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The DIBS Method... No Free Lunch continues

  • #1,081
  • Jun 2, 2008 9:47am Jun 2, 2008 9:47am
Quoting y.caesar
Hello,

I've been reading this thread for a while without posting. Usually I trade news strictly with PA and a little help from pivots.
I couldn't help but noticed a DIBS formed in gbp/usd today and took a trade. I exited early though, cause there was no follow through and PA tells me that going up faces less resistance.
Got 4pips in the end...oh well...hope better days tomorrow.
Here's the chart.

y.caesar

That's an excellent point y.caesar.

Looking at Price Action, S/R levels, Trendlines, etc., on higher time frames have to be considered when using the DIBS method.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #1,082
  • Jun 2, 2008 10:04am Jun 2, 2008 10:04am
Quoting jarroo
That's an excellent point y.caesar.

Looking at Price Action, S/R levels, Trendlines, etc., on higher time frames have to be considered when using the DIBS method.


I missed the big picture on that...
Many share my views with me. But I don't share them with them...
  • #1,083
  • Jun 2, 2008 10:12am Jun 2, 2008 10:12am
Quoting HouseTrader


I missed the big picture on that...
Looking at higher time frames for signs of where Price may help or hinder our DIBS trade is some thing I have been looking at.

House, you played that Gbp/Usd perfectly. Keep up the good work.
Indicators show the past. Price Action "Indicates" the future.
  • #1,084
  • Jun 2, 2008 10:19am Jun 2, 2008 10:19am
Sorry quick question because I have not been following the thread. What is the opening time for DIBS? I always thought it was 0600 GMT for interbankfx, but from what I see from jaroo's chart, he's using 0400
  • #1,085
  • Jun 2, 2008 10:22am Jun 2, 2008 10:22am
Quoting jarroo
Looking at higher time frames for signs of where Price may help or hinder our DIBS trade is some thing I have been looking at.

House, you played that Gbp/Usd perfectly. Keep up the good work.
Thanks!

I was "a little" less discretionary on this... that happens...

So far, not so bad... It was only my 3rd losing trade since I stared using DIBS...

I said it before, and repeat... amazing job you're doing on this thread!

Cheers!

HT
Many share my views with me. But I don't share them with them...
  • #1,086
  • Jun 2, 2008 10:23am Jun 2, 2008 10:23am
jarro you are right
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 19 KB
  • #1,087
  • Edited 9:24pm Jun 2, 2008 10:34am | Edited 9:24pm
Quoting JodyOng
Sorry quick question because I have not been following the thread. What is the opening time for DIBS? I always thought it was 0600 GMT for interbankfx, but from what I see from jaroo's chart, he's using 0400
Open is 0100 EST. What ever that GMT time is on your platform, use it. On my platform it's 0500 GMT. The 0400 IB (0000 EST) was played off the 0500 GMT Open (0100 EST).

Peter has shown on his charts that prior IBs (before the Open) can be played, as long as they are off the 0500 (0100 EST) Open.

Hope this helps,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #1,088
  • Jun 2, 2008 11:16am Jun 2, 2008 11:16am
i was short on USDCHF since friday. Got stopped by *1* pip (but with profit)
  • #1,089
  • Jun 2, 2008 11:54am Jun 2, 2008 11:54am
yeah, I saw 3 IBs today, GBPUSD, USDJPY and USDCHF. I got stopped on GBP but the others worked fine. The CHF was actually my favourite as it clicked in on the break of a mini trend line as well. See attached (looking at the chart I see one I missed earlier to).
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF.JPG Size: 135 KB
  • #1,090
  • Jun 2, 2008 12:44pm Jun 2, 2008 12:44pm
Hi guys,

I am new to this thread and relatively new to forex.

I read the old thread from start to finish but could not find the definition of inside bar.

Could someone possibly explain?

Thanks in advance.

Al
  • #1,091
  • Edited 2:24pm Jun 2, 2008 2:14pm | Edited 2:24pm
Quoting ACartwright
Hi guys,

I am new to this thread and relatively new to forex.

I read the old thread from start to finish but could not find the definition of inside bar.

Could someone possibly explain?

Thanks in advance.

Al
An inside bar is a bar which is completely within the range of the preceding bar, i.e. it has a higher low and lower high than the bar immediately before it. An inside bar indicates a time of indecision or consolidation. x's mark inside bar.
http://www.dacharts.com/images/insideup.gif

Edit: P.S. you are lucky to have found this thread as a newbie, if you master this method and put the necessary time into it, I feel you will save yourself a lot of headaches and increase your chances to become a successful trader. I wish I would have known these techniques earlier in my trading experience. Thanks again to PeterCrowns.
  • #1,092
  • Jun 2, 2008 2:19pm Jun 2, 2008 2:19pm
Quoting verno
yeah, I saw 3 IBs today, GBPUSD, USDJPY and USDCHF. I got stopped on GBP but the others worked fine. The CHF was actually my favourite as it clicked in on the break of a mini trend line as well. See attached (looking at the chart I see one I missed earlier to).
I did not get an inside bar on the USD/CHF, my high for that bar was 2 pips higher than the previous bar's high. Too bad, looks like that was a sweet trade you got there.

I also got stopped out on the GBP/USD with 0 pips. After 3 hours of not hitting 1:1, i closed out manually at 0 pips. I guess that's where discretion comes into play.
  • #1,093
  • Jun 2, 2008 2:38pm Jun 2, 2008 2:38pm
Hi edwinnk -

do you know the name of the IB indicator you use which gived the yellow bars?

I'm usin an IB indicator that was posted up, but it doesn't seem to work properly. i.e. it treats the open/close as the bar, so if the wick is outside the previous bar it can sometimes still indicate an IB even tho it is not!

Cheers.
  • #1,094
  • Jun 2, 2008 2:43pm Jun 2, 2008 2:43pm
Quoting verno
yeah, I saw 3 IBs today, GBPUSD, USDJPY and USDCHF. I got stopped on GBP but the others worked fine. The CHF was actually my favourite as it clicked in on the break of a mini trend line as well. See attached (looking at the chart I see one I missed earlier to).
Nice job!

I missed the USD/CHF cause I was looking at GBP/USD, and that one pissed me off later... never mind... got the USD/JPY...

Cheers!
Many share my views with me. But I don't share them with them...
  • #1,095
  • Jun 2, 2008 3:14pm Jun 2, 2008 3:14pm
Quoting **straddle**
Hi edwinnk -

do you know the name of the IB indicator you use which gived the yellow bars?

I'm usin an IB indicator that was posted up, but it doesn't seem to work properly. i.e. it treats the open/close as the bar, so if the wick is outside the previous bar it can sometimes still indicate an IB even tho it is not!

Cheers.
hi straddle,

That chart i posted was not mine, it was copied from the internet. But I do have a IB indicator that I use. I use In&out indicator. I think it has already been posted in this forum but I will post it anyway.

Set Show_alert = true
Display_out = false
Display_in = true

and colors>yellow>width = 2 or greater (so you can see it better on chart)

this also pops up an alert window when a ib is formed and plays a sound.

the only problem with this indicator is that everytime you exit and re-enter your platform, you have to re-set the width of the yellow bar to 2 or greater.
even though i save it in templates with width = 2, it always resets it. but its not a big deal.

best regards
Attached File(s)
File Type: mq4 in&out.mq4   4 KB | 721 downloads
  • #1,096
  • Jun 2, 2008 3:27pm Jun 2, 2008 3:27pm
Thanks E -

I've tried that one already and couldn't get it to work!!!

I'll give it another go -
  • #1,097
  • Jun 2, 2008 3:28pm Jun 2, 2008 3:28pm
Quoting **straddle**
Thanks E -

I've tried that one already and couldn't get it to work!!!

I'll give it another go -
Just increase the width of the yellow line, this way you can see it. I bet that was your problem.

Let me know if it works out.
  • #1,098
  • Jun 2, 2008 4:43pm Jun 2, 2008 4:43pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
I'm not at home today otherwise i would look at this, but you can try this for yourself.

right click the indicator in the indicator list and select modify, when this opens change the numbers to the settings etc you like then hit the compile button and this will save the changes, add it to a new chart to see what happens. if it fails simply remove it and replace it with a new version (always save you favourite indicators etc to a seperate non MT4 location for safe keeping)

Quoting edwinnk
hi straddle,

That chart i posted was not mine, it was copied from the internet. But I do have a IB indicator that I use. I use In&out indicator. I think it has already been posted in this forum but I will post it anyway.

Set Show_alert = true
Display_out = false
Display_in = true

and colors>yellow>width = 2 or greater (so you can see it better on chart)

this also pops up an alert window when a ib is formed and plays a sound.

the only problem with this indicator is that everytime you exit and re-enter your platform, you have to re-set the width of the yellow bar to 2 or greater.
even though i save it in templates with width = 2, it always resets it. but its not a big deal.

best regards
  • #1,099
  • Jun 2, 2008 4:48pm Jun 2, 2008 4:48pm
Quoting edwinnk
Just increase the width of the yellow line, this way you can see it. I bet that was your problem.

Let me know if it works out.
I increased it to 5 which makes it visible now !

although as you said it reverts to 1 and has to be redone again -

cheers for the help

  • #1,100
  • Jun 2, 2008 4:57pm Jun 2, 2008 4:57pm
Quoting edwinnk
I did not get an inside bar on the USD/CHF, my high for that bar was 2 pips higher than the previous bar's high. Too bad, looks like that was a sweet trade you got there.

I also got stopped out on the GBP/USD with 0 pips. After 3 hours of not hitting 1:1, i closed out manually at 0 pips. I guess that's where discretion comes into play.
Edwinnk, my view is that 2-3 pips is probably still ok. I base this on the fact that the resistance or support held, particularly if the range for that hour is pretty small. Not sure what other peoples views are on this. I would possibly be more cautious on these, but today on CHF I liked the trendline break as well, so would have taken it anyway.
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