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  • #161
  • May 10, 2008 10:31pm May 10, 2008 10:31pm
Quoting kermut
So in this case, if our current price is below week's open,and the price has made a run up to end up above session open, without any valid DIBS signal to go long, and we have an IB set up, then what would be the result of us placing two limit entries, one to go long (as per the DIBS) and one to go short (in line with the weekly trend).
Peter did state "For the 4/6/8 hour charts and daily charts you check to see if you are up or down versus last week's close. Take buys if you are above, sells if you are below".
I think an hourly bar in a weekly timeframe could be viewed as noise. But if using a 4-hour IB within a weekly frame may fit nicely as there are 24 hourly bars in a daily session and 30 4-hour bars in a weekly session. It may be a good idea to keep an eye on the 4 hour within a weekly time frame.
A 4 hour and 1 hour sync in the same direction may prove to be a pretty good setup.
In trading, there is no bullshit. You either make money or you don't.
  • #162
  • Edited May 11, 2008 1:36am May 10, 2008 11:17pm | Edited May 11, 2008 1:36am
Quoting kermut
Hi Jim,

Thanks for the comments. Though I would have to say that everyone reading and contributing to the thread would have had a genuine interest in this.

As you would have noticed, most of my questions were not directly related to the method, but more to do with market movement, and why and who facilitates this movement. There are a load of methods on this wonderful forum that actually do work. I am actually amazed to see how well some of those systems work, using indicators. But as indicators are basically showing price in nice colours and lines, it was impt for me to find out what actually moves the price. Most of the successful strategies here are basically a variation of some sort of 1-2-3 pattern, ie movement in price, then a pull back, then a continuation of price movement. Where this method stands out is that if the right IB occurs early on in the trading session, then you will be in on the intial 1-2 move, which is a huge edge, as far as I can tell. Esp if the move is with the weekly trend direction.

While I do not like to add variations to such a successful method, there is something that I have been thinking about. I do not have the time to actually back test this as I work full time, and trade after work, but if anyone else would like to, pls feel free to. The DIBS method is working on the supposition(EDIT: and a proven one at that) that the market movers will move the market in the direction of the daily direction once there is a period of price congestion (an IB). My idea is looking at where the price is in relation to the weekly open. ie if the price is above previous week's open, then look for longs in addition to the normal DIBS trades. I thought about this from Harold's thread, where he determines the daily direction based on his indicators, and then waits for the price to go opposite to that direction and look to enter on a 1-2-3 pattern in the direction of the daily.

So in this case, if our current price is below week's open,and the price has made a run up to end up above session open, without any valid DIBS signal to go long, and we have an IB set up, then what would be the result of us placing two limit entries, one to go long (as per the DIBS) and one to go short (in line with the weekly trend).

Just a thought, and if Peter was still contributing I imagine he might have given me a wrap across the knuckles for trying to modify something that already works so well.

Regards,
K.
Some great info there kermut and mrgreen.

One can follow the DIBS strictly but still be aware of the Weekly and even Monthly open.

Green line is the Monthly open and the Black line is the Weekly open.

Chart from this past week and last week.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #163
  • Edited 1:45am May 11, 2008 1:32am | Edited 1:45am
I was asked why I picked the high/low bar on 4/29/08, the one in green. Well I guess I cheated.

Actually, if you combine the previous 4 bars back to 00:00 GMT from the open of the day (the area in blue) the green bar would be an inside bar at the opening hour of the day from that combination.
I'm just looking at this method from all sorts of angles but keeping to that same theme. I probably shouldn't do that.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #164
  • May 11, 2008 1:53am May 11, 2008 1:53am
Quoting jarroo
I was asked why I picked the high/low bar on 4/29/08, the one in green. Well I guess I cheated.

Actually, if you combine the previous 4 bars back to 00:00 GMT from the open of the day (the area in blue) the green bar would be an inside bar at the opening hour of the day from that combination.
I'm just looking at this method from all sorts of angles but keeping to that same theme. I probably shouldn't do that.

Moving down to the 30 min chart would have been following the rules.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #165
  • May 11, 2008 5:01am May 11, 2008 5:01am
Sorry to hold up progress, but can we come back to this:
- Start of the day is when the people who control the money wake up, ie 0600GMT
- Does not take trades after about 9-10 hours open of session open

I understand GMT to be a time zone, not a time. eg I'm on gmt+10. Is 0600GMT a way of saying gmt(+0) at 6.00 am?

I'm seeing the hint (if there is one) as referring to the London exchange, which happens to be open for 9 hours. What time does London open when expressed in gmt+0?
Good Trading
  • #166
  • May 11, 2008 5:56am May 11, 2008 5:56am
I guess Peter forgot to mention that this setup only works during a strong trend which turn his strategy into the regular "trending only" system.

Thx btw Peter for the convincing statements
  • #167
  • May 11, 2008 6:59am May 11, 2008 6:59am
Quoting aud
Sorry to hold up progress, but can we come back to this:
- Start of the day is when the people who control the money wake up, ie 0600GMT
- Does not take trades after about 9-10 hours open of session open

I understand GMT to be a time zone, not a time. eg I'm on gmt+10. Is 0600GMT a way of saying gmt(+0) at 6.00 am?

I'm seeing the hint (if there is one) as referring to the London exchange, which happens to be open for 9 hours. What time does London open when expressed in gmt+0?
This link will help w/ the times.
http://www.2008.worldmarkethours.com/Forex/index.htm
that in combination w/ this:
http://www.timeanddate.com/worldclock/
can help you coordinate what time (your local) is 1AM Eastern US. Which is the opening bar.
In trading, there is no bullshit. You either make money or you don't.
  • #168
  • May 11, 2008 7:11am May 11, 2008 7:11am
Quoting Gift_Art
I guess Peter forgot to mention that this setup only works during a strong trend which turn his strategy into the regular "trending only" system.
It is mentioned several times that one moves to a 'break even' 1:1 trade as soon as possible and leave the rest to run.
I do see the potential for short term scalps though.
In trading, there is no bullshit. You either make money or you don't.
  • #169
  • Edited 3:50pm May 11, 2008 11:40am | Edited 3:50pm
Quoting aud
Sorry to hold up progress, but can we come back to this:
- Start of the day is when the people who control the money wake up, ie 0600GMT
- Does not take trades after about 9-10 hours open of session open

I understand GMT to be a time zone, not a time. eg I'm on gmt+10. Is 0600GMT a way of saying gmt(+0) at 6.00 am?

I'm seeing the hint (if there is one) as referring to the London exchange, which happens to be open for 9 hours. What time does London open when expressed in gmt+0?
Quote
-PeterCrowns-
got a few emails asking for additional clarification about how one trades the inside bar setup mentioned previously (Now officially called the Daily IBar Setup) when the markets are as choppy as they've been recently.

The answer is: the same as any other time, but especially focus on trades that setup "early" in the day. Meaning within 6 - 7 hours of the open.

The open I look at is 00:00 CST or 01:00 EST. This would also translate to 06:00 GMT. Now if you wish to declare another time the official open of the day, it is your choice and your money.

I do have a friend who believes that 00:00 GMT is the official day's open, and he's had some success trading with that concept. But he trades the JPY pairs more than 60% of the time, which may be a mitigating factor.

I've found that you are always better using an opening time period that fits closely to the normal biological tendencies of the greatest amount of people who control the money in the world.

On my platform (Interbank FX) 01:00 EST is 05:00 GMT.

Higher probability trades in the first 6 to 9 hours of the day

On my platform London opens at 08:00 GMT (04:00 AM EST)
Indicators show the past. Price Action "Indicates" the future.
  • #170
  • May 11, 2008 9:28pm May 11, 2008 9:28pm
Thanks for the replies. So Peter had the day starting (0600GMT) one hour before London opens. From reading his thoughts I was expecting it to be on the London open as the greatest amount of money goes through London FX Markets.

As a side note with London on dst, this would now become 0700GMT, otherwise the day would now start 2 hours before the London open.
Good Trading
  • #171
  • May 11, 2008 10:22pm May 11, 2008 10:22pm
0600 GMT is Frankfurt open........plenty of action starting up at Frankfurt open, watch out for the 0630 GMT 1/2 way point fakeouts while waiting for London to open..
trading naked.......
  • #172
  • May 11, 2008 11:18pm May 11, 2008 11:18pm
Forex Hours of operation by Location and volume
Attached Image
trading naked.......
  • #173
  • May 11, 2008 11:32pm May 11, 2008 11:32pm
Or this.

http://www.babypips.com/school/market_hours.html

Or This

http://www.2008.worldmarkethours.com/Forex/index.htm
  • #174
  • May 12, 2008 1:13am May 12, 2008 1:13am
Usd/Jpy.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #175
  • May 12, 2008 2:07am May 12, 2008 2:07am
Quoting jarroo
Usd/Jpy.
Update: looking good.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #176
  • May 12, 2008 3:08am May 12, 2008 3:08am
I like the 30m for GJ - now waiting for the UK data to resolve the latest candle.....
Attached Image (click to enlarge)
Click to Enlarge Name: may 12 gj 30m 0900.gif Size: 12 KB
Trading Levels with WRBs
  • #177
  • May 12, 2008 3:47am May 12, 2008 3:47am
Quoting jarroo
Update: looking good.
Hi Jaroo

Are you playing for a break of the smaller candle with the Inside Bar set-up ? Or the larger candle of the setup? I have been using the larger candle for the break and the inside candle for the stoploss. Hope you can tell me if I am doing it wrong.

Thanks.

Happy trading,
Bakuli
  • #178
  • May 12, 2008 3:48am May 12, 2008 3:48am
Quoting Islander
I like the 30m for GJ - now waiting for the UK data to resolve the latest candle.....
I like it Islander. Looks good.

I like the fact that if and when losses occur (and they will happen) they are small compared to the potential gain. Where have I heard that before.

My style of trading limits losses as much as possible. It's all about the losses not the profits. The profits will take care of themselves. IMO.

The Usd/Jpy trade I am currently in, I have taken half off at 43 pips and the other half I moved to break even. It another IB presents itself and breaks the top I may re-enter. But for now I'll enjoy banking pips and risking ZERO.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #179
  • May 12, 2008 3:54am May 12, 2008 3:54am
Quoting Bakuli
Hi Jaroo

Are you playing for a break of the smaller candle with the Inside Bar set-up ? Or the larger candle of the setup? I have been using the larger candle for the break and the inside candle for the stoploss. Hope you can tell me if I am doing it wrong.

Thanks.

Happy trading,
Bakuli
I am following Peter's DIBS method as much as possible (and as much as I understand it.)

Read and study this thread in its entirety. You will find your answers.
Indicators show the past. Price Action "Indicates" the future.
  • #180
  • May 12, 2008 4:18am May 12, 2008 4:18am
Quoting jarroo
I like it Islander. Looks good.

I like the fact that if and when losses occur (and they will happen) they are small compared to the potential gain. Where have I heard that before.

My style of trading limits losses as much as possible. It's all about the losses not the profits. The profits will take care of themselves. IMO.

The Usd/Jpy trade I am currently in, I have taken half off at 43 pips and the other half I moved to break even. It another IB presents itself and breaks the top I may re-enter. But for now I'll enjoy banking pips and risking ZERO.
I like it too - took 100 pips from that last buy http://www.forexfactory.com/images/icons/icon12.gif and as you say, the losses are kept small. Now I'm working on how to work these signals in with my usual IFibs trading.

Keep an eye on the Swissy, its stalled at its 50% fibo on my 30m / hourly charts - that'll hold UJ.
Trading Levels with WRBs
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