again for another 1-2 days in the previous direction. (not always) so I try to take advantage of this having that structure in mind.

Here are my long trades on #USD/JPY from YD and Today.


Based on the trend and breakout from Yesterday I was keen to take breakout of this boxed area. I took a long on DIBS stopped out, short stopped out. Then came the Pin Bar. I had the option to take either the high of the range (Rectangle) or pin bar. I chose pin bar.



and EU is a FT now. Unfortunately wen with wrong lots sizes and realized only now when 1:1 Target was hit (I often go with 2 half R trades one with 1R TP)
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,985
  • Sep 9, 2016 9:09am Sep 9, 2016 9:09am
Quoting dustbin
Ref to previous post: yes, nice trade there. I was short and took some good profits. I don't look for those LONG TAILS (yet) where you would let it run on a D1 chart. HARDEST but MOST rewarding is that one. I lose focus. But I'm going for SWING profits. I started with Intra Day profits and gradually build my way into swing. I believe markets move 1-3 days in one direction then pause for 1-2 days and then usually they resume again for another 1-2 days in the previous direction. (not always) so I try to take advantage of this having that structure...
EU GU Shorts are into good profit. Time to think. Do I leave it and turn them into D1 trades? do I take profit at the end of the day. Well I'll follow my trading plan. And that is to take profits "end of the week" at least. Sometimes will leave it over the weekend as well. I think exiting on 103 won't be a bad decision for UJ. But i've seen many of my trades go and turn into big winners only after I've gotten out. But as long as I followed my trading plan, its ok. I strongly "feel" like I should exit all positions NOW.

This is DIBS (for me) I hope this helps. I might now take the rest of the month off of posting. I am only doing this so that I can "payback" what I owe to this thread/forum and great People who Started this Thread. We know who they are... Salute.
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,986
  • Sep 12, 2016 4:44am Sep 12, 2016 4:44am
I posted in the WRONG thread mistakenly. the original DIBS tread.. and funny to know that someone had posted "the thread is dead" just before mine.

Reposting here.

"I took a trade on cable this morning. my first thought was
1. IB is almost as big as previous bars (a negative point)
2. there is no momentum (a negative point)

an then I thought, "do I give a shit?"... I said, i should be saying "no I dont". (its just the way I process information. So It helps me remain objective)
so then the second demon. Because its not really "good looking" setup lets take half the risk. (A quite logical and reasonable call.) but i thought again, Do I give a shit. and I did go with my usual Risk %age per trade. I'm glad I did that.

Its a FREE TRADE already." (love the Ctrl V option thanks FF guys)
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,987
  • Sep 12, 2016 7:11am Sep 12, 2016 7:11am
Quoting dustbin
I posted in the WRONG thread mistakenly. the original DIBS tread.. and funny to know that someone had posted "the thread is dead" just before mine. Reposting here. "I took a trade on cable this morning. my first thought was 1. IB is almost as big as previous bars (a negative point) 2. there is no momentum (a negative point) an then I thought, "do I give a shit?"... I said, i should be saying "no I dont". (its just the way I process information. So It helps me remain objective) so then the second demon. Because its not really "good looking" setup...
and stopped out

ps: USD/JPY was the HOT PAIR, FT running.
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,988
  • Sep 12, 2016 9:23am Sep 12, 2016 9:23am
Quote
Ctrl V option

Ctrl V option?
  • #10,989
  • Sep 12, 2016 9:39am Sep 12, 2016 9:39am
Hi Guy's
Would anybody have this strategy coded for back testing on Trade station that they wouldn't mind sharing?
Greatly Appreciated,
Dave.
  • #10,990
  • Sep 12, 2016 4:34pm Sep 12, 2016 4:34pm
Good work Dustbin. This is my contribution:

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It often tests and rejects the daily open line.
Gone to a better place
  • #10,991
  • Sep 13, 2016 7:46am Sep 13, 2016 7:46am
Quoting Dale
{quote} Ctrl V option?
hehe ,

when I take a screenshot its copied to clipboard , and FF has option for Upload Screenshot with Ctrl V keyboard shortcut. No need to save a snap and then find it for attaching. Makes it A lot easier... Hope it makes sense.

@Smikester you're also one of the VERY EARLY members who took part in the "magical" exchange of golden 40 some posts [The PC Factor]. You must have learned a lot, MORE, building upon past experience, and perhaps a great Enlightneing time of the PC era. It has been 7-8 years... Teach me something please ... Respect. . And thanks for your contribution...

following is a screenshot of USD/CAD. I don't trade this pair but saw that it had a great structure and because I have the "structure" of Elliott Wave (the simplest histogram way) ingrained on my brain, I could not help but to perceive this as a 5 going up. So I took the IB and now its a Free Trade. Going towards something nice... i "expect"...

time to "Wait"... Again

time to do Ctrl V magic @ Dale
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"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,992
  • Sep 13, 2016 9:43am Sep 13, 2016 9:43am
Quoting dustbin
{quote} Teach me something please ... Respect. . {image}
Flattery gets you everywhere. Like here:
Quoting smikester
{quote} Agreed. But beautiful break upwards off this morning's news releases might make this the low for now. {image}
. It doesn't have to be an inside bar. An inside bar is a tight range. A tight range isn't always an inside bar. If you want to know some parameters pm me.

And I can learn from you, too.
Gone to a better place
  • #10,993
  • Sep 14, 2016 2:48pm Sep 14, 2016 2:48pm
Quoting smikester
{quote} Flattery gets you everywhere. Like here: {quote}. It doesn't have to be an inside bar. An inside bar is a tight range. A tight range isn't always an inside bar. If you want to know some parameters pm me. And I can learn from you, too.
Beautiful ... Thank You Very Much....
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,994
  • Sep 14, 2016 3:05pm Sep 14, 2016 3:05pm
Aside from only going long when price is above the prior days close, and vice versa for shorts, anybody use additional filtration methods for weeding out potentially bad trades?

I noticed that in Peter's final post he was using the 72 and 90 smas, so I think this was a hint that he was not only using the prior days close, but was also using the aforementioned smas to determine which trades he took, and which ones he avoided.

Thoughts?
  • #10,995
  • Sep 14, 2016 5:38pm Sep 14, 2016 5:38pm
Quoting Jason W
Aside from only going long when price is above the prior days close, and vice versa for shorts, anybody use additional filtration methods for weeding out potentially bad trades? I noticed that in Peter's final post he was using the 72 and 90 smas, so I think this was a hint that he was not only using the prior days close, but was also using the aforementioned smas to determine which trades he took, and which ones he avoided. Thoughts?
hi,

I'm no expert but I believe those sma's were rather for "letting the trades run" and not filtering as he made himself pretty damn clear that he does not focus on, or a trader should not focus on elimination of "bad trades" instead work on letting the trades that have worked, or are working, ie going in our intended direction, go as far as possible and instead of setting lets say "target points" always be stopped out using a trailing mechanism that "you can live with" for a very long time. It could be on an Intraday basis, swing basis or longer term such as trading in line with D1 chart and trailing using 20SMA

hope it makes sense.

(its NOT easy)
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,996
  • Sep 14, 2016 6:59pm Sep 14, 2016 6:59pm
Too many problem trades though and you go broke as I'm sure has happened to a lot of would be DIBS traders in this thread over the years. Forex markets today don't trend as much as they did prior to the crash in 2008. Things have changed, so I feel now that in order to make money, you have to make some adjustments and consider other factors in addition to just the prior daily close and using this system exactly the way Peter seemed to suggest, because if you do you will get stopped out of virtually every trade as price will almost always retrace. So I think other filtration methods are a must...and using those in conjunction with the prior days close to only take the trades with absolute highest probability of success.
  • #10,997
  • Sep 14, 2016 7:32pm Sep 14, 2016 7:32pm
Quoting Jason W
Too many problem trades though and you go broke as I'm sure has happened to a lot of would be DIBS traders in this thread over the years. Forex markets today don't trend as much as they did prior to the crash in 2008. Things have changed, so I feel now that in order to make money, you have to make some adjustments and consider other factors in addition to just the prior daily close and using this system exactly the way Peter seemed to suggest, because if you do you will get stopped out of virtually every trade as price will almost always retrace....
The concept is simple
 
Find Low Risk Entries for Higher Reward. It comes with a price . Time and effort. It's not easy. It's not that technical to avoid chops though. Wait for trend wait for pause hop on 
 
Hope it makes sense 
"...Look for 5:1 RR. I can be wrong 8/10 time yet I'm not gonna lose" PTJ
  • #10,998
  • Sep 14, 2016 7:40pm Sep 14, 2016 7:40pm
Here is 18 years of the USD/JPY
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  • #10,999
  • Sep 14, 2016 7:51pm Sep 14, 2016 7:51pm
Quote
And, contrary to some common beliefs, not all breakouts are the same. I know which breakouts have 2 - 5 times the edge of similar-looking breakouts others take, get frustrated with, and likely lose money trading if they don't have perfect skills.

http://www.forexfactory.com/showthre...t=56907&page=2
  • #11,000
  • Sep 14, 2016 8:48pm Sep 14, 2016 8:48pm
Nice quote, that's exactly what I was referring to in fact when I brought up Peter's final post which includes the image with the 72 and 90 sma. I don't believe this was a coincidence. I think he was trying to tell us something.

Previously, he mentioned that he used the 20 daily sma as a trailing stop. However, he didn't say the same about the 72 and 90 smas on the 1 hour chart. He never in fact talked about them at all.

Now couple this with his cryptic message about not divulging everything he knew about DIBS, implying there was more to the story, and that is was up to us to figure it out.

Of course I'm just speculating, but I tend to think more to the story meant using those two sma's as an additional filter and only take longs when price was above them and only taking shorts when it was below.
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