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The DIBS Method... No Free Lunch continues

  • #461
  • May 22, 2008 6:25am May 22, 2008 6:25am
Quoting Archiphage
Which bar do you use for your weekly open? My chart doesn't have an obvious candidate with that price for an open.
I just look back at the 1st bar of the week and draw my line. Thats my sunday pre- asian open homework. i draw my weekly open and all my key support/resistance area's for the week from higher time frames. Also I use my cheat sheets on the different pairs. Here's my excel GBP/JPY cheat sheet. It can be edited easily for your time zone. It's set to PST because thats where i'm at. I'll attach in next post
  • #462
  • May 22, 2008 6:26am May 22, 2008 6:26am
This set up is working thus far. 52 pips in the bag. Im happy. closing trade.
Attached Image (click to enlarge)
Click to Enlarge Name: ib.gif Size: 38 KB
Things can get Real ugly, Real quick!!!
  • #463
  • May 22, 2008 6:30am May 22, 2008 6:30am
Humm, I'm having FF forum issues currently and can't attach a file. If you would like to see the cheat sheet pm me a email address and i'll send right out
  • #464
  • May 22, 2008 6:49am May 22, 2008 6:49am
Quoting HouseTrader
Hello, Naija

I guess Peter Crown said that if you were using this method in D1 or more, you should use week's open or even month's open. I remember also that it was a simple method that he used for years of live trading with big traders/big money, and, according to him, these guys NEVER look 15M charts...

Maybe you'll need a "little" more patience trading it in Daily, but it may work well too!

Success!

HT
Just started looking at this method for use with the daily tf (I have a day job so can't trade intraday).

Just from VISUALLY backtesting, the method looks promising using monthly candle ranges for buy/sell bias on IBs. Obviously I will be conducting some more thorough backtests before risking any cash on this idea though.

To all those clever MT4 people, could this intraday method be coded into an EA for those of us who work day jobs and cant stare at the screen?

Rationale:

Establish daily open price
Analyse each hourly bar in terms of the range of the prior bar to determine an IB.

Entry:

Initiate limit order if the current H1 bar is inside the prior bar and this all occurs > / < than daily open as per Peter C's filter.

Exit:

Can an EA instantiate a user defined (some pairs more volatile than others, ie NZDGBP moves ~45 pips in a day as opposed to hundreds on USDSEK) trailing stop when the position is triggered, OR set a 2:1 Risk/Reward TP order as a set 'n' forget kinda thing

Just musing...
  • #465
  • May 22, 2008 6:51am May 22, 2008 6:51am
I attached the copy of ur cheat sheet here.

Nice one!
Attached File(s)
File Type: xls gbpjpy cheat sheet1.xls   22 KB | 1,222 downloads
  • #466
  • May 22, 2008 6:55am May 22, 2008 6:55am
Quoting Atltrader
This set up is working thus far. 52 pips in the bag. Im happy. closing trade.

What's the 3 ma setting in your chart?
  • #467
  • May 22, 2008 6:57am May 22, 2008 6:57am
Quoting robincys
I attached the copy of ur cheat sheet here.

Nice one!
Thank you very much. Hope it makes since and it's a help. but from it's info heres what its telling me on my gbp/jpy current trade

48% of all gbp/jpy trends are between 101-200 pips, plus alot of other info. why i'm still holding but with 100 pips locked in. also 49% of trends are on wednesday and thursday
  • #468
  • May 22, 2008 7:01am May 22, 2008 7:01am
Ok on the cheat sheet remember I set it up for where I live ( PST ) but you can convert it easily to where ever u are. So the times make since
  • #469
  • May 22, 2008 7:09am May 22, 2008 7:09am
Quoting f4mnect
Ok on the cheat sheet remember I set it up for where I live ( PST ) but you can convert it easily to where ever u are. So the times make since
I think u trade 1hr tf as well as 4hr one, may I ask what's ur setup for 4hr?
  • #470
  • May 22, 2008 7:12am May 22, 2008 7:12am
Hey gang

Sorry I missed last session. Big parties going on this weekend.

Looks like I didn't miss anything. I still in the Usd/Chf IB break at 1.0323.
Indicators show the past. Price Action "Indicates" the future.
  • #471
  • May 22, 2008 7:14am May 22, 2008 7:14am
I'm curious how you other traders deal with the widened spreads around news time. If you're already in a position, I suppose the only two options are 1) pull your stop, or 2) let it get hit. Option 1 blows your risk control. Option 2 is painful, and therefore probably the right thing. You can always re-enter anyway. When waiting for an entry, I usually tend to just pull the order and re-enter after the news if the opportunity still looks good.
  • #472
  • May 22, 2008 7:16am May 22, 2008 7:16am
Quoting robincys
I think u trade 1hr tf as well as 4hr one, may I ask what's ur setup for 4hr?
Price action and a little something left over from my indicator addiction. But currently James16's 12 step program is trying to help me with that addiction. I'll email you the basics of what I have set up. my indicator addiction has no place in this thread. plus if i'm caught using again, they won't talk to me anymore lol
  • #473
  • May 22, 2008 7:16am May 22, 2008 7:16am
Quoting jarroo
Hey gang

Sorry I missed last session. Big parties going on this weekend.

Looks like I didn't miss anything. I still in the Usd/Chf IB break at 1.0323.
I trail my sl down and got hit something earlier.(0.382 retrace from the bar before this IB to the low)
  • #474
  • May 22, 2008 7:25am May 22, 2008 7:25am
Quoting Archiphage
I'm curious how you other traders deal with the widened spreads around news time. If you're already in a position, I suppose the only two options are 1) pull your stop, or 2) let it get hit. Option 1 blows your risk control. Option 2 is painful, and therefore probably the right thing. You can always re-enter anyway. When waiting for an entry, I usually tend to just pull the order and re-enter after the news if the opportunity still looks good.
If your asking me, here's my answer.....Depends on the trade, the time frame I'm trading and how many pips i'm up on that trade. Big news unless I'm up quite a few pips on a daily trade or 4 hour will get me out every time. Smaller time frames I close trade take my profit and walk away during news. On a daily chart , trades most of the time, most news amounts to but a burp in the movement. But i was once only a news trader and after all the pissed off brokers, closed accounts, fights over slippage etc.. I just try to avoid news as best I can now
  • #475
  • May 22, 2008 7:44am May 22, 2008 7:44am
Quoting robincys
I trail my sl down and got hit something earlier.(0.382 retrace from the bar before this IB to the low)

That's great rob. I am lookng for a more long term position. I just move my stop loss to b/e.
Here's why:

The trade agrees with the higher time frame trends which are down trends.
I absolutely agree that this filter needs to play a more important role in our set ups.

Right now Price on the Usd/Chf has retraced and is riding on the Daily trendline.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #476
  • May 22, 2008 7:48am May 22, 2008 7:48am
Quoting jarroo
That's great rob. I am lookng for a more long term position. I just move my stop loss to b/e.
Here's why:

The trade agrees with the higher time frame trends which are down trends.
I absolutely agree that this filter needs to play a more important role in our set ups.

Right now Price on the Usd/Chf has retraced and is riding on the Daily trendline.

It may get stopped out. That's OK, because the worst I can do right now is have a 21 pip gain.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #477
  • May 22, 2008 8:05am May 22, 2008 8:05am
Quoting f4mnect
If your asking me, here's my answer.....Depends on the trade, the time frame I'm trading and how many pips i'm up on that trade. Big news unless I'm up quite a few pips on a daily trade or 4 hour will get me out every time. Smaller time frames I close trade take my profit and walk away during news. On a daily chart , trades most of the time, most news amounts to but a burp in the movement. But i was once only a news trader and after all the pissed off brokers, closed accounts, fights over slippage etc.. I just try to avoid news as best I can now
I wasn't asking anyone in particular. Your approach makes a good deal of sense though.
  • #478
  • May 22, 2008 8:07am May 22, 2008 8:07am
Quoting jarroo
That's great rob. I am lookng for a more long term position. I just move my stop loss to b/e.
Here's why:

The trade agrees with the higher time frame trends which are down trends.
I absolutely agree that this filter needs to play a more important role in our set ups.

Right now Price on the Usd/Chf has retraced and is riding on the Daily trendline.
So for this one, day trend is up. but I saw a few price patterns in hr1 and hr4 - which might support the up trend of day trend. I mean up.

Im newbie and made a big loss. just trying to catch up. correct me if im wrong
  • #479
  • May 22, 2008 8:19am May 22, 2008 8:19am
E/J stop me out, then head north!!! lol
  • #480
  • May 22, 2008 8:25am May 22, 2008 8:25am
Quoting robincys
E/J stop me out, then head north!!! lol
Too late now, but re-entry was entirely possible. I took it, and am now free-riding. I got stopped out 2x before that, so I'm still down, but I don't let that bother me.
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