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Peter Crown's DIBS method revisited

  • Post #1
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  • First Post: Edited at 9:02pm Jan 10, 2014 8:24pm | Edited at 9:02pm
Hi all, I've been studying and implementing the DIBS method for a awhile now, with mixed results.

From what I've experienced, if you aim to go long, really long, as Peter Crown's advocated, almost ALL of these trades get stopped out.

The only time this method seems to work with some degree of reliability is short term, during the London open to close; I've had some really killer trades during this session.

But even this can get quite irritating on occasion when a slew of trades in a row get stopped out. This week was particularly rough. Lots of victims of institutional stop-hunting.

I'm thinking about moving over to crude oil futures which have fared much better during the past month with inside bar breakouts.

Anyway, is anybody here still using this method with a high degree of success?

If so, how are you trading this technique? The more specific, the better .

As for yours truly, I'm using the 1 hr time-frame...taking longs only on inside bar breakouts above the prior days close, and shorts on inside bar breakouts below the prior days close, and always closing out my position before the end of the day.


http://imagizer.imageshack.us/v2/800...0/845/ljoh.png

- Jason

Peace and Pips.

http://www.forexfactory.com/showthread.php?t=86766 <---DIBS method for anybody not familiar with it.
Quoting Jason W
Hi all, I've been studying and implementing the DIBS method for a awhile now, with mixed results. From what I've experienced, if you aim to go long, really long, as Peter Crown's advocated, almost ALL of these trades get stopped out. The only time this method seems to work with some degree of reliability is short term, during the London open to close; I've had some really killer trades during this session. But even this can get quite irritating on occasion when a slew of trades in a row get stopped out. This week was particularly rough. Lots of...
This method was hatched in a different time in the market. The markets trended a lot more in past years. I love Peter Crown's posts but I would advise that you read into the meaning of his words rather than use a method that fits a market that doesn't exist any more.
There does seem to be more volatility, chop and stop-hunting than there was in the past...so maybe DIBS, as Peter Crown's endorsed it, is indeed outdated...

That said, I have ripped off some killer day trades using this method...so it still seems to have some value, just on a lot shorter time-frame...
Quoting Seneca pilot
{quote} This method was hatched in a different time in the market. The markets trended a lot more in past years. I love Peter Crown's posts but I would advise that you read into the meaning of his words rather than use a method that fits a market that doesn't exist any more.
Hi Seneca pilot

I have a question for you. How do you determine that a trading method is not working anymore due to changing market condition? Is it like when we have 3 month consecutive losses then we should treat it as an alert? Any advice would be appreciated.
Thank you.
Quoting Jason W
There does seem to be more volatility, chop and stop-hunting than there was in the past...so maybe DIBS, as Peter Crown's endorsed it, is indeed outdated... That said, I have ripped off some killer day trades using this method...so it still seems to have some value, just on a lot shorter time-frame...
Thank you for starting this thread, Jason. I have been using DIBS method since January 2013. Following is my result:
January: 3 losses
February:7 losses
March:7 losses
April:3 losses
May:3 losses
June:7 losses
July:4 wins
August:1/2 loss
September:1/2 loss
October:2 wins
November: 1/2 loss
December: 1.5 loss
I only focus on EUR/USD, USD/CHF, and GBP/USD.
I only have 2 year live trading experience and this is my first time I really focus on 1 method for more than 1 year. I was a bit surprised to find out that a trading system might stop working when the market condition changed but at the same time I felt kind of relief to hear it's the market condition that caused the trading method to not function well. Anyway, at least I learn something new everyday.
Interesting ratio of wins and losses, ryukenden...I had similar results.

I wonder what Peter Crown's himself is now using since "long tail" DIBS is apparently no longer working?
Quoting Jason W
Interesting ratio of wins and losses, ryukenden...I had similar results. I wonder what Peter Crown's himself is now using since "long tail" DIBS is apparently no longer working?
DIBS works fine, what you need to be doing is playing BOTH sides of the market. Let the market decide when and how you will make money.
It's all in your head.
Quoting Ryukenden
{quote} Hi Seneca pilot I have a question for you. How do you determine that a trading method is not working anymore due to changing market condition? Is it like when we have 3 month consecutive losses then we should treat it as an alert? Any advice would be appreciated. Thank you.
If you have a method that you devise on your own. If you COMPLETELY understand how your method works and the market conditions needed to make it successful. You will then be able to determine, in real time if the market conditions are correct for your strategy. If you only follow the strategy of another person's design you will probably never develop this complete and thorough feel for the market. Take ideas from other people and devise a strategy that is your own.

A hint: Stay away from anything that includes indicators.
Quoting Seneca pilot
{quote} If you have a method that you devise on your own. If you COMPLETELY understand how your method works and the market conditions needed to make it successful. You will then be able to determine, in real time if the market conditions are correct for your strategy. If you only follow the strategy of another person's design you will probably never develop this complete and thorough feel for the market. Take ideas from other people and devise a strategy that is your own. A hint: Stay away from anything that includes indicators.
Indicators have their place, but they have to be set up correctly. I have left templates on this site that show that indicators can lead price.
It's all in your head.
U can bet he..Peter Crown has readjusted his style for current market conditions..he VERY smart man
Quoting Seneca pilot
{quote} If you have a method that you devise on your own. If you COMPLETELY understand how your method works and the market conditions needed to make it successful. You will then be able to determine, in real time if the market conditions are correct for your strategy. If you only follow the strategy of another person's design you will probably never develop this complete and thorough feel for the market. Take ideas from other people and devise a strategy that is your own. A hint: Stay away from anything that includes indicators.

Good stuff.. be your own person..best trading strat in world.. all will trade it different..
  • Post #12
  • Quote
  • Edited at 7:17pm Apr 25, 2014 12:45pm | Edited at 7:17pm
I believe that most people didn't get Peter Crown point.
The DIBS method was not meant to be "The System" with an edge that will make trader profitable. I am not surprised to see its failure when used with discretion, and on set values, like a mechanical system that just needs an EA.
What I learned from Peter Crown is that you need to find your edge.
When he looked for a Dibs trade, he did it by giving for granted many factors that new traders won't notice.... and by reading the old thread, one finds the the DIBS was meant to be traded on a daily chart, with a good R/R, and not all DIBS were meant to be the same. He introduced the DIBS idea just by giving an example of how easy it is to create a "random" system, and use it profitably, and even a +20% a year is profitable.
A seasoned trader will spot a 50% retrace without pulling out a fib, and the same goes for major sup/res and so on... does that makes a difference? yes... Is it enough to be profitable? no.
That's where is point becomes clear: you can trade a moving average cross, a basket system, Dibs, or pure price, as long as you know how to read the chart technically, and most of all, you understand how to take more then give to the market by using the correct analysis and trade management.
It's not about the system, even if you do need one.
I tried to trade dibs method early in 2008 when Peter Crowns reveal here on FF, with good result at first time then I wasn't able to make any profit so i stopped traded it but the theory behind (low risk entries for unlimited profit) i think has very valid point to be analized deeply.




Moreover at that time , I had also few pm/email exchanges with PC , here's one of his reply :




Quote
Thanks for the note, Skyline. I'm glad you have had such great profits so far.
I've been trading the complete DIBS method for longer than most people on FF have been alive.
Why would this be the case?
I'm glad you have had success with DIBS entries. Many who have never had success before are finally seeing possibilities that have been before their eyes for years--- and never saw them before.
That is good. Its a beginning.
DIBS entry is part of a greater whole.
Your questions indicate you've been trading without completely proving the efficacy of...




After this pm from him I almost stopped traded dibs since it was clear for me that not all details were revealed in his thread and i've never was able to figure out remaining details.I also spent quite good weeks/months coding an EA which replicates exactly (at least in my understanding) dibs rules without any positive result after 10+ years backtest.
Maybe he's still trading some 'variation' making a piles of money laughing at my post




Have a nice weekend
Skyline
  • Post #14
  • Quote
  • Last Post: Feb 1, 2016 9:54pm Feb 1, 2016 9:54pm
This may be a dead thread, but here goes...

I am still a rookie trader, because I have not consistently traded and I haven't consistently used the DIBS method. However, whenever I found a good example of an IB, I made a screenshot of it. (Sometimes, this was not easy and the screenshots looked like crap, because I was trading on a public computer that did NOT let me use "print screen" -- the owners of the internet caf disabled it.)

Since I now have my own computer and can use "prt scr" any time I want, here are some recent screenshots (with notes) of DIBS trades.

Attached Image (click to enlarge)
Click to Enlarge Name: DIBS TRADE - 2016-01-26 - USDCAD resumed its climb until OPEC cut production.png Size: 34 KB
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_Fri Nov 6 2015.png Size: 26 KB
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS TRADE - 2015-12-31 - A NEW YEAR'S EVE DIBS TRADE on EURJPY.jpg Size: 79 KB
Attached Image (click to enlarge)
Click to Enlarge Name: DIBS TRADE - 2015-12-31 - A NEW YEAR'S EVE DIBS TRADE on USDCHF at 4 am EST.jpg Size: 94 KB


​I subscribe to the second "DIBS" thread ("The DIBS Method...No Free Lunch continues"), but now I'm on this one too, in case anything interesting shows up.
You can be young without money, but you can't be old without it.
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