Agree, Great post NAL. The "Concept" of DIBs can be taken to fit a persons style of trading. Ive been using 5 and 15 minute charts, which make up a 1 hour IB, that look similar to your example.
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DislikedThere was one DIBS trade today and that was on GU. The 0700 vertical line is the 0500GMT dailyopen. The bar prior to this was an IB (matching high in this case) and at the dailyopen it broke down. This would have given a small loss if you went for closing 1/2 at 1:1, but would have been fine if you closed 2/3 at 2:1. But it was a small loss and you would have stopped and reversed for a great move up. On the other hand the breakdown could have been avoided since it's countertrend. But it's to ok to take a small loss when your win is so much greaterIgnored
Dislikedi've seen this one but again the question is the IB still valid for long after it broke down? it was a small IB so the "breaking down" was not serious but i considered it to be not a valid IB any more.
what do you think about that?Ignored
DislikedHello,
I agree with NAL and Nick in that an IB is a period of consolidation/indecision that can be found in all timeframes, especially the less noisy higher timeframes and also during different periods throughout the day. However let us not for forget that PC gave us a specific period and timeframe based on his many years of experience. Risk control and maximizing profit is the core of his approach. Having said the above... each of us need to at some point reevaluate and make sure that we have not fallen into a robotic/dogmatic way of thinking. The market does not give a $%$& what we think and there will be situations when we need to drop the crutches and think outside the 1hr DIBS. How succesful we are in doing that will determine our success as forex trader in the long term.
Ignored
DislikedI see a narrow consolidation range which in PA is a continuation pattern.Ignored
DislikedAlso a Euro on Tradestation. The 0200am line is GMT 0600. The red IB with yellow arrow is at 0500GMT. I took it long at 1.5945 with 14 pips risk. Still in.Ignored
DislikedOtherwise how many outside bars after an IB can you still claim to be trading an IB breakout?Ignored
DislikedFrom the first post:
IB on which hour?
You can play an IB, be it at 5.00 GMT, 4.00 GMT, 3.00 GMT or even 2.00 GMT as long as it is off the Open of the Day, 6.00 GMT. Peter's charts show this.Ignored
DislikedI have never really understood this line, and maybe someone can clear it up. How do you play an inside bar off the "open of the day" if the open has not occurred yet? Do you still wait for the open, at 6 GMT, then decide which way to go ? OR should I interpret this as the opening of the day some 20 hours ago?
RustyIgnored
QuoteDislikedhave never really understood this line, and maybe someone can clear it up. How do you play an inside bar off the "open of the day" if the open has not occurred yet? Do you still wait for the open, at 6 GMT, then decide which way to go ? OR should I interpret this as the opening of the day some 20 hours ago? Rusty
DislikedRusty, it easy, since the 6gmt was an IB which means the daily direction hasn't been clear yet, all u have to do is open buy-stop and sell stop order. like this morning, the first one that triggered was a loss while the buy is still raking the pips till now. In skype DIBS room, this issue was discussed and i think some profited from it. Hope the explanation is clear? thanksIgnored
Dislikedthe problem on the attached expert is this:
at the end of the EA I wrote the following bool
bool isNewBar()
{
static datetime lastbar=0;
datetime curbar = Time[0];
if(lastbar!=curbar)
{
lastbar=curbar;
return (true);
}
else
{
return(false);
}
}
in order to make sure that the system will take a long (or a short) only once for every bar. In this way, if the price will retrace, and then break out another time, the system will not open another trade. I hope this make sense.
Unfortunately, sometimes the system open the trades 2 times for a bar, and I don’t understand why!
Are you able to correct this problem?
Thank you for your help!Ignored