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The DIBS Method... No Free Lunch continues

  • #201
  • May 19, 2008 7:42pm May 19, 2008 7:42pm
I knew you could do it Jarroo. Count your Veiws & Posts.
Pips Squared to all that have observed.
  • #202
  • May 19, 2008 7:47pm May 19, 2008 7:47pm
Quoting Siam
Hi,

Forgive me if this has been mentioned., but how do I change the opening time on the ind to open at 00:00 GMT.

Don't seem to be able to find the function.
Thanks in advance.
Change the iOpenHour to what ever you want
  • #203
  • May 19, 2008 8:23pm May 19, 2008 8:23pm
Quoting no0odle
me too lool
another problem we need to address here is this:
when an IB is broken and before it starts to turn into a real move it comes back and takes your stoploss, but then the market starts to move back to the same direction as your entry and beyond, and you are watching like chipmunk jumping on your keyboard wishing you were in that trade . (not sure if peter addressed this problem, but i will read his posts again)

im still looking around for a solution. the solution that i started to look at is again the agreement with the weekly and monthly open, but still have to look more into it.
I would say when Price retraces back, takes you out and then moves back towards that same direction of your entry, you would re-enter. You didn't violate any of the basic rules, so re-enter. It may save a few keyboards.

Just remember Peter says about a breakouts:
"the best trades for us are the ones that don't give you ANY retracement after the breakout."

Indicators show the past. Price Action "Indicates" the future.
  • #204
  • May 19, 2008 9:02pm May 19, 2008 9:02pm
Yesterday the Eur chart gave two inside candles to trade. One long signal and one short signal. The long signal (green arrow) was early in the session and the short signal (red arrow) was later in the session. As for the stop loss on these trades I tend to place mine below the preceding candle of the inside candle (lime green x). There is usually a little more risk involved but less positions get stopped out.
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  • #205
  • May 19, 2008 10:06pm May 19, 2008 10:06pm
If you've downloaded 1.2 earlier please download again. I've been fiddling and added a few extra tweaks.

1. The open hour line appears on the open of the bar not the close.
2. An option to show day close.

Lux
MT4 EA, Indicator and Alert Coder Since 2006
  • #206
  • May 19, 2008 10:24pm May 19, 2008 10:24pm
Quoting luxinterior
If you've downloaded 1.2 earlier please download again. I've been fiddling and added a few extra tweaks.

1. The open hour line appears on the open of the bar not the close.
2. An option to show day close.

Lux
Thanks again lux
  • #207
  • May 19, 2008 10:44pm May 19, 2008 10:44pm
Thanks for your work Lux. How do we make the trigger lines thinner? thanks
Quoting luxinterior
If you've downloaded 1.2 earlier please download again. I've been fiddling and added a few extra tweaks.

1. The open hour line appears on the open of the bar not the close.
2. An option to show day close.

Lux
FF journal: Peaks and Troffs
  • #208
  • May 19, 2008 11:15pm May 19, 2008 11:15pm
Quoting bogus
Thanks for your work Lux. How do we make the trigger lines thinner? thanks
Open up MetaEditor and then open the indicator in the indicator file. go down to this line ObjectSet("DIBS_Trigger_B" + iUniqueID, OBJPROP_WIDTH, 5); Change the 5 to a smaller number...Then a little farther down look for this line ObjectSet("DIBS_Trigger_S" + iUniqueID, OBJPROP_WIDTH, 5); Change it again, then save it and compile it. Hope thats ok lux to tell them
  • #209
  • May 19, 2008 11:22pm May 19, 2008 11:22pm
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting ozziedave
Yesterday the Eur chart gave two inside candles to trade. One long signal and one short signal. The long signal (green arrow) was early in the session and the short signal (red arrow) was later in the session. As for the stop loss on these trades I tend to place mine below the preceding candle of the inside candle (lime green x). There is usually a little more risk involved but less positions get stopped out.
Hi Dave

Just a quick question in regards to the trades you commented on:

Where did you draw a line for the close of the last day? Was it at the black line? Because the first inside bar (green) was below the black line. Wouldnt that mean that you should have been looking for a downside breakout?

Cheers

CHECKstar
  • #210
  • May 19, 2008 11:40pm May 19, 2008 11:40pm
Thanks
Quoting f4mnect
Open up MetaEditor and then open the indicator in the indicator file. go down to this line ObjectSet("DIBS_Trigger_B" + iUniqueID, OBJPROP_WIDTH, 5); Change the 5 to a smaller number...Then a little farther down look for this line ObjectSet("DIBS_Trigger_S" + iUniqueID, OBJPROP_WIDTH, 5); Change it again, then save it and compile it. Hope thats ok lux to tell them
FF journal: Peaks and Troffs
  • #211
  • May 20, 2008 12:08am May 20, 2008 12:08am
I see the A/$ as a possible setup.Previous bar was an inside bar.
FF journal: Peaks and Troffs
  • #212
  • May 20, 2008 12:08am May 20, 2008 12:08am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting CHECKstar
Where did you draw a line for the close of the last day? Was it at the black line? Because the first inside bar (green) was below the black line. Wouldnt that mean that you should have been looking for a downside breakout?
Following a PM I just received encouraging me to post my thoughts on yesterday's EURUSD chart, I have the following setups (note that I did not take any entries last night but did have limit orders in place):

http://img293.imageshack.us/img293/3285/screence3.jpg

(orange line represents previous day's close)

A - questionable inside bar depending on what the low was quoted by your broker. If you were game, you would have placed a long entry at the high, which would have been triggered and profitable.

B - clear inside bar on my charts, but again may depend on your broker. Anyhow, I did catch this one, and placed a long order just above the high of the bar. This was never filled as price went south of the border soon after.

C - another questionable inside bar, but if it did qualify to you as a inside bar you would have been looking to go short since you are now below the orange line (and subsequently would have lost)

D - Clear inside bar, meaning that you would have been looking for another short entry. This would have been profitable.

Let me know if my analysis is way off the mark, since like most people and this strategy, I am new to it!
  • #213
  • May 20, 2008 12:13am May 20, 2008 12:13am
CHECKstar, I agree apart from the time of the last ones not being in the first 9 hours of the "day".
FF journal: Peaks and Troffs
  • #214
  • May 20, 2008 12:17am May 20, 2008 12:17am
  •  Trader#0000
  • | Status: Unregistered Trader
Quoting bogus
CHECKstar, I agree apart from the time of the last ones not being in the first 9 hours of the "day".
True, I did forget that filter, good pick-up.
  • #215
  • May 20, 2008 12:19am May 20, 2008 12:19am
I did play around backtesting on yen pairs with a 00 GMT time and it worked well.
FF journal: Peaks and Troffs
  • #216
  • May 20, 2008 12:53am May 20, 2008 12:53am
Quoting CHECKstar
Following a PM I just received encouraging me to post my thoughts on yesterday's EURUSD chart, I have the following setups (note that I did not take any entries last night but did have limit orders in place):



(orange line represents previous day's close)

A - questionable inside bar depending on what the low was quoted by your broker. If you were game, you would have placed a long entry at the high, which would have been triggered and profitable.

B - clear inside bar on my charts, but again may depend on your broker. Anyhow, I did catch this one, and placed a long order just above the high of the bar. This was never filled as price went south of the border soon after.

C - another questionable inside bar, but if it did qualify to you as a inside bar you would have been looking to go short since you are now below the orange line (and subsequently would have lost)

D - Clear inside bar, meaning that you would have been looking for another short entry. This would have been profitable.

Let me know if my analysis is way off the mark, since like most people and this strategy, I am new to it!
Nice CHECKstar. Looks real good.

A. Excellent
B. Notice he is only looking for longs because it's above the Open. Excellent.
C. Excellent. Shorts only. Below the Open.
D. Excellent. Sure it's late in the day, but just understand they are lower probability trades.

Nice Job CHECK.
Indicators show the past. Price Action "Indicates" the future.
  • #217
  • May 20, 2008 1:08am May 20, 2008 1:08am
Quoting ozziedave
Yesterday the Eur chart gave two inside candles to trade. One long signal and one short signal. The long signal (green arrow) was early in the session and the short signal (red arrow) was later in the session. As for the stop loss on these trades I tend to place mine below the preceding candle of the inside candle (lime green x). There is usually a little more risk involved but less positions get stopped out.
Ozzie I don't know where to begin. Please don't take this the wrong way. It's just my point of view.

I think you can clean up you charts a bit to see more clearly whats going on.

What is your Open of the day? Like CHECKstar said, is it the Black line?

I think you used the 0000GMT for the Open. I guess that's fine, but we are using the 0500 GMT for the Euro and Pound.

It still looks like there was profits to be made. Just show the DIBS method can be played in different ways and still be profitable.
Indicators show the past. Price Action "Indicates" the future.
  • #218
  • May 20, 2008 1:14am May 20, 2008 1:14am
Quoting bogus
I see the A/$ as a possible setup.Previous bar was an inside bar.
I'm watching that and the Usd/Cad.
Indicators show the past. Price Action "Indicates" the future.
  • #219
  • May 20, 2008 1:14am May 20, 2008 1:14am
Quoting CHECKstar

C - another questionable inside bar, but if it did qualify to you as a inside bar you would have been looking to go short since you are now below the orange line (and subsequently would have lost)
Well, looking at my oanda chart, the inside bar was Low 1.5507, High 1.5519.
So we've got a short @1.5507, SL 1.5519, TP of half of the position at 1.5595 which was reached two bars later. But probably depends on your broker...

Jan
  • #220
  • May 20, 2008 1:17am May 20, 2008 1:17am
Quoting bogus
I did play around backtesting on yen pairs with a 00 GMT time and it worked well.
look at a start for the yen pairs right as the asian market opens, thats what i'm testing and have been doing well with it, But I am running a few filters on exactly when to take the trade. I'm not just blindly setting orders and have been doing very well this way.
Just what I found in backtesting and my take on it.
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