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The DIBS Method... No Free Lunch continues

  • #161
  • May 19, 2008 3:47am May 19, 2008 3:47am
This is looking a very attractive stand alone system
Quoting jarroo
Yes. Absolutely.
FF journal: Peaks and Troffs
  • #162
  • May 19, 2008 3:55am May 19, 2008 3:55am
I have taken 7 ib tonight on demo. 1st gbp short took 1/2 than reversed, out 0.... other 6 are free trades currently and still running. up 194 pips currently. A little more back testing and forward testing on demo and I'll start taking them live. No matter how good it looks I'll demo the set ups until I get my opening time worked out.
  • #163
  • May 19, 2008 3:57am May 19, 2008 3:57am
Here is a jpyusd short trade. Inside bar forms (yellow arrow). Price action is right at the daily open and you see the inside's candles wick and the previous candles wick are both below the daily open price. This indicates a short trade if the low of the inside candle is broken to the drown side. The next candle after the inside candle breaks to the short side and you are in the trade around 104.01.
Attached Image
  • #164
  • May 19, 2008 3:58am May 19, 2008 3:58am
Quoting ozziedave
Here is a jpyusd short trade. Inside bar forms (yellow arrow). Price action is right at the daily open and you see the inside's wick and the previous bars wick are below the dailt open price. The next candle after the inside bar breaks to the short side and you are in the trade around 104.01.

Nice ozzie.
Indicators show the past. Price Action "Indicates" the future.
  • #165
  • Edited 4:35am May 19, 2008 4:02am | Edited 4:35am
Here it is. I found it.

Peter:
"No, I don't take trades before the session opening bar. I will take trades within the opening session bar, if the previous hourly bar is an inside bar."


It's at "Fourth--" of this post.

http://www.forexfactory.com/showpost...9&postcount=89
Indicators show the past. Price Action "Indicates" the future.
  • #166
  • May 19, 2008 4:08am May 19, 2008 4:08am
Quoting f4mnect
I have taken 7 ib tonight on demo. 1st gbp short took 1/2 than reversed, out 0.... other 6 are free trades currently and still running. up 194 pips currently. A little more back testing and forward testing on demo and I'll start taking them live. No matter how good it looks I'll demo the set ups until I get my opening time worked out.
That's the smart thing to do...
  • #167
  • May 19, 2008 4:53am May 19, 2008 4:53am
Quoting jarroo
Did you take it shodd?
I did indeed

Sold half position at risk, so free trade at the moment.
Leonardo Follower
  • #168
  • May 19, 2008 4:53am May 19, 2008 4:53am
Quoting shodd
I did indeed

Sold half position at risk, so free trade at the moment.
Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #169
  • May 19, 2008 5:04am May 19, 2008 5:04am
Interesting that another one has formed on the GBPJPY. I'll be taking this short on penetration again.....
Attached Image (click to enlarge)
Click to Enlarge Name: 3nd breakout trade 19-5-2008.gif Size: 21 KB
Leonardo Follower
  • #170
  • May 19, 2008 5:06am May 19, 2008 5:06am
Quoting shodd
Interesting that another one has formed on the GBPJPY. I'll be taking this short on penetration again.....

Looks good to me shodd.

Good Job.
Indicators show the past. Price Action "Indicates" the future.
  • #171
  • May 19, 2008 5:35am May 19, 2008 5:35am
what do you guys do when we have a number of IBs after each other. by this i mean an an IB followed by another IB and so on (a wedge). do you move your order to the newest IB or you leave it at the first one? i still cant decide on this one.
  • #172
  • May 19, 2008 5:37am May 19, 2008 5:37am
Gotta go gang. Things are looking great. Sure the Euro is coming down a bit. But, so what. It's a "free trade" with potiental.

See ya,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #173
  • May 19, 2008 5:39am May 19, 2008 5:39am
Cheers Jim
FF journal: Peaks and Troffs
  • #174
  • May 19, 2008 5:40am May 19, 2008 5:40am
Great thread,thanks to those that have contributed and taken this method of trading and run with it. It is truly amazing that these simple methods are largely overlooked by most FX traders, they would rather expend a great amount of effort on indicator based mumbojumbo that invariably leads to their demise.
  • #175
  • May 19, 2008 6:48am May 19, 2008 6:48am
Quoting no0odle
what do you guys do when we have a number of IBs after each other. by this i mean an an IB followed by another IB and so on (a wedge). do you move your order to the newest IB or you leave it at the first one? i still cant decide on this one.
Not sure what the "official" method is for these circumstances, but I have been using the longest IB to base my trades off (the first one basically). I figure that by doing this you will filter more false breakouts.
Leonardo Follower
  • #176
  • May 19, 2008 7:07am May 19, 2008 7:07am
Quoting no0odle
what do you guys do when we have a number of IBs after each other. by this i mean an an IB followed by another IB and so on (a wedge). do you move your order to the newest IB or you leave it at the first one? i still cant decide on this one.
This was asked of Peter in the original thread. He said that he would move his entry order to the low/high of the new IB, and keep moving the order until it was triggered.
  • #177
  • May 19, 2008 7:14am May 19, 2008 7:14am
There was an IB on the GBP/USD that triggered short and hit the first take profit with +20 pips in the first 10 minutes. I still have 1/2 of the position open at break even to see if we can get anymore out of it...

This makes +67 pips for me tonight. The second half of my JPY and EUR trades stopped out at break even.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD DIBS trade 19MAY08.gif Size: 164 KB
  • #178
  • May 19, 2008 7:27am May 19, 2008 7:27am
I have attached a chart with a question that I have. I don't believe that Peter ever addressed it in the original thread, but I may have overlooked it. In the chart you see the EUR/USD. There was a first IB that straddled the daily open and allowed for both long and short setups. The long was triggered, but the short never was. Price has climbed up and come back down, and now looks like it wants to break the low of the original IB. Is that STILL a valid short signal after all this time, and the fact that the long trade was previously triggered?

I'm thinking that this is probably a personal judgment call, but I thought I'd see what everyone else thinks....
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD DIBS question.gif Size: 163 KB
  • #179
  • May 19, 2008 7:27am May 19, 2008 7:27am
Quoting Tommy_C
There was an IB on the GBP/USD that triggered short and hit the first take profit with +20 pips in the first 10 minutes. I still have 1/2 of the position open at break even to see if we can get anymore out of it...

This makes +67 pips for me tonight. The second half of my JPY and EUR trades stopped out at break even.
I also took the GBP trade, but my eur and jpy trades are not stopped out just yet. jpy has a stop at 104.17 and eur has a stop at 1.5562. these stops are 1 pip under the ib that initiated the trades.

did you tighten your stops?

and if you got stopped out at breakeven, and have only the gbp open, how are you +67 pips?
  • #180
  • May 19, 2008 7:36am May 19, 2008 7:36am
Quoting edwinnk
I also took the GBP trade, but my eur and jpy trades are not stopped out just yet. jpy has a stop at 104.17 and eur has a stop at 1.5562. these stops are 1 pip under the ib that initiated the trades.

did you tighten your stops?

and if you got stopped out at breakeven, and have only the gbp open, how are you +67 pips?
+20 on JPY/USD, +27 on EUR/USD, and +20 on GBP/USD. Over three trades, the 1st half of each trade 20+27+20=67.

After the 1st half reached the 1st profit target, I moved the stops on the 2nd half of each trade to break even. That's how/why I got stopped out on the EUR and JPY trades.
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