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The DIBS Method... No Free Lunch continues

  • #1,021
  • May 30, 2008 1:26am May 30, 2008 1:26am
Quoting Rocroy
Amazing how these things have started to pop up lately...

Does this system already have a thread?

R
Why look for a thread? The precise rules, weekly emails and a blog updated daily on the state of play are all available free at TRT's website.
  • #1,022
  • May 30, 2008 2:32am May 30, 2008 2:32am
Posted by peter read all Peter post i had printed all i call it Peter IBible
read and reread it
  • #1,023
  • May 30, 2008 2:50am May 30, 2008 2:50am
Hi,

first of all this is a great easy method, and second thank you Peter for sharing this with us and third thank all others for taking alive this conversation to the method.


Rod where i can found the PDF Doc???
  • #1,024
  • May 30, 2008 3:45am May 30, 2008 3:45am
i think will be useful for all to start form the first Jarro link in the first post
read it study this pdf its very important this explain what is an equity
what is a system start to read all james thread Ib system is based on pure price action http://www.forexfactory.com/showthre...t=56907&page=5
Ok please post all your trade also the wrong trade so we can understand why an Ib works and why another one not too find the right set up to enter with a position we are here to learn from new trader and from experienced trader
  • #1,025
  • May 30, 2008 3:59am May 30, 2008 3:59am
Okay will do that, i personally trade mainly the 15 minute chart, another style i will forward test this method with all of you and hope that i can give my 5 cents to this thread.

I have read the thread and had understand the psychology behind the inside bar but me personally would prefer to use the the psychology of a harami. It's similar the same to inside bar but only difference is that only the body should be inside the prior bar/candle which ever... And i would set the Stop below/above the bar prior to the Inside Bar to give it more room to move...

I try since a few days to visually backtest the Inside Bar and NR4/IB in a way explained in Law of charts from Joe Ross, the TTE (Traders Trick Entry) and the Ross Hook.

Regards
  • #1,026
  • May 30, 2008 4:01am May 30, 2008 4:01am
Quoting TradeStar
Well, tkimble's weekly scalping is very close to this first strike method. I have seen TheRealThing contributing primarily on that thread.

TS
That is true, tkimbleīs system is close to the first strike, but also it isnīt. The entry is similar, just with different pips for stops. The main difference is, that tkimbleīs system is trying to get into the weekly trend up to 4 times, whereas The First Strike only gives it one shot, thatīs why Iīm surprised that OzzieDave is still in the EUR/USD, as the long one was triggered first and stopped out, so the short entry was cancelled. But Iīm short in the very same pair too, just for different reasons. As my long got stopped out, I was free to trade whatever I saw on the chart - 123 pips in profit right now.

In all the trades Iīm still in, I just added positions in the weekly trend direction using DIBS or discretionary entries, which worked fantastic this week my equity being up 7% by risking 0.5% on each entry and taking profits for partial lots to get the free rides based on DIBS

Not every week will be like that, but thatīs part of the business.

Anyway - to come back to the point I tried to make - I cannot recommend tkimbleīs thread in the way to understand TRTīs strategies, as TRT trades The First Strike just once a week. He says that people should feel free to take several tries, if they get stopped out, but the probability for the second trade to be a winner is down to 75% of the probability of the first one. That is why he doesnīt re-enter.

I recommend to go to his website and apply for the newsletter and read every single post of the blog, as you can learn a lot from that, not just about the systems but the markets
  • #1,027
  • May 30, 2008 4:31am May 30, 2008 4:31am
Jarroo,

Thank you for continuing this thread, where PeterCrown left off. Excellent forum.

Regards

Forexnetworth
  • #1,028
  • May 30, 2008 5:55am May 30, 2008 5:55am
Can someone provide a weblink for the first strike or the real thing?

Thanks
Verno
  • #1,029
  • May 30, 2008 6:06am May 30, 2008 6:06am
It seems to me that there is an aspect of this set up that hasn't been discussed enough - the bar prior to the IB. To me if the prior bar has a long wick or tail then a bit of discreation needs to be applied. The question becomes what size wick or tail would cause one to pass on a trade set up?
I make money anywhere in the world by taking orders
  • #1,030
  • May 30, 2008 6:35am May 30, 2008 6:35am
Quoting verno
Can someone provide a weblink for the first strike or the real thing?

Thanks
Verno
http://www.forexfactory.com/member.php?u=25481
This is his profile on FF. There you can access his website by "Visit TheRealThings's Website".
  • #1,031
  • May 30, 2008 6:55am May 30, 2008 6:55am
Many thanks. By the way I have been lurking on this thread and think its very useful. Thanks to everyone for their contributions.

Verno
  • #1,032
  • May 30, 2008 7:06am May 30, 2008 7:06am
Quoting SedonaPipper
It seems to me that there is an aspect of this set up that hasn't been discussed enough - the bar prior to the IB. To me if the prior bar has a long wick or tail then a bit of discreation needs to be applied. The question becomes what size wick or tail would cause one to pass on a trade set up?
I've been thinking about this too. I wonder if there is some advantage to skipping certain IBs, such as when the previous bar closes far away from its extreme. This would represent a weakening trend and/or a relative lack of participants along the bar's wick. Where the IB lies in relation to the previous bar would make some difference as well, I would think. PC does hint that there are filters he uses that increase the probability of his trades. I wonder if some considerations like this figure into his filtering.
  • #1,033
  • May 30, 2008 7:46am May 30, 2008 7:46am
Something I set up and look at to help with Trading the hot currencys. Has worked out pretty good this week, we will see
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  • #1,034
  • May 30, 2008 8:23am May 30, 2008 8:23am
I Have been following this for a few days now, I wish I started when Peter was still posting. Anyway I have a few questions on a couple of inside bars, and are they worthy of trading.

09:00 on GBP/USD
nothing on EUR/USD
08:00, and 11:00 on USD/CHF
All hours are from IBFX's server, which I believe is set to GMT
Not looking for longs or shorts, but are these the bars to watch?
Thanks
Rusty
  • #1,035
  • May 30, 2008 9:05am May 30, 2008 9:05am
rusty,

EUR/USD i see an IB @ 13.00
  • #1,036
  • May 30, 2008 9:20am May 30, 2008 9:20am
Yep, I just checked., now just to learn which wqay to go.

I am at my 'Day' Job right now, so no trading right now

Rusty
  • #1,037
  • Edited 9:56am May 30, 2008 9:27am | Edited 9:56am
Hey,

Simple and provides enough oppourtunities and effective.

Just popping in to say ,i have taken 4 trades off this method and they have been good to me. i am currently in 2 trades- one from EU from yesterday where my free trade is still running and just opened a second hour on the start of this hour of the break of USDCHF .
the current one not looking so nice. i will wait.

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EDIT : Trade currently into free Trade
  • #1,038
  • May 30, 2008 9:28am May 30, 2008 9:28am
Quoting rusty105
I Have been following this for a few days now, I wish I started when Peter was still posting. Anyway I have a few questions on a couple of inside bars, and are they worthy of trading.

09:00 on GBP/USD
nothing on EUR/USD
08:00, and 11:00 on USD/CHF
All hours are from IBFX's server, which I believe is set to GMT
Not looking for longs or shorts, but are these the bars to watch?
Thanks
Rusty
Rusty,
The 9 gmt GBP/USD (as per ibfx's server) is an inside bar that can be traded on a break to the downside since it is below the daily open (daily open on ibfx is 5 gmt, 1 am eastern united states as compared to Peter Crowns charts). Though, trading it would be questionable since it was broken to the upside first, then broke to the downside four candles later.
The 8 gmt USD/CHF bar's high matches the previous bar's high, but can still be considered an inside bar. It would have to have been traded on a break to the upside since it was higher than the daily open.
The 11gmt USD/CHF could have been played on either a break to the upside or downside, since the high was above the daily open and the low was below the daily open. Although price action was very sloppy today. I hope this helps.
Dave
  • #1,039
  • Edited 9:51am May 30, 2008 9:35am | Edited 9:51am
Quoting rusty105
I Have been following this for a few days now, I wish I started when Peter was still posting. Anyway I have a few questions on a couple of inside bars, and are they worthy of trading.

09:00 on GBP/USD
nothing on EUR/USD
08:00, and 11:00 on USD/CHF
All hours are from IBFX's server, which I believe is set to GMT
Not looking for longs or shorts, but are these the bars to watch?
Thanks
Rusty
Rusty. Peter is still posting some little pearls at Bemac's original thread... I'm sure he gives sometimes a glimpse around here...

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #1,040
  • May 30, 2008 9:51am May 30, 2008 9:51am
Quoting SedonaPipper
It seems to me that there is an aspect of this set up that hasn't been discussed enough - the bar prior to the IB. To me if the prior bar has a long wick or tail then a bit of discreation needs to be applied. The question becomes what size wick or tail would cause one to pass on a trade set up?
Hello, Sedona, and everybody....

We must understand that all trades must be discretionary...

I'm droping below a post at Bemac's thread (the one which originated this) concerning to this method's backtest... Words form an experienced trader (Bemac, not me!)

I have posted sometimes earlier that I use some "perverted" IBs to enter the trade, usually when the IB is too short comparing to the length of the previous. This means, to me, that there are still indecision on the market. But I do it very seldom. This is nothing more that been discretionary. (Hey, please, this is not trade advice... the system works consistently without changing a line!).

Here it comes...

Quote
Hi Peter, thanks for dropping in... (Bemac places a full pot of Columbian {COFFEE } on PC's Table.)

It is amazing how many people want to be Traders but don't want to have to Think about it. I Wonder, Do you have an EA to Measure "Trader Discretion" or "The Hot Hand"

Sorry Peter, I know how ridiculess that is but I could just see the question coming.

Guys, & I know most of you understand this but,
How can you Backtest a Discretionary system?

ABC is in a Horizontal Channel going back 4 months. During that 4 Months it has had 26 Daily IB's. Am I Trading it? He|| no. But it's gonna Trade on a Backtest.

MARCH 11th 2008
Peter Crown's First Post to this great Forum.
" That is the way I remembered it.
I've been away from the CME for 9 years. I much rather trade from my home office. Less noise.
The only pressure on me is what I place on myself. A truth that has always held true, even if I didn't recognize it.
Peter"

Not yet 90 days and we have multiple suggestions on ways to improve on this "Discretionary System."

HELLO! WAKE UP!
If you can't afford to Forward Test this Method with Real Money,
At Least, Forward Test it with Demo Money.
The Method Works but,
YOU, may be required to take some Training Modifications.



Cheers!

HT
Many share my views with me. But I don't share them with them...
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